TEI Study Shows a 543% ROI for Client Using Thematic to Analyze Customer Feedback
Total Economic Impact study examines cost savings and business benefits enabled by Thematic in delivering thorough, transparent customer feedback insights for clients.
COVINA, Calif., August 23, 2023 (Newswire.com) - Thematic, the leading provider of AI-driven feedback analytics, announces a new Forrester Consulting study, "The Total Economic Impact™ of Thematic." The study shows that over three years, one interviewee's organization achieved a saving of 4,250 hours in manual data preparation and analysis, an increase in incremental income by $1.8 million from improved customer experiences, a 543% return on investment (ROI), and a net present value (NPV) of $2.4 million.
Commissioned by Thematic and carried out independently by Forrester Consulting, the new study examines the potential return on investment (ROI) using the Thematic platform, developed by data scientist Alyona Medelyan and software engineer Nathan Holmberg. Thematic uses sophisticated natural language processing and deep learning to automate thematic analysis, a flexible and transparent research methodology. In short, the platform turns large volumes of unstructured feedback into comprehensive customer insights for clients.
"Businesses need a way to listen and respond to what their customers tell them, but they are swamped with more data than they can possibly analyze with manual methods of coding or using general business software," Medelyan said. "Thematic's AI engine efficiently discovers and clarifies everything customers are talking about, identifies common themes and makes it simple to turn that into readable and actionable reports."
The Forrester study shows that Thematic saved the interviewee's company $2.9 million over three years against the cost of $369,300 for software and professional services costs and $74,400 in ongoing internal costs, generating 543% ROI.
Among the key findings in quantified benefits:
- $1.8 million in incremental income from improved customer experiences
- $652,000 in savings from 4,250 hours of manual data preparation from the equivalent of two full-time employees
- $361,700 in savings from 2,000 hours of research time from a manager
- $52,900 in savings from increased researcher productivity, and 320 fewer hours of researcher time to respond to ad-hoc requests
Additional qualitative and significant benefits include making data-driven decisions, closing the customer feedback loop, accessing customer success and support, and offering consumable and influential customer insights. The study shows that 63% of total benefits are attributed to incremental income from receiving improved customer experiences.
For the study, Forrester conducted in-depth interviews with heads of research at two companies using Thematic: a high-growth, U.S.-based e-commerce business with annual revenues of $6 billion USD (from which the quantitative findings were derived), and a U.S.-based business in IT and professional networking with $13 billion in annual revenues.
The businesses reported being overwhelmed by the volume and complexity of customer feedback, having limited access to quality insights for internal stakeholders and getting a fragmented understanding of the needs of their customers and the market from siloed data.
In the interviews, the businesses also detailed how Thematic has helped them overcome those challenges and deliver a comprehensive understanding of customers.
The research directors also cited the ability of Thematic's technology and customer success team to explain the AI's scoring system and the meaning of its results, in particular when compared with other technology solutions that present a "black box" approach.
Thematic uses the power and accuracy of generative AI and proprietary algorithms to drive summaries and answer features. It collects customer feedback analysis through sources like customer satisfaction surveys, reviews, social media, and contact center logs. Clients can see the needs of their customers to help them make informed decisions based on insights, improve products and enhance customer experiences.
Thematic is a powerful feedback analytics software platform that helps companies make sense of customer feedback at scale. The platform analyzes unstructured feedback data from a wide range of sources, including surveys, reviews, chat logs, and support tickets. Powered by cutting-edge AI, the analytics model transforms this data into insights so that companies can eliminate customer pain points and identify opportunities.