“Surveys” are a simple, effective tool used by businesses to get feedback from customers, employees and stakeholders involved in their business. The data from this feedback is vital for companies to make strategic and tactical decisions. Today, companies spend millions of dollars on survey data analytics. Unfortunately, the turnaround time from survey analysis to insight generation is usually very high, thereby increasing the time to react to changing market conditions. Moreover, the difficulty in pulling out information dynamically from survey data decreases the usability of survey data for making decisions.
Organizations are starting to get smarter about using analytics to improve the bottom line of the businesses and take informed strategic decisions that drive growth. One of the biggest hurdles in the adoption process is the absence of a “manager friendly application” and that makes analytics consumption difficult to sustain.
“Surveyi2i” is an online survey analysis platform that bridges this gap by empowering managers with simple automated data management, analytics and reporting capabilities. It is a smart tool for organizing, analyzing and visualizing your survey data. Using Surveyi2i, you can get insights from your survey data within a few hours.
In addition to this, it is easy to analyse and automate periodic insights from tracking surveys.
Let us deep dive in to steps involved in survey analytics and how businesses can benefit by using features in Surveyi2i for getting quick insights!
WHAT AND WHY?
Your survey data may not be immediately ready for survey analytics. With Surveyi2i you can easily sanitize the data and make necessary changes to get it “analytics ready”. Treating your data for missing values by using the “Missing imputation” module.
You can also perform a “top box analysis” or “net promoter score” (The gap in percentage terms between highly satisfied and highly dissatisfied customers in a customer engagement survey) based on customer’s rating of your product or service. Surveyi2i‘s recode variable functionality is just what you need for such analysis.
If you prefer to analyze the ratings for certain questions at an aggregate level, you can create derived indices by using mathematical functions involving various questions. For example, you can create a manager index by computing the average rating score given for survey questions pertaining to manager’s performance in an “employee satisfaction” survey. You can use “compute variable” module for this purpose.
External/ Internal data Management
It could also be very useful to analyze your survey data in conjunction with the additional information you have about your respondents (such as customer segments and transaction behavior in a customer satisfaction study). Surveyi2i provides a “data merge” functionality that allows you to leverage this additional information. You can now have as many dimensions as you want for your survey data analysis!
Business Intelligence thorough visualisations / cross tabulations
First cut analysis of your survey data can be done using the visualization modules in Surveyi2i by slicing and dicing your survey data. Surveyi2i allows you to drill down the data to any level of granularity across the dimensions of your interest. You can get the visualization in terms of frequencies and averages (for the key measure questions). You can also toggle between the chart options, weighted /un-weighted calculations.
The custom analytics module allows you to drill down the data to any level of granularity. For instance if you want to know the distribution of respondents who are satisfied with their job or satisfied with their salary but not satisfied with the opportunities for growth, you can make use of custom analytics module to pull out that information easily.
Advanced Analytics – KDA (Key Driver Analysis) /KAA (Key Attribute Analysis), Banner table
Companies must have a good understanding of the key drivers of engagement/satisfaction of the stake holders involved with their businesses in order to provide a better stake holder experience. The key driver analysis module in Surveyi2ii lets you to zero down on the key drivers of engagement from your survey data within hours of analysis.
This exercise typically is complex, involving a lot of statistical analysis to be performed by data scientists and generally takes a couple of weeks to get the results. Surveyi2i manages all the complexities at the backend and provides you a simple interface with choices of the algorithm of interest to perform the analysis. Surveyi2i also has a unique home-grown algorithm which is combination of ensemble and statistical techniques and could be used on any kind of survey data.
In addition to Key driver analysis, you can also use Key Attribute Analysis to identify the demographic profiles (of stakeholders) that influence engagement/satisfaction.
You can make use of banner tables for cross tabulation and for finding the statistical significance of respondent profiles (such as age, gender, designation, region etc.) on the dependent variable (such as: overall satisfaction).
(Un)structured data – Analysis
In surveys, typically respondents are asked to comment on the quality of products/services and suggestions for areas of improvement. Manually eyeballing the comments is effort intensive and could turn into a subjective exercise. The text analytics module in Surveyi2i brings a scientific angle to the way “unstructured data” is analysed.
Let us look at the text analytics modules, and the business uses of each below
Word cloud – You get an idea about the subjects discussed by the respondents
Theme cloud – Will give a gist of phrases mentioned by the respondents
Word Associations – It gives the list of most associated words with the subject
Sentiment Analysis –It takes the tonality of the sentences into consideration and gives the respondent’s distribution for positive and negative sentiments.
Category Analysis – Gives the summarised view of respondent’s thoughts after verbatim coding
Productivity enhancement Features
Surveyi2i boasts of a number of productivity enhancement tools which take care of your reporting needs so that you can focus on the core analysis. You can create web dashboards and share it with a broader group, without any coding efforts. You can send charts to PowerPoint tray and download the PPT report at the end, by the click of a button.
Surveyi2i has an asset management space which will help you to manage your survey analytics projects. Using this space you can retrieve any of your past projects and continue your analysis. You can also create a work group, to collaboratively work on survey analytics project(s).
Organisations generally run surveys at specific intervals. Analysing the survey data manually every time is redundant and also has cost implications. The “Tracking Survey” module of Surveyi2i enables you to automate such analysis and reports. You need to set up the analysis just once in your “tracking survey project” and all the charts in your web dashboard gets refreshed after accounting for new wave of data.
Surveyi2i is compatible with any device which has a flash enabled browser with an internet connection. API’s can also be built on top of Survey execution engines (such as survey monkey) to directly import survey data from the survey execution platforms.
In a nutshell, Surveyi2i is a platform specifically built for survey analytics which drastically reduces the time taken to derive insights from survey data. It is neat amalgamation of both quantitative and qualitative analytics. Moreover, it eliminates dependency on multiple platforms, vendors and thereby reduces turnaround time and licensing costs.
Surveyi2i is the first application of its kind that brings predictive (advanced) analytics within the reach of business managers without involving data scientists/statisticians. The ease of access, affordability, collaborative workspace coupled with rich visualizations make it must-have tool for Business Managers.
With DIY trend for survey execution catching on, Surveyi2i brings survey analytics to the fingertips of business managers. This is just the start of a new era of more consumerization of analytics as data backed business decision making becomes a part of everyone’s day to day job.
For more information on Surveyi2i visit https://www.bridgei2i.com/surveyi2i.html
This blog is authored by Neeraj Krishnamoorthy, Product Manager, Surveyi2i at BRIDGEi2i
BRIDGEi2i provides Business Analytics Solutions to enterprises globally, enabling them to achieve accelerated business impact harnessing the power of data. Our analytics services and technology solutions enable business managers to consume more meaningful information from big data, generate actionable insights from complex business problems and make data driven decisions across pan-enterprise processes to create sustainable business impact. To know more visit www.bridgei2i.com