AI NEWS
Stop Arguing About Roadmap Priority: Discover the Right Product Problems to Solve Using Emotion Detection
Product teams use lots of data to make decisions on launching new products and experiences, and managing them throughout their life cycle. These decisions range from tactical to strategic and require insights into customer needs whether they are consumer or enterprise. A standard process for discovering customer needs is the combination of qualitative user research and quantitative verification.
For example, a product manager may interview people to uncover pain points and hypothesize what they want. With this direction, the hypothesis can then be tested quantitatively through surveys or coding feedback in public reviews or customer service tickets. However, finding the right hypothesis relies heavily on Product Manager intuition in recognizing problems in customer feedback.
Three key problems exist in this type of discovery:
This process is highly labor intensive with an uncertainty of discovering compelling problems with enough frequency and sample size significance.
Not all feedback is useful.
Uncovering a level of intensity of pain points across all the feedback is manual and therefore subjective.
Typical Feedback on Amazon
We believe that understanding what makes people emotional is the key to uncovering the most compelling pain points that lead to amazing new products. If discovery of emotion in feedback can be paired with relevancy and quantitative discipline, product teams can uncover why people buy and create the next big thing.
Summary:
In short, we believe that product teams expend huge efforts to understand the people that buy their products. There are countless internal cycles burned negotiating and arguing over priority and impact. Often either the loudest (or highest paid) voice wins, and even the most advanced teams still rely on vague and lagging indicators to build their case. While these efforts were necessary in the past, product teams can find the most important problems if they use emotion contained within feedback. By pairing emotion with quantitative methods now available with NLP AI, product teams can now bridge the gap between past qualitative and quantitative user research practices to build better products, dramatically faster.
For more information about improving product and R&D success, read our whitepaper: The Future of Product Development here.
[by Michael Choi]
In the News: The Stitched Insights Data Science Team
In the News: The Stitched Insights Data Science Team
A Fortune magazine article in May 2018 called data science “the sexiest job” this century, and Glassdoor’s 2018 rankings put data scientist at the top of the list for Best Jobs in America. Why are data scientists so valuable these days, and why are we feeling lucky at Stitched Insights to have the best of the best on our team?
The answer, of course, lies in the importance of data to businesses today. The data being created as part of the pervasive digital ecosystem holds a ton of insights as to consumer behavior, operational processes and much, much more. But the insights are only as valuable as the algorithms and know-how of the team in place (or the engine they’ve created) to turn all that raw data into easily understandable analytics that management teams can use to make decisions.
The intersection of big data and psychology is changing the way enterprises interpret consumer data and interact with their customers. Today’s business leaders need to go beyond the obvious metrics (website traffic, convergence rates, and churn) and understand the human reasons behind those metrics. The most exciting developments in data science are helping business leaders understand the mind and how people think. As EQ is critical to successful management, so too is bringing psychology and the human element to data science in order to help enterprises understand customers and the market at large.
Two individuals driving immense innovation at this intersection of psychology and data science are Johannes Eichstaedt and Andy Schwartz of Stitched Insights. This world-renowned data science team has recently been all over the news (see links below) for its ground-breaking work with the World Well Being project. Here is a sampling of the recent articles:
Wired https://www.wired.com/story/your-facebook-posts-can-reveal-if-youre-depressed/
NBC News: https://www.nbcnews.com/health/health-news/facebook-posts-may-point-depression-study-finds-n920356
US News: https://health.usnews.com/health-care/articles/2018-10-15/facebook-posts-may-hint-at-depression
These articles discuss a study that interpreted language used in Facebook posts to help predict clinical depression, which could help with early detection. As quoted in the IFL science article: "There's a perception that using social media is not good for one's mental health," Schwartz. “But it may turn out to be an important tool for diagnosing, monitoring, and eventually treating it. Here, we've shown that it can be used with clinical records, a step toward improving mental health with social media."
While critics raise some privacy concerns in this era of increased scrutiny on the practices of the major social networks, the underlying technology (from a data science perspective) may hold the key to unlocking billions in enterprise value.
Inspired by the work of Eichstaedt and his team, Dmitriy Pavlov, Stitched Insights CEO, had an interesting thought: How can we take the ability to draw psychological insights from language and deliver this in the language of business to companies struggling with the time and effort it takes to understand consumers and their own internal data?
Pavlov saw that the underlying technology held tremendous promise for bringing unprecedented consumer and market insights to enterprises. By evolving the algorithms created by Eichstaedt and Schwartz and delivering an enterprise-ready engine to enterprises that could quickly parse external product review data and unused internal customer support data, the Stitched Insights team could help accelerate the costly R&D process for enterprises, help them create better products and even reduce warranty claims.
The result is Stitched Insights today. With the help of our famous data science team, Pavlov is helping Fortune 100 companies understand their customers in a way they never thought possible – faster and more affordably than traditional market research.
Interested in learning more? Contact heidi@stitichedinsights.com today.
"The Top" Podcast with Nathan Latka: Stitched Insights Beginnings
Nathan Latka Interviews Stitched Insights’ Founder in 2018
Check out Nathan’s website here: http://nathanlatka.com/podcast-thetop/