InMoment named Leader in Forrester Wave™: Text Mining and Analytics, Q2 2024: A Comprehensive Breakdown
InMoment is excited to announce its recognition as a Leader in the Forrester Wave™: Text Mining and Analytics, Q2 2024. This placement highlights our fierce commitment to innovation, customer satisfaction, and delivering future-proof technological solutions—no matter your business needs.
For some context, The Forrester Wave™ Text Mining and Analytics, Q2 2024 report is a rigorous evaluation of the top text mining and analytics providers. It assesses vendor scores based on three pillars: current product offering, strategy, and market presence, with subcategories that make up each pillar.
With top scores in 11 subcategories and the second-highest overall score, InMoment continues to set the standard for integrated customer experience (CX) solutions, empowering businesses to harness the full potential of their unstructured data. This recognition validates our approach, reinforcing our position as a trusted partner for enterprises seeking to enhance their CX initiatives. Let’s go over where we stand apart.
InMoment’s Standout Performance
These are the 11 subcategories we scored the highest possible scores in:
- AI: knowledge-based or symbolic – Strong customization capabilities, transparency, and multitudes of available industry models, coupled with machine learning and generative AI-assisted adjustments.
- AI: GenAI – pre-processing – Strengths focused on our ability to go beyond our standard filtering and search techniques to appropriately guide our generative AI solutions, such as AI Active Listening and Smart Summaries, to return high-quality results without common problems such as hallucinations.
- AI: GenAI – post-processing – Multiple methods to check the validity of generative AI results, provide robust structures to allow our users to appropriately tailor the generative AI output to suit their brand voice, and log all generated text to understand what took place.
- DevOps – Applications accessible to a broad set of users with low/no code options for customizations, extensions, automations, and integrations, plus APIs and Git integration for maximum flexibility.
- Document level text mining/NLP – Supporting all industry-standard NLP functions, including classification (via ml models, boolean queries, or against pre-trained taxonomy based on Wikipedia categories), NER, theme/concept extraction, sentiment measurement, summarization, intention, effort, and emotion measurement.
- Globalization – NLP is available natively in 30 languages using a mixture of linguistic and ML models for each supported language. Currently hosted in North America, EU, Australia and Japan, and available in all regions served by AWS.
- Natural language understanding/NLU – InMoment supports 8 emotions, 11 intents, and has an effort model. Depending on the use case, these are either clause-based or deep-model based.
- Support for All Relevant Use Cases – some of these are:
- General Purpose Text Mining: Analyzes training transcripts, regulatory updates, and client-specific documents.
- Omnichannel CX Analytics: Processes text from surveys, social media, voice, reviews, chat, email, and more to understand VOC, trends, and emerging topics, often paired with metrics to analyze impact and churn.
- Contact Centers: Analyzes call transcripts for categorization, QA, alerting, and enhanced CX with tools like Conversational Intelligence and dashboards for agents and managers.
- Innovation – Following the Lexalytics acquisition, InMoment led text analytics innovation, which is recognized with industry awards. In 2023, we invested significantly in R&D, delivering 126 new features. Our strategy includes enhancing the NLP stack and integrating traditional and deep-learning models, emphasizing user-driven customizations and advanced NLP techniques.
- Road Map
- Listening: Shifting from static to conversational feedback solicitation.
- Understanding: Summarizing data for rapid insights and integrating various data types.
- Automated Action: AI-generated coaching and smart responding combine with historical context for enhanced decision-making.
- Number of Customers – Approximately 3,000 clients globally leverage our text mining and analytics capabilities and platform.
Our approach is founded on meeting the diverse needs of our clients, providing them with the tools and insights necessary to drive impactful CX improvements.
Comparison with Major Competitors
InMoment’s performance in the Forrester Wave™ report sets us apart from other big CX companies like Qualtrics. We beat out giants like AWS, Google, and IBM in our product offering, and Qualtrics in product offering and strategy. Unlike our competitors, InMoment offers a truly integrated experience that combines data from multiple sources, providing a holistic view of customer feedback.
Comprehensive Use Case Support
Our integrated CX analytics capabilities capture, analyze, and unify feedback from multiple customer feedback channels, including surveys, social media, voice interactions, and more. This integrated, holistic approach empowers businesses with a complete understanding of their customer journey, identifying key pain points and opportunities for improvement.
Extended Use Cases InMoment’s platform is not limited to traditional CX analytics. We also support extended use cases such as:
Employee Experience (EX) Analytics
Our tools help businesses understand and improve employee engagement, onboarding processes, and workplace satisfaction.
Social Listening
We provide valuable insights into brand perception and customer sentiment by analyzing sentiment and trends from social media feeds.
Market Intelligence
Our platform supports ad-hoc research, brand awareness studies, and industry trend analysis, helping businesses stay ahead of market changes and consumer expectations.
Contact Center Intelligence
We offer templatized solutions that pull text analytics and revenue-specific insights, enabling businesses to drive sales and improve financial performance.
Client Testimonials
The use of InMoment AI will allow us to easily analyze feedback in all of its forms to receive more detailed and immediate insight from a wider variety of guest experiences.
Tony Darden
Chief Operating Officer, Jack in the Box
In today’s tumultuous world, we understand the importance of creating a company that is dedicated to delivering products that contribute to positive “me” time and “we” time for family and friends. Our collaboration with InMoment allows us to understand, in greater detail, our customers' wants and needs and helps us know how they feel so we can capture the hearts of our customers by creating superior experiences and products.
Jorge Calvachi
Director of Insights, La-Z-Boy
Through our ongoing collaboration with InMoment, we continue to drive toward a deeper understanding of the customer experience. InMoment’s flexible survey platform coupled with their expertise in intelligently bringing together customer feedback has allowed us to efficiently expand our listening program globally and understand key drivers to customer’ loyalty and satisfaction. We now have a better understanding of our customers’ diverse needs and expectations, and our regional teams can make smarter business decisions that benefit each customer and every experience.
Deborah Battaglia
Senior Vice President, Customer Experience at Assurant
What’s Up Next?
InMoment’s vision for the future focuses on continuous innovation and improvement. Our roadmap includes significant advancements in AI and NLP, particularly enhancing feedback solicitation and data integration. Here’s how these initiatives will empower your brand:
Conversational Listening: Moving from static to dynamic, conversational feedback solicitation will significantly improve the quality and quantity of customer insights. For instance, real-time conversational analytics will allow your support teams to address issues more promptly and accurately, enhancing customer satisfaction and loyalty.
LLM-Powered Listening: Leveraging large language models to enhance the understanding of customer feedback will enable deeper, more nuanced insights. This can help your marketing team create targeted campaigns based on precise customer sentiment and preferences, driving higher engagement and conversion rates.
Non-Text Data Ingestion: Integrating non-textual data sources will provide a more complete view of the customer experience. For example, combining text analytics with visual or behavioral data can give your product development team a holistic view of how customers interact with your products, leading to more user-friendly designs and features.
Automated Action: Implementing AI-assisted frontline coaching and content recommendations will drive efficient customer recovery and engagement. Imagine your customer service platform automatically suggesting the best responses to inquiries based on historical data and context, reducing response times and improving the overall customer experience.
These advancements will position InMoment at the forefront of the CX industry, providing our customers with the toolkit they need to drive customer acquisition, retention, and growth. By integrating these cutting-edge technologies, your brand can stay ahead of the competition, continuously adapt to evolving customer needs, and achieve sustainable business success.
Conclusion
InMoment’s leadership in the Forrester Wave™: Text Mining and Analytics, Q2 2024, is a testament to our relentless pursuit of excellence and innovation, and while we may be smaller than some of the giants—Qualtrics, Google, AWS, IBM—our product offering is even mightier. Our comprehensive platform, advanced AI capabilities, and customer-centric approach set us apart, empowering businesses to achieve significant ROI through enhanced customer experiences.
Discover the power of InMoment’s text mining, analytics, and general CX solutions. Visit our website to learn more about our offerings and why the world’s most customer-centric brands trust InMoment. Schedule a demo with us today and take the first step towards transforming your customer experience program.
