Let’s face it, data analysis can be a costly and time-consuming affair and can sometimes take weeks or months of scouring through troves and troves of data from a number of channels, like sales, surveys, customer reviews and social media, to even interpret how consumers might be responding to a certain brand or product.
Then, of course, there’s always the chance that human error or bias could lead to the wrong interpretation or understanding of the data as well.
But what if there was a faster, cheaper, quicker and more efficient way to crunch all that data to find out exactly how consumers think or feel about a brand?
That’s exactly what Revuze, an Israeli-based startup, is aiming to do by using an AI powered by neural networks and machine learning to cut the human element and timely and costly data crunching out of brand and product management by offering up almost-immediate insight into how a brand’s products and services are being experienced by the consumer.
“Industries … have previously relied on manually intensive solutions, such as analytics, social listening and monitoring,” according to Revuze. “These current solutions, requiring months to execute, demand teams of product experts, data scientists and analysts to construct and maintain rules, dictionaries and taxonomies before interpreting the findings. This process is slow, expensive, inefficient and easily skewed by misunderstanding or misinterpretation. Revuze removes these limitations, directly addressing the biases and other shortcomings of those managing such extreme volumes of data.”
Revuze, headquartered in Netanya, Israel, announced this week that it raised $4 million in seed funding from strategic investors Nielsen, The NPD Group and TIC Group, which will allow it to expand by opening U.S. offices in San Francisco and New York City. The funding will also allow Revuze to introduce its AI-based brand intelligence technology to its investors’ customers, according to Cofounder and CEO Ido Ramati.
“Global brands have told us that this is a game-changer for managing their brand health,” Ramati said. “They are now able to make the kind of key business decisions and utilize data from such varied sources in ways that before were not possible. Through our introduction of AI into this field, brands can now gain an immediate, granular understanding of what customers are saying about their brand, product or competitors, without having to hire teams of experts.”
The way Revuze’s AI-based tech works is pretty simple. First, Revuze scans a massive amount of customer feedback across multiple internal and external sources — think online product reviews, social media, sales reports, call centers, customer emails, surveys and more — in multiple languages to find out exactly what consumers think about their experience with a brand’s products and services.
Ramati said the AI-based tech is like having a 24/7 “analyst in a box” because it allows brands to really delve into their own customer data and figure out what questions they should be asking about how/why consumers feel a certain way about their products.
Plus, the software is so easy to use that pretty much any employee at any level of the company can utilize it to help the brand’s growth and development.
“With a simple one-time Q&A session — and without the need to pre-define a single keyword, rule, topic or sentiment value — a junior employee, in days, can arrange to have Revuze deliver the most nuanced information available,” according to Revuze’s statement announcing its funding. “The data is delivered, via a single screen, about consumers and their needs, across thousands of internal and external data sources on any given product family.”
If Revuze can take the human element out of data crunching and deliver quicker more insightful information about how consumers really feel about a brand’s products and services, it should be a very interesting AI developer to watch in the future.
“Revuze is transforming the way that companies track their corporate and product brands through the introduction of AI,” John Burbank, Nielsen’s president of strategic initiatives, said in a statement. “Now, they can easily gain detailed market and consumer intelligence, which enables them to be far more responsive to consumer perception and feedback.”