Last week, we were joined by Scott Litman, co-founder and managing partner at Lucy. Scott and KnowlegeHound’s own CEO and co-founder, Kirsti Zuhlke, logged on to talk about their products, their strengths, and how the two platforms are coming together to help customers get the most out of their structured and unstructured data.
In case you don’t have time to watch the full recording, here’s what you need to know to build a comprehensive view of your institutional research.
The State of Data Ecosystems
Business is moving faster than ever. As companies evolve and make decisions at an increasingly rapid pace, we’ve found that data ecosystems too often struggle to keep up. The need for more flexible, accessible, and user-friendly market research tools is real, and it’s not new.
Back in 2011, it was already no longer acceptable to spend $50,000 on a project and use that deck once. Around this time, DIY survey platforms started cropping up to meet the market’s need for more affordable, accessible insights, but none successfully unified the data they delivered.
As dashboarding gained popularity, leadership came to expect dynamic presentations and quick answers to their questions. But the data in the hands of market researchers continued to take too much time to locate, analyze, and deliver as actionable insights. For many teams today, this is still the case.
The good news is that people are more creative than ever. There are more tools and languages available to us today than there were ten years ago, and we have the power to unlock information from structured and unstructured data sources throughout organizations by asking simple questions in natural language. All you need is the right tools.
Lucy Steers You Toward Answers in Your Unstructured Data
Lucy is an AI-powered knowledge management platform that helps users locate information in their institution’s knowledge base by asking natural language questions.
Perhaps most impressively, with the help of AI and ML, Lucy works to understand the intent of the questions you ask. She then helps you refine your search by presenting the top ten responses, as well as a list of associated tags and resources that may be of interest.
Lucy also has the ability to pull text from the scripts of video files, transforming their content into searchable transcripts. If you’re looking for forgotten data or insights that got tucked under the couch cushions (or a presentation that was recorded only on video three years ago), Lucy’s knowledge management tool has your back.
Thinking to yourself, “what about data visualization?” That’s where KnowledgeHound’s partnership with Lucy comes in.
How KnowledgeHound Unlocks Insights from Structured Data
Like our friends at Lucy, we understand that you don’t know what you don’t know without the right tools to locate and analyze your data. Where Lucy can assist you with combing your unstructured data for answers, KnowledgeHound can assist you with accessing insights hidden in your structured survey data. Our data discovery solution connects the dots across surveys to help you locate answers within the results you already have on hand.
This is important because marketers today have to work harder than ever before to justify the spend to run a new survey. In our own survey of client data usage, we found that 87 percent of data from brand trackers never hits the final report – the easiest way to cut costs on market research is to tap use the data you already have to gain new insights.ay to spend less is by getting more from the data you already have in your final reports.
A data discovery tool can also help demoncratize data within your organization. Historically, analyzing survey results required learning a separate programming language. The process wasn’t intuitive for market researchers, and it made institutional data inaccessible to anyone who didn’t know Python or R. With the help of a data discovery tool, more team members are empowered to answer their questions with data and create powerful visualizations all by asking a simple question.
Why KnowledgeHound and Lucy Partnered Up
The short answer to the question of why we partnered up is that together, we’re able to provide a better, unified data ecosystem to our mutual customers. In tandem, we can help organizations recoup time and rediscover lost information, all while helping cut down on the cost of redundant research.
We share a focus on creating a best-in-breed product and providing an excellent customer experience. When Lucy 3.0 rolls out later this month, users will be able to ask questions in Lucy and click through to a relevant answer within your KnowledgeHound dashboard.
By combining our knowledge management and data discovery platforms, our customers gain efficiency and seamlessly retain institutional knowledge.
As we look at the market research data ecosystem today, we believe that companies will thrive when companies are open to partnering up and talking with other vendors to feed data seamlessly. Today, we hear brands telling vendors that they need to be collaborative, and we’re listening.