Unstructured Text Analytics to Support New Product Development Decisions

OVERVIEW: This article describes how to use unstructured text analytics to support critical product development decisions. It clarifies the difference between structured and unstructured data and proposes an analytical process for using big data and natural language processing tools for unstructured text analytics to support managerial decision-making. The usefulness of unstructured data for product development decisions is demonstrated in real cases. In particular, we illustrate the use of text analytics to develop services, to find new customers, and to assess new product viability. Results and outcomes are presented, and practical considerations for selecting and adopting text analytic capabilities are examined.