When Qualtrics raised $180 million in a Series C funding round in April, it was pretty clear it had something big in the works.
Now we know what it is.
Today the experience management (XM) platform provider, which is co-headquartered in Salt Lake City, Utah and Seattle, announced Qualtrics iQ, a predictive intelligence and machine learning engine that uncovers trends in survey data, identifies the drivers behind those trends and recommends the most impactful courses of action.
Another AI Engine?
While we have seen a flurry of Artificial Intelligence (AI) engines introduced of late — IBM Watson, Salesforce Einstein, OpenText Magellan — all claiming to do something similar, "Qualtrics iQ is aimed for the end user who doesn't need to know anything about algorithms, statistical analysis or regression testing, or that they even exist, for that matter,” Mike Maughan, head of brand growth and global insights, Qualtrics, told CMSWire.
In other words, if you want to know something like why your restaurant is getting mediocre ratings, Qualtrics iQ can draw data from its experience management platform to identify areas of success and failure.
This XM platform includes customer data, employee data, product data and brand data to inform these recommendations.
Qualtrics iQ's 3 Components
Qualtrics IQ is broken down into three components:
Qualtrics Text iQ uncovers trends and sentiment in open text feedback fields by leveraging machine learning and natural language processing algorithms. It uses this data to suggest opportunities for improvement. Any improvements made are then monitored to assess their impact based on new experience data.
Qualtrics Driver iQ dives deep into experience data to discover statistically significant driver variables in order to identify which action would have the biggest impact. It can reveal this in highly specific, targeted ways, such as your employees in Northern Virginia would rather be able to work from home (rather than sit in traffic) while your employees in Manhattan would rather get free gym memberships and lunches.
Qualtrics Stats iQ puts the powers of a data analyst or data scientist into the average user’s hands by providing automated and instant data analysis within the Qualtrics experience management platform. It delivers those results to end users in plain English.
Experiential Analytics For All
Great experiences are the gemstones of the digital age. Qualtrics iQ, and products like it, might just provide the illumination that companies need to identify and polish their rough spots and shine.