Preventing Costly Litigation
The overall average cost per commercial tort case is approximately $400,000…that’s per case.
TextualETL™ provides an “early warning system” of potential exposure to litigation, complaints, and claims from inside and outside an organization. Capable of analyzing unstructured “big data” from all inbound channels, including repetitive and non-repetitive data, the risks can be classified automatically according to any number of classifications and categories. The big data sources include, but are not limited to: emails, social media, employee surveys, contracts, maintenance records, safety reports, blogs, and more. In the context of product liability cases, the system could translate to fewer lawsuits, and, by inference, potentially fewer “catastrophic risk” events such as injury and death. The TextualETL™ Litigation Early Warning System (LEWS™) offers the prospect of a big risk reduction plus a big cost reduction, and that’s a powerful combination.
The first major challenge facing any corporation is to deal with the volumes of data that must be processed. There are many facets to dealing with large volumes of data. But the most important facet to dealing with large volumes of data is the challenge of “Big Data.” There are a multitude of sources for Big Data as a corporation can store and process virtually unlimited amounts of data. TextualETL enables focus on the most challenging sources of Big Data, namely the non-repetitive unstructured data found in every company. The platform can be configured to automate the processing of massive amounts of unstructured data in a highly scalable environment.
Process emails from internal and external sources including employees, customers, agents, contractors, and clients. TextualETL can process the unstructured text of emails and identify fields such as sender, the intended recipient, the date, and the subject of the e-mail, and a host of metadata as identified and characterized as relevant and contextual to your business or organization.
Process voice records and data quickly and easily to uncover potential issues or customer complaints. Voice Recognition Software (VRS) has made significant improvements in recent years to yield more accurate data and provide real business value in the results. TextualETL integrates with the output from any VRS in .txt format and provides a ready-made dashboard for analysis.
Process the feedback and comments on product malfunctions, or perceived malfunctions from customer generated a warranty claims or employee/contractor safety reports. TextualETL can process the unstructured textual information found on the warranty claim that may reflect a complaint. Process textual content from compliance reports for such areas as FCPA, HIPPA, SEC regs, Dodd-Frank, Consumer Safety, SAR Baines Oxley, and others. Reduce accidents and liability issues by analyzing records and anticipating these incidents quickly and at low cost.
Source a wide range of online and internet content to assess and determine the impact of multiple aspects and dimensions of your corporate reputation including blogs, tweets, posts, feeds, and more. Any and all textual data can be converted and analyzed for potential non-compliance, risk exposure, and liability.
Convert the verbatim feedback and comments of your customer touch-points and interactions via telephone, online feedback, or email into a structured database in order to generate reports, detect correlations, and analyze trends (native or 3rd party tool) for potential exposure and liability.
Achieve a 360-degree profile of your clients, incorporating demographic information, behavior and attitudes, from their online conversations and interactions with the company.
Survey and Comments Analysis
Process text-based, open-ended answers to the “Comments” section of your survey with an unlimited field size and fast turnaround time for collection and analysis.
Who can benefit?
TextualETL can enable the General Counsel and corporate legal department gain new insights regarding operational and statutory liability and risk exposure and mitigation in a variety of industries and markets. Here are just a few examples:
Industries with a large number of employees, customers, partners, contractors and/or users such as banking, finance, insurance, communications, manufacturing and utilities, TextualETL™ enables the collection and analysis of critical information for deployment of a Litigation Early Warning System to prevent costly litigation and the associated catastrophic risks .