BlueOcean, a company known for its platform for analyzing brand sentiment, has announced plans to release an application programming interface (API) that will let third-party applications access analytics data. The API will be available later this year.
The immediate goal, according to an example given by BlueOcean co-founder Grant McDougall in a statement, is to make it easier for financial services firms to employ a public BlueScore API to incorporate brand sentiment analytics created in real time within their financial forecasts. The BlueScore API provides access to time-series data that enables financial institutions to continuously track specified investment categories, such as food and beverage, automotive, health care, energy, and computer software in a way that aligns with how they invest in baskets of stocks, McDougall said in a statement.
The BlueOcean platform aggregates data from hundreds of sources, including social media platforms, business and financial data, forums, product review sites, and website traffic. The company then analyzes this data using a set of proprietary sentiment algorithms it has developed. The Brand Genome at the core of the platform is based on a data collection method that is enabled by various psychological models that are used in AI algorithms. That Brand Genome platform can be accessed today via a graphical interface dubbed Brand Navigator, which incorporates more than 1,100 types of data inputs, McDougall said.
This approach allows organizations to evaluate brand data and consumer sentiment continuously in a way that enables them to identify market shifts before they occur, McDougall said. This analytics capability helps organizations make better strategic decisions about where to allocate resources to counter rivals, McDougall added.
Sentiment analytics is not a perfect science, but it’s possible to detect shifts in opinions as tastes change. This also can apply to disinformation campaigns that employ deep fakes to drive the stock value of an organization up or down based on speculative investments made by unknown parties, for example. Financial services firms rightfully want to track online conversations that might be encouraging people to invest in a certain stock that would adversely affect the investment strategy of a hedge fund or other key asset classes. As organizations interface with a more politically engaged public, an executive’s statement about new legislation might have a measurable impact on the perception of a brand — something that needs to be closely monitored.
The research firm Industry Research recently predicted that the global sentiment analytics market size will drive $6.35 billion in revenue by 2027, up from $3.7 billion in 2020 for a 7.9% compound annual growth rate. This reinforces the notion that organizations need to determine to what degree they prefer to deploy and maintain their own sentiment analytics platform versus consuming analytics-as-a-service from an external provider.
Organizations that use the BlueOcean platform include Microsoft, Google, Bloomingdale’s, Alen Air, Cisco, Alteryx, Juniper Networks, Panda Express, Bose, Smirnoff, and Pabst Blue Ribbon. BlueOcean claims the brands it tracks on behalf of customers have a combined stock value of more than $18 trillion.