Social Business Intelligence
The changes occurred in social media in past few years have resulted in changes everywhere. Right from shopping habits of consumers to the IT security solutions used in blue chip companies, social media has shown its power. With this Great Power comes Greater Opportunities.
Social BI or Social Business Intelligence can be interpreted as providing business intelligence based on social networks data. For example, a company selling consumer goods needs to know how people are responding to their latest advertisements or promotions. The reports and visualizations made using social media represent what people are talking about in real time. By pulling data from different social media and preparing understandable smart reports will help company to decide upon further steps. So these dashboards, visualization, reports based on social media will comprise Social BI and will be of help for the companies to get efficient feedback and act accordingly.
Social BI can be used to identify and track situational awareness opportunities with your product or event etc. Using the insights from Social BI, businesses can determine when customers are more open to the idea of any company depending on their moods. If product or marketing teams need help finding a good time to release the newest idea to the world, Social BI can help.
Any company, irrespective of their size, can exploit the information available on social networks to benefit their business. There are several key areas such as metrics and leading business initiatives from sales, customer service management, marketing communications, brand reputation, brand exposure and experience can be measured with social BI tools.
With the increasing use of communities such as LinkedIn or Twitter for business, organizations are starting to look at different ways of disseminating their messaging within their respective markets. Now that many people use these channels for personal communication and interaction with technology, bringing similar functionality into business-oriented computer systems is the next phase of evolution.
Analysts usually spend maximum amount of their time gathering information before they begin to analyze it. Social business intelligence radically alters this process by allowing analysts to create dynamic maps that pinpoint where information and expertise reside and to track new data in real time. The most effective way of obtaining new information is to engage a carefully mapped network of experts on specific subjects.
The value proposition of integrating social media functionality within BI is high. Social BI allows user to share their insights and communicate the findings from analysis to various people and support the push towards self-service BI. Higher levels of interactivity and the ability to communicate real-time analytical insights easily and regularly, increases the overall value proposition of BI within an organization.
Social business intelligence is all around us, ready to be accessed.
Posted on November 21st, 2012 by Praktan Kadam
Filed under: Business Intelligence, Emerging Trends
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