How Social Business Intelligence Can Help You Gain A Competitive Edge
Social networks and social media are widely used across the globe. Every aspect of modern life (professional and personal) demands sharing and social interaction, whether disseminating information about uploading a picture, a recent family event, asking for comments at work, or promoting a new product or event. In the past, team members and employees would talk and share information around the cafeteria or water cooler. In addition, CMS (Content Management Systems) and online meeting software facilitated collaboration and sharing by enabling business users to come together to review and edit documents and work on projects. It follows that corporate clients today want a business intelligence (BI) product with equivalent sharing and collaboration features.
What Is Social Intelligence?
The application of Enterprise 2.0 technologies and practices with BI outputs for group decision-making is known as collaborative or social BI. Data mining experts and business analysts can contribute to creating post-user-generated analytics using social BI. It was made possible in 2009 by the rapid development of social media networks. This has assisted in removing some of the earlier barriers to self-service BI while still using standard analytics tools. “Social BI” is business intelligence that uses social network data.
In addition, social business intelligence is a beautiful strategy for utilizing human resources inside and outside a firm. Open management within the company allows employees to comment on projects they are interested in but not necessarily working on. This also opens up opportunities for recognition. Customers can have a role in how a company develops its goods and services outside the company, ensuring that they are happy with the final result. The definition of social business intelligence will change over time because it is a relatively new concept.
As a result, the pipeline from data to actionable insights has been streamlined. The identical task may take three minutes using ThoughtSpot’s business intelligence reporting tools. However, an older BI tool might take a team of data scientists three days to complete. That is an increase in speed of 900 times. Analytics-based upon searches are the foundation of it all.
Additionally, anyone who can enter a search query into Google can use our relational search engine. Even helpful suggestions are offered to make the process go more quickly. Within seconds of a user entering a search query, the search engine produces the required data in the form of a graph or chart. The data visualization models are in their best-fit state, but users can change their appearance anytime.
Where Is Business Intelligence Headed?
The majority of social BI systems make use of many data sources, such as:
- The effectiveness of various topics and media types on social media is measured by content analytics. You can use these indicators to assess the success of your marketing plans and paid advertising initiatives.
- Engagement metrics demonstrate how users respond to a brand’s social media presence and content. You can use these social indicators to gauge public opinion and spot downward and upward trends.
- You can listen in on conversations taking place on social media using data from social listening. Using this data, you can determine what topics are being discussed and how your business might be involved in that conversation.
Social BI generates a lot of data since it uses so much information from many different sources.
Establish Relationships With Customers Using Social Business Intelligence
Are your customers frequently dissatisfied with your products or services? Are they raving about the benefits and features?
Even if customer comments don’t accurately identify your brand, social business intelligence can help you keep a close eye on them. This entails that you can pay attention to what others are saying about your brand, participate in discussions about it, and then react in a way that strengthens your relationships with your target market. You might be able to improve your decisions about your company’s customer service strategy using these insights. To better meet your customers’ needs, you may also use them to enhance your goods and services.
Furthermore, the company may develop power users that adopt an intelligent, creative approach to data analysis as Social BI permeates the organization. The same kind of sharing, learning, and collaboration that a social media user might “Share” or “Like” a controversial post from another user might be encouraged by a social business intelligence platform. As power users emerge and data sharing becomes more commonplace, the typical business user will better understand analytics and become more at ease with these approaches. The company will observe higher user adoption of BI technologies.
Assess Consumer Sentiment Through Social Business Intelligence
Are customers’ perceptions of your business and its goods and services often favorable, unfavorable, or neutral? Has your perspective changed over time? In such a case, when and how will it occur?
You may help yourself by using social BI solutions to understand better how customers now and in the future feel about your business and its offerings. These tools can also help you spot patterns and pinpoint the dates and times when essential changes occurred. This data can be used to determine which actions have the most significant influence on customer satisfaction. Then you might engage in more activities that enhance positive emotions and take greater initiative to address negative emotions.
Social media and networks are widely used all over the globe. In addition, social business intelligence technologies help several businesses to grow at a rapid pace.
The information mentioned above shows that the future of social business intelligence is bright.