Every day, enterprises across the globe are engaged in two key activities: delivering effectual effects and building decisions that create impact. If you are in the big business of building enterprises that will be more valuable in future than present your decisions need to be driven by smarter data.
Companies today are witnessing a huge explosion in data availability - 90% of the world’s data was formed in the most recent years. Structured, semi- structured and unstructured data across internal business systems and external sources like social
media, market data and syndicated study are now creating an incredible opportunity to construct insights, therefore leading to intelligent decisions. However, as this data is generally available to an enterprise’s competitive set, only those who have a vision for
leveraging this intellect and are adept will eventually out-compete others.
2. Every day, enterprises across the globe are engaged in two key activities: delivering
effectual effects and building decisions that create impact. If you are in the big
business of building enterprises that will be more valuable in future than present your
decisions need to be driven by smarter data.
Companies today are witnessing a huge explosion in data availability - 90% of the
world’s data was formed in the most recent years. Structured, semi- structured and
unstructured data across internal business systems and external sources like social
media, market data and syndicated study are now creating an incredible opportunity to
construct insights, therefore leading to intelligent decisions. However, as this data is
generally available to an enterprise’s competitive set, only those who have a vision for
leveraging this intellect and are adept will eventually out-compete others.
Introduction
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3. Introduction
Therefore, firms must be able to convert information into insights, insights into actions,
and these actions should lead to positive conclusions. This requires a arrangement of
embedding analytics across the organization’s core processes and disseminating
analytics knowledge across the board in order to give scalability to data-based decision
making.
Views overcome on the Internet Social media has changed the way we commune, work
and exist. More than just the millennial generation is alluring online. Sharing opinions
and knowledge with a world of virtual “friends” and “followers” has become the new
statute. This atmosphere presents both challenges and potential advantages for
businesses trying to employ social paths to construct and coagulate customer
rapports. This social community engagement has offered a sense of enablement to
consumers.
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4. Buying prototypes and behaviors have forever been modified by the constant
accessibility of online channels where customers can research reconsideration, be
taught more about a product or service and evaluate prices. This is the conclusion of
the power of word of mouth combined with the ease of immediate access to social
venues through the Internet, allowing anybody to comment or share an opinion. News
of a great product can spread like wildfire. News of a bad product—or a negative
experience—can increase just as quickly. And the comments and opinions have a long
ledge life on the web. Consumers are holding organizations accountable and are
sharing their personal experiences with the world.
Stop, glance and listen businesses can’t assist but take notice of all this online
sentiment and opinion. Capitalizing on it has become a business unto itself, known as
social analytics. Domineering approach and opinion data to connect customers and
understand their predilection is known as social listening. It is the most prevalent form
of social analytics today. But is listening in on social media conversations adequate?
Introduction
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5. Mining social media sites to mine gems of valuable opinion data is an increasingly
significant priority for firms seeking new ways of engaging and being responsive to
customers. Yet the enormous quantities of unstructured, predominantly text data
found in social media can be burdensome and unwieldy to work with unless you have
the essential tools to do so. Beyond listening Industry analysts are estimating a rapid
shift in the use of social media analytics, away from fundamental listening to a strategy
of employing more advanced analytics to help envisage customer behavior and
recommend actions that will help influence that behavior.
Advanced social media analytics give organizations the ability to confine and analyze
big data quantities of social media content, segment customers in new ways and
develop the ability to predict which actions will be the most effective in attracting and
retaining customers.
Introduction
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6. What will our clientele want next?
What is on the consumers’ “wish list” when it comes to desired features in our new
product?
Will clients remain loyal or are they looking to defect to a competitor?
What do customers find appealing in the products or services of our competitors?
Social Media Analytics— Transform insight into actionable business intelligence Social
Media Analytics can help firms transform massive amounts of social media data into
highly effective business insights and actions. Built on the leading analytics platform, it
can be utilized to analyze the impact of social media across a wide range of critical
functions such as marketing, customer service, product development and supply chain.
Advanced Social Media Analytics -The Challenges
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7. Social Media Analytics analyzes billions of sections of social media data and offers the
results of that analysis in customized, configurable, effortless-to-understand charts
and dashboards. With key behavioral, demographic, geographic, influencer analysis
and advanced analytics discovery capabilities, Social Media Analytics helps firms go
beyond listening so they can take action upon their insights quickly and solve business
problems.
How does it work? Social Media Analytics reclaims data in the form of fragments or
“snippets” of text from publicly obtainable social media channels, based on queries
that explore for specific words or phrases. The data collected in the search outcomes is
then loaded into a database and made accessible for analysis. The solution includes
pre-defined dashboards that make it effortless to share insights across the
organization.
Advanced Social Media Analytics -The Challenges
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8. Behavioral insights: Categorize the behavior of specific social media participants
by initialising them in the categories of user, prospective user, recommender or
detractor.
Segmentation: Categorize your audience by geography, gender, marital status,
parental status, and influencer scores to help you determine accurately who is
commenting on your key topics.
Share of voice: Understand the prevalence and intensity of social media exchang-
es regarding your brand, products, services, company reputation or any other topic
Social Media Analytics Findings
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9. Affinity relationships: Analyze the relationship between any two dimensions or
any two attributes within an aspect by measuring the degree of affinity between
them. Learn if one characteristic of a product significantly affects the perception of
other product characteristics.
Response: Measure the tone and intent of large volumes of discussions across
numerous social media channels. Sentiment analysis designates whether a
particular consumer comment is affirmative, negative, neutral or ambivalent
toward the topics of interest.
Social Media Analytics Findings
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10. Evolving topics: Use clustering analysis to group related keywords that emerge
frequently within snippets of conversations to provide a logical summary of the
discussions in the data. Social Media Analytics determines which bits and pieces
share the same terms and then obtains topics from these terms. Evolving topic
analysis permits you to follow trends and common discussion topics across time
periods and in orientation to related keywords.
How can I use Social Media Analytics in my firm?
Designed for more than just marketing utilization, Social Media Analytics can deliver
insights that are of value to many departments and lines of business across an
organization. There are myriad “use cases” or methodologies that you can generate to
explore information about your brand, your market, your firm or your competitors. With
Social Media Analytics, you can construct models specific to your own business
requirements and gain valuable insights from customer conversations.
Social Media Analytics Findings
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11. How can you build your own use case?
When you begin to utilize Social Media Analytics, it is imperative to outline your goals
and identify the information that you are seeking. What is it that you want to know or
need to know and what do you plan to do with the information? Social Media Analytics
is a tool that you can grow with and it allows you to refine your process with each use.
Engaging resources from other departments or areas of the business is a good first
step in identifying whether you need to appraise risks, determine your brand
reputation, seek the opinions of the social community to help develop a new product,
determine the direction of the market and more. It is also crucial to determine which
internal department will lead this effort. To begin, start by asking the following
questions:
Social Media Analytics Findings
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12. What is the most central goal for this project?
What do we aspire to learn?
What challenges could social media research help us address?
What areas of the firm need this insight?
Should we begin with a smaller project first or try to capture the whole thing we
can right away?
Do we have an action plan for how to respond to the things we discover?
Social Media Analytics Findings
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13. As social media becomes more embedded in our culture and our daily lives; its
influence to power the value of brands and companies grows with every new blog or
public forum posting. The ability of Social Media Analytics to help you harness this
energy—understand its content, distribution and influence—can redesign the way you
engage with your customers and broader constituencies, transforming relationships to
brands, products and services and improving your bottom line. And with Social Media
Analytics being offered as a cloud service, it is simple for organizations to get up and
running quickly and without the cost or complexity of involving their IT organizations
Conclusion
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14. About Orchestrate
Orchestrate is a US based business process management organization with
Headquarters in Dallas, Texas. Orchestrate offers services to the diverse outsourcing
requirements of clients in an extensive range of businesses including IT, finance,
mortgage and contact center. We provide a comprehensive suite of technology and
services to our clients that help accelerate sales and boost their profit. Our solutions
and services help SMEs and enterprises implement technologies and processes that
boost their profitability across the organization.