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What is Social BI?
Social BI defines gathering, analysing, publishing and sharing your data and reports and information using best business intelligence tools to improve your data understanding the data with data analytical tool.
The most powerful approach of Social BI is the ability and analysis of self-service and user to generate and share reports of business users without adequate knowledge of data scientists and IT teams. Social BI facilitate the business owners of data sharing and analysis of product development, business process, quality control, managing team and division etc.
Todays many companies use Social BI for better insights on how people think and acts. As social technologies and usage increase the social intelligence demand will take on broader role.
Social Business Intelligence Strategies
Below are mention some Social Business Strategies which helps you to increase the business performance.
Social Impact and Reputation Tracking
Social impact is rapidly increasing the overall performance of business activities. Many organizations want to know the result of business social activities and want to know if the result is accurate or not. They want to track social impact on business. Here social BI can help create and manage large data-sets to promote activity. By using good BI tools, business owners can find all the answers to their questions.
Product Insight and Promotions
Using social BI for business makes it easy to monitor and promote the product. While personal handling can be difficult for the user. Products can search for socially attractive information about themselves to promote it further and bring more product awareness.
Social Supply Chain Management
Social supply chain management acts as a bridge between product owners and their suppliers. Social BI provides the ability to discuss, forecast and share information.
Measuring Marketing Success
By using social search, you can analyses which message need to respond on which network and can perform campaign based on the information collected. Social BI gives you insights into which content are shared, publish, likes, comments, re tweet on social media which can increase traffic and expand business.
Strategic View of Social Business Intelligence
Advantages of Integrating Social Media and Business Intelligence
Conversions and comments on social media are called real-time. It can use this data as a static data source. This real-time data from social media helps for brand promotion and can measure the success of campaigns, products, and services, introduction of new products, etc. The comments section helps improve and optimize product quality and improve planning for future business growth.
Accurate, clean real-time data allows decisions to be made correctly. A company that follows this work flow undoubtedly satisfies the customer, increases customer loyalty and ultimately brand loyalty.
Relevant Message and Data Accuracy
If you are getting high response on that post that means your data is relevant and accurate. This is because on social media the customer only searches for the product or brand that expresses honesty. If they can find some inappropriate brands or products they can decline.
Competitor Monitor and Develop new Strategies
Social BI also helps to monitor competitor activities in the market. BI provides an open door of opportunities to lead in the market.
Social BI can have the ability to gather customer buying patterns and behavior according to the purchase and comments. So, therefore, BI can guide to a user about the activities of the customer.
Applications of Social Business Intelligence
The real working and function of social business intelligence is similar to another type of business intelligence. The purpose is similar to generating reports, dashboards, visualizations etc.
All devices were identical from past to present but some of the capabilities of BI have increased which are discussed below:
Response and Insight time:
Typical BI was time consuming. It involves lots of efforts and required IT team to handle. But the increasing demand of BI improves the big data and self-service tools which drastically reduce the time to insights.
Structure and Behavior:
Traditional BI uses structured data in tabular or relational formats. But today most of the data analyzed by social BI tools is unstructured.
It is no doubt that BI has taken a great position and there is no shortage of BI applications but it is necessary to seek development and replacement of the changing generation. That’s why BI continues to introduce new applications for customer interaction and faster insights.
How Social BI helps in Business Success?
Social media and social networks affect the lives of customers and business users. They are equally beneficial to both the customer and the seller. Everyone knows how to use and likes to use social media. They keep sharing information, ideas and reviews about the product and services. Here social business intelligence comes in a picture, where all users are tracked. It helps the business develop and generate a dashboard for comments, likes and shares to the customer. Business users can follow comments and enhance their product.
When you implement social media and social networking within a business intelligence environment, business users can share, rate, discuss and learn from others.
Social BI helps in following ways:
- Collaborations and improve productivity
- Allows user to share, comment, rate on post and popularize data to understand what data business users want and need
- Promote collaborative decision-making among business user
- Balance data quality vs. popularity
Social BI trends also allow organization to understand the types of data that provide user value, and improves the confidence to take decisions. Understanding the social aspect of data analysis, and data popularity allows the enterprise to make decisions about additional provisioning of data, reports and dashboards to business users.
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.