Social BIGlobally there is constant dialogue happening on social media platforms. Social media users share and comment on billions of pieces of content, videos and information. Businesses have the potential to access vast amounts of data about their industry, customers and competitors. This data is readily available and waiting to be analysed, transformed and utilised. Unfortunately, much of the vital information is being lost and not used effectively.

The growing volumes of real time social media data and the reduced time for decision making are driving companies to consider alternative methods to traditional data analysis. The increasing pressure to improve the quality of their decisions is driving businesses to implement real time data discovery tools that make managers, and their ability to make decisions, more effective.

Effective decision making isn’t made in isolation but by collaborating with your peers. The ability to assess large amounts of data in real time provides users with better situation awareness making the whole process of decision making a much less erratic task. Using a business intelligence (BI) tool can help support the process of decision making, based on all the information available helps to improve the overall tactical and strategic planning of the business.

Business intelligence has become a must for businesses that are looking to stay ahead of their competition within their industry. Initially BI tools were used to report and analyse sales figures and KPIs, but businesses are now using these tools for a completely different task – social business intelligence. Consumers are leaving their digital footprint all over websites and social media channels and the ability to analyse this data and use it in a productive way can be very valuable in learning more about our markets, competitors and potential customers.

For example, an online retailer may look at information on their website page visits in order to predict future buying patterns. Additionally, looking at social media conversations or forums may give a business a heads up on future trends which are growing in momentum. This gives the business a slight edge over their competitors as by using this data they are able to adapt their strategy in tune with the information.

Social intelligence is a way for businesses to collaborate with consumers in real time. This gives them an opportunity to react to situations before they escalate, meaning that they can continue on a better path. It can also increase their market reach easier as the ability to connect with anyone anywhere in the world will help increase their community and boost awareness without the huge costs.

The ability to get this type of information at the click of a button is why so many businesses are adopting a Social Business Discovery tool. Managers want to know that the decisions they are making for the future are based on relevant and up to date information that is vital in them staying competitive within the market. Download the guide on social business intelligence to find out more.