Today’s news and media outlets are rife with proclamations that these business efforts are useless and that there is no real way to measure the success of these programs or even to provide anecdotal information that might sway a manager to continue with the business program. However, there is one factor that these proclamations do not consider and that is the opportunity to leverage a Business Intelligence Tool and Corporate Performance Management Solution to gather, compile, configure and analyze data provided by these programs, and the social networking sites by exporting and using the statistics, analytics and API provided by the network.
That data can be married with the BI solution and displayed in the dashboard software and KPI management modules and tools to reveal patterns and trends, and to determine the success of a program, and/or identify problems or issues and make appropriate changes. It can also be used to forecast and predict the future programs and initiatives needed to succeed in this environment.
There is another way in which social media data and information can be used to analyze trends. Even if we do not consider the internet marketing initiatives of the business, the enterprise can still use the information from social networking to analyze customer buying behavior and make decisions about new products and competitive initiatives. With an ever increasing user base and various networking platforms focused on numerous personal, consumer, community and business aspects, media networks provide a medium to freely express views, and opinions and business intelligence tools can therefore offer a platform for meaningful analytics of these conversations, connections and posts and identify subtle trends to help the business develop successful strategies.