InetSoft Webinar: Putting All That Social Media Data Together

This is the continuation of the transcript of a Webinar hosted by InetSoft on the topic of "Improving Corporate Performance Management." The speaker is Abhishek Gupta, Product Manager at InetSoft.

The challenge is putting all that social media data together. It’s amazing when you think about traditionally how you used to gather information from your customers. That’s really how we drive our business is listening to how people are experiencing the restaurant. There used to be phone calls, right? And then it became email, but now it’s this instant real-time data.

It’s so real time that, in a moment, we have actually corrected instances inside our restaurant before the guests left because of the ability to listen to them while they are in there because they are going to tell you as soon as they have an experience. That information is all collected so that post the week or the month or real time we can really look at that information to see trends because there is so much of it that correspondence back and forth. It is good, but you really have got to take all that information, put it into buckets and look at it in a way that helps you make some business decisions.

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Real-World Application of Business Intelligence

Thanks for all that real-world application of business intelligence. Now, let’s return to talk about BI generically and talk about what is possible now and what might be possible in future. Prior to this SoMoClo era we would have been hard pressed to acquire world class technology at a competitive and reasonable price, and yet because the Social-Mobile-Cloud construct is globally available in not just the first world, but the second and third world, it’s transforming businesses of all sizes.

The same opportunity to take data from one aspect of the business and gain intelligence for decision making, deriving insights from it to in use another part of the business, that is available to every business of any size. It’s one of the great efficiencies of the SoMoClo construct, that once you have really embraced this notion of this consolidated technology infrastructure, the ability to take data from one aspect or one component or one process and use it using business analytics, intelligence, and decision-making support software, to use it to operate the business perhaps in some other either related or not directly related part of the organization is the key lesson here.

This is really a capability that multinationals really need to pay heed to if they haven’t already. This notion of the social listening, this concept that social is a conversation, it’s not a broadcast. So both the inbound and the outbound data collection is critically important, as is being able to make informed decisions based upon that.

The ability to be an agile organization can accrue not only to a mid-sized organization but to a large organization, one that’s really listening, that’s really doing the analytics. Social media monitoring analytics can benefit just as rapidly and make decisions just as rapidly if they are internally coherently organized, and this is possible even across regions, across time zones, and across languages. So that is what’s available today. For those in the ivory tower of analysts, they can speak about opportunity and risk as if it’s a theory, and those of you out there as the CFO know the real challenges.

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Futuristic Business Intelligence

So theory is one thing, and reality is another, and we certainly recognize that much of what we are talking about may even sound futuristic based upon your business or the industry or region that you are based in. So let us say that what we are presenting here is both the present and the future. For those of you for whom this seems to be farfetched, what we are presenting to you is the next possible step.

What we have presented in terms of listening and gathering data in real time, it applies just as appropriately to a regulated industry as it does to an unregulated industry. It just is applicable to a public or private company, small, medium, or large, and the company that’s in the developing world as well as developed world. These tools now are universally available.

You just look at, for example, the political impact of social media, for example in the Middle East. There are no walls in the SoMoClo University we are operating in, and so the opportunity is to really listen to and know your customers. This applies to every business, right? Every business obviously has customers, but the culture of collaboration is not as well developed in all organizations, and so there are best practices.

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