Blogging live from the Orlando International Aiport after a week of Social Business at the Lotusphere conference, I can’t stop thinking about the importance of analytics in the upcoming Social Business revolution.
If I were to give a 60 second pitch on the Social Business. I would describe it as a holistic output of two major inputs from leadership perspective.
- Explicit change in organizational culture to foster an open and social processes. (Enterprise 2.0 tools etc)
- Information Management Infrastructure re-design. (Social Software, Analytics, Monitoring, Business intelligence).
Social analytics is in the roots of every single process within an ‘social’ organization. For instance, from social media marketing to product development to business intelligence to business process management. We will need to open up all of these processes to gather data.
Noise vs Quality
As they say, more data, more problems. There have been 1600 tweets in the 2 seconds it took you to read this sentance . Twitter alone generates about 8TB of data every 24 hours.
The issue isn’t that we aren’t capable of listening. My research and observation indicates that there isn’t a lack of data available from social input perspective but most aren’t doing a good job of actually sorting of this data for quality metrics, insights and KPIs.
There is too much noise in the space and all of the inputs will require a sophisticated infrastructure to make sense of it all.
To able to compete effectively in the upcoming “Economy 2.0”, the leadership will require better insights, which is only possible when we are able to able make sense of all this data. Smarter technologies coupled with smarter analtyics will allow us to sort this in real time as we listen to the organization internally and externally.
Changing customer expectations
Blame it on Apple, Zappos or any other organization that is focused on bringing top notch brand experience. It is no doubt that consumer expectations have changed. It is the same very nature which is also evolving the enterprise space as well. From mobile first strategies to over 1600 iPads being used alone at our opening session at Lotusphere #LS11. The consumer behavior is also unforgiving and strict and allows for minimal mistakes (and they cost as well!)
Analytics will allow us to listen proactively, make sense of the data and respond in a more credible manner in terms of marketing, sales, product development, design and even overall brand experience.
We already have firms like Marketwire, IBM, SAS, Microsoft focused on bringing in tools that allow you to make smarter decisions in this and tomorrow’s economy. The only question is when are you ready to make the jump?