Social Media has given birth to an entirely new generation of consumer/business relations with business intelligence shaping the way it will grow. The large pools of data being created on social sites give businesses both a new opportunity and a new dilemma according to Sandhill’s article "The Market for Social Media and Business Intelligence Tools."
Only around 30% of today’s companies’ monitor, collect, stage and analyze SMN data currently. That number will increase by 60% within the next one to five years in order to compete in the growing popularity of social media marketing. This clearly reflects a somewhat traditional curve that revolves around the consumer in this entrepreneurial evolution:
Social media networks have rapidly become the word-of-mouth marketing platform of this millennium. Sales, marketing, PR/communications and customer service are the top business functions supported that are employing SMN data monitoring, collection and business intelligence analysis.
Consumer powered sites can provide a competitive advantage, however the millions of bits of data that quickly flood social media sites can be overwhelming without the right tools in place. There are ‘all in one’ business intelligence providers that can keep companies thriving in this social media frenzy by harvesting, managing and analyzing their data. The power of social media will continue to grow and as it does, established venders that offer innovative technology such as insight enabling infrastructures will stand out in the ‘business intelligence’ crowd.
Jennifer Shockley, September 13, 2012