Social media has given companies access to unprecedented volumes of information about their clients and buying trends on an aggregate level. The challenge, which confronts everyone from data giants like Facebook to small businesses active on social media, is how to process all of this and turn it into actionable policy. Case in point: 93 percent of North American executives surveyed by Oracle believe they’re losing revenue by not leveraging available data.
“We need to build robust systems for analyzing the huge amounts of data flowing in from social media and how they then link to all the other touch points consumers have with the brand,” explains digital analyst Marita Scarfi.
The coming year will see the emergence of new software and tools to do just that. Using new-wave social media command centers capable of tracking multiple social stats in real-time, from tweets and Likes to customer sentiment, companies will be able to radically improve customer service and predict future buying patterns, not to mention streamline internal communication and increase productivity. This kind of social data is already being harnessed by Nestle to boost customer sentiment, GE to speed up repairs to the electrical grid, and Wall Street to forecast stock prices.