The following is a Birst partner blog by Brett Stupakevich, Product Marketing Manager, Crimson Hexagon.
Currently, more than 85% of all data produced is of the unstructured variety (images, tweets, emails, chats, call logs, sensor data). What’s more, less than 1% of all enterprise business data is ever analyzed, and a recent PwC study noted that only 4% of all businesses extract full value from their data assets.
It’s just hard to keep up. More than 90% of global data has been produced in the last 18 months alone. Both machine-generated and human-generated torrents of valuable data streams are now pouring into the enterprise faster than decision makers can consume or analysts are able to support. With so many disparate decentralized reporting silos, neither the data nor mature analytics processes have been integrated to the point where users can operationalize decisions for better business performance.
Amidst this wave of varied data formats, here are three ways that social data can reveal previously unknown opportunities.
Social drives a “System of Insight”
Serving as a complement to structured data, unstructured data from social media offers critical clues on ever-evolving consumer trends. Crimson Hexagon’s unique OEM partnership with Birst offers customers a unified view of social media insights and text analytics alongside structured and transactional sources of data. By gaining a holistic view of industries and market opportunities, businesses can create a “System of Insight” in which decision-makers drive better business outcomes with more contextually relevant and timely information.
Unstructured data = Untapped resource
As one use-case example, consider how decision makers at consumer packaged goods companies track key metrics such as social campaign KPIs (key performance indicators) alongside in-store traffic data from retail locations. Evaluating these disparate, but related, measures of business performance together could present more timely opportunities to shift a marketing campaign in mid-flight. Campaign managers could hone a targeted offer to consumers in one location while re-allocating spends accordingly across underperforming regions.
Adding more content, in context: Find the “Why” behind the “What”…
Social data is a vital component for executing customer-centric strategies. When displayed alongside sales or CRM data, social data sends signals of new market opportunities or risks. Developing an early-warning system to “sense-and-respond” has proven a huge benefit to consumer brands or services, allowing for detection of trends or threats, to manage by exception.
Another use-case example is that of brand managers of luxury products during a launch. In pairing social consumer sentiment and brand loyalty data alongside sales results, which are refreshed at the speed of business, a more mature model for brand health monitoring can drive more successful products to market and impact the bottom line.
Leveraging unstructured social data alongside the structured variety, and integrating these new data sources into analytics systems, can help build a true competitive advantage for companies in retail, consumer packaged goods, or consumer services.
To learn more about how Birst and Crimson Hexagon can help companies extract more value from enterprise data, click here.
This post was originally published on the Crimson Hexagon blog.