Analytics as defined by Thomas H. Davenport is, “The extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact based management [used] to drive decisions and actions.” This is a subset of Business Intelligence which refers to a set of skills, knowledge, technologies, applications, and practices combined to acquire understanding of the market behavior and business context.
Analytics involves several steps.
1. The collection of data
2. The integration of data
3. The analysis of data
4. The interpretation of data
5. The presentation of business information
Through the use if business intelligence you will be able to answer the following critical questions:
* What happened?
* How many, how often, where?
* Where exactly is the problem?
* What actions are needed?
* Why is this happening?
* What if these trends continue?
* What will happen next?
* What’s the best that can happen?
When it comes to social media here are some questions that need to be addressed from an analytics perspective:
Where is your organization when it comes to Social Media Analytics?
Byte or get bitten!
Over 200 million people in the United States spend an average of 32 hours a week on the Internet. People now spend more time on the internet then they do reading newspapers, listening to radio, or watching TV. As of November 2008 there were over 150 million blogs with each week another 1.5 million blogs being posted. Add to that the ever-increasing social networking sites, message boards, online communities and unfathomable tweets. All of this means that consumers have an ever growing voice to talk about your brand.
Business critical communications are becoming part of the Social Web and without visibility into this media, organizations will fail to react and participate in this new environment. ManoByte is a Social Media Analytics company that tracks how people are talking about their brand, products and services across the social web. We monitor sentiments, attitudes, authority, and the magnitude of conversations that are taking place online.
With our social media mining services we help you gain real-time insight into the consumer opinions and perceptions of your company, your offerings, and your competitors that will help steer your future marketing strategies, messaging and overall business planning. ManoByte can help you:
There are a lot of online conversations happening but very few companies who can help you monitor, understand, and leverage what is taking place across the Social Web. ManoByte is one of those few companies that can help.
Byte or get bitten!