business intelligence

The Socializers presenting at Boussias Social Media Conference March 22, 2011

It was an honor to present on Business Intelligence via Social Media Data: Insights and Recommendations at the Boussias Social Media Conference, March 22, 2011. I had a blast working on my presentation with the fabulous artist Ana Foureaux Frazao, who created Guy Kawasaki’s “Enchantment” presentation for SXSW 2011. Her description of the artistic process behind the Greece presentation is fantastic and may be found here: http://bit.ly/axzbism


Business Intelligence via Social Media Data: Insights and Recommendations – PART 1


Business Intelligence via Social Media Data: Insights and Recommendations – PART 2

More on Business Intelligence derived via Social Media Data here: http://bit.ly/bizintel_via_socialdata2011

Business Intelligence via Social Media Data – Presented March 22, 2011 Athens, Greece

SUMMARY: In all fields of business, there are varying levels of sophistication. The small business owner juggles bookkeeping, rent, vendors and customers and, if he is lucky, has time left over to take his original business plan one step further via Marketing and Sales activities. The medium and enterprise level businesses have a responsibility to analyze their markets through best-practice business intelligence and innovate. Growth means change and change involves risk, stepping from the known to unknown. The open seas that enterprise-level businesses chart require captains and admirals who can judge when and how to take such risk.

THE VALUE OF SCOUTS: New technologies aid such leaders in their future plans. The most important members of the team in this respect are the SCOUTS. In the world of social media marketing, the scouts are social intelligence providers, experts in predictive analytics, text analytics, cluster analysis and sentiment trending. It is the responsibility of these scouts to discover the VERY BEST sources of intelligence in a specific vertical or world region. As the founder of Klout says, “Targeting the few key influencers who have authority around a given topic and allowing them to tell the story. The message is then amplified up through the network to reach a large engaged audience that trusts the message sender.” It is important to note that social media monitoring tools come in all shapes and sizes with varying angles on what is and is not important.

Highlighted in an article by Brian Solis,Ray Wang writes, “Overall, on a global scale, social analytics will evolve in 2011 from ad-hoc experiments into refined information services. Enterprise-level organizations should continue with experimenting in listening services that filter out noise from the social sphere, identify trends that deliver insight, and create models that support prediction.”

REGIONAL PROVIDERS: (In the following paragraph, I mix some of my thoughts with Mr. Wang’s observations to deepen the observation). “Regionally, it is recommended to identify LOCAL providers who have a deep understanding of the local language and customs. As algorithms increase in complexity, global tools will have to adapt to these regional and cultural differences, as well as requiring greater vertical specialization. The global tools like Sysomos, while very good, will no longer be able to support in house efforts due to the volume of demand and that may effect quality. A new breed of LOCAL information brokers will aid global intel providers in delivering social analytics at a scale and specificity that will support the challenges of big data in heterogeneous systems. Expect vendors such as Sysomos, Alterian, Attensity, Buzzmetrics, Cymfony, IBM, Radian6, SAS, Scoutlabs, Telligent, and Visible to shift their business models from software vendors to information brokers.”

LOCAL ANALYSTS: Regional Business Intelligence providers with LOCAL vendors trained in Predictive Analytics, Semantic Analysis, Cluster Analysis, and active in hands-on solutions analyzing the local language are important allies/partners to these global tools. This is clearly seen upon going into the representation of the data by these global social media intelligence providers with LOCAL analysts. Refinement of the data MUST be accomplished by native speakers. It is advised that the global tools identify regional managers to (a) make sales (b) identify local highly trained analysts who speak the language natively and (c) shift their identity from a tools centered approach to human-refined intelligence provision.

MERGING OF SOCIAL INTEL AND SOCIAL ACTION TOOLS: The leaders in the field will form alliances with social action tools like Hoot Suite and Buddy Media to mutually enhance value proposition. M&A in this area is an important evolutionary step for those organizations keen to the benefit of actionable intelligence. Brands want punchy insights, smart recommendations based on these insights along with actions that may be measured.

THE BUSINESS INTEL CUSTOMER: The sophisticated customer of social monitoring intelligence wants his provider to develop insights and action-steps from the masses of data that come through a WOMMA-ethics-level tool…that is, a tool that includes total, or near, access to firehoses from “walled-gardens” like Facebook or the giant Amazonian rivers of Twitter. He then wants that provider to write up a brand booklet complete with a few neat charts and a storyline of how the brand may utilize the current economic climate for maximum growth.

LIVING INFOGRAPHICS: To go further, the Business Unit Manager of the marketing agency working with this enterprise-level customer may want the intelligence provider to produce an interactive infographic that gathers intel AND grows customer equity all at once. Great example of this is JESS3’s APTA project.

BUSINESS PLAN: In an A+ scenario, the Business Unit Manager from the agency provides the Brand Manager with a comprehensive plan that charts the growth of the brand over the coming year, its relative competitive weaknesses and advantages (SWOT style or another scenario planner) and a few preliminary creative mock-ups of the customer-facing solution. For internal business solutions, the Business Unit Manager recommends a few choice third-party vendors to come alongside the team for sCRM, a possible re-vamping of how collaboration takes place in the organization and re-vitalized, efficient HR.

IMPORTANT QUESTIONS ANSWERED: Important questions answered through social intelligence projects include:

• Buzz in broadcast and social media: what is the volume of mentions?
• General topics and impact: which news, headlines and developing stories influence my brand?
• Special topics and impact: which hidden parameters influence my brand?
• Opinion mining: do people think positively or negatively about my brand?
• Mood analysis: do people express pleasure about my brand? Are they calm/relaxed or alert?
• Seasonality and time-of-day: when do people discuss my brand and topics of interest?
• Named entities graph: who am I connected to?
• Influencer detection: who do we recommend as influencers in regards to my brand?
• Meme detection: how do ideas spread throughout the population?
• Visualization: how can I represent information by combining insights and graphics?

“ON THE FLY” COMMUNITIES: But the MOST important fruit of business intelligence derived from social media data is an on the fly community. Non-branded aggregations in Twitter of Key Influencers in the form of lists OR Twitter accounts filled with Key Influencers around a specific topic are a very powerful means to accessing a customer base quickly. TO REPEAT: Non-branded, on-the-fly Communities aggregating Key Influencers are a far better fruit of business intelligence than “snap-shot” insights. The social eco-system is fluid and Brand Managers want something of real value from BI projects that can be used RIGHT NOW. Using tools like PeopleBrowsr one may assemble such “on-the-fly” communities quickly and accurately. Check out this video of Jodee Rich, CEO and founder of PeopleBrowsr, talking about the Research.ly solution:

WITHIN THE ENTERPRISE: The happy Brand Manager gets to go to her Marketing Manager and GM and show off a plan for her brand(s) that will elevate business by a nice percentage, decrease overall internal costs, address any outstanding PR and Customer-Service related issues and foster a glowing relationship with the community in her region through a customer-centric ad/marketing campaign. And, due to the entire solution being driven through social business, she has decreased the ad spend by 60%, saving money in the process. Finally, through deeper business intelligence, the enterprise may find ways to economize and grow hitherto unseen:

The Secret of Artificial Intelligence: The human is the "last mile"

‎”The secret of AI is that the human is the “last mile.” You have to make the final decisions. Search/analytics, tools, etc. can only get you into the right proximity.” ~Tim O’Reilly http://bit.ly/peoplebrowsr_lastmile

Think of an area in which you would like accurate predictions of future events. Now imagine a network of humans and computers that makes predictions in this area –not perfectly, but better than was possible before. And imagine that these predictions get better and better over time as the network learns from its own experience. ~MIT Center for Collective Intelligence

How can people and computers be connected so that-collectively-they act more intelligently than any individuals, groups, or computers have ever done before? ~MIT Center for Collective Intelligence

The trend I’m seeing is that the world is evolving from a social graph towards an interest graph. ~Jodee Rich http://www.youtube.com/watch?v=3F6AxcERPDQ

Social Analytics in 2011

After reading a recent excellent blogpost by Brian Solis on the future of research, I took some time to expand the input of one contributor, Mr. Ray Wang.

Here’s an outlook on social analytics for 2011 by myself and Mr. Ray Wang:

Overall, on a global scale, social analytics will evolve in 2011 from ad-hoc experiments into refined information services. Enterprise-level organizations should continue with experimenting in listening services that filter out noise from the social sphere, identify trends that deliver insight, and create models that support prediction.

Regionally, it is recommended to identify LOCAL providers who have a deep understanding of the local language and customs. As algorithms increase in complexity, global tools will have to adapt to these regional and cultural differences, as well as requiring greater vertical specialization. The global tools like Sysomos, while very good, will no longer be able to support in house efforts due to the volume of demand and that may effect quality. A new breed of LOCAL information brokers will aid global intel providers in delivering social analytics at a scale and specificity that will support the challenges of big data in heterogeneous systems. Expect vendors such as Sysomos, Alterian, Attensity, Buzzmetrics, Cymfony, IBM, Radian6, SAS, Scoutlabs, Telligent, and Visible to shift their business models from software vendors to information brokers.

Regional Business Intelligence providers with LOCAL vendors trained in Predictive Analytics, Semantic Analysis, Cluster Analysis, and active in hands-on solutions analyzing the local language are important allies/partners to these global tools. This is clearly seen upon going into the representation of the data by these global social media intelligence providers with LOCAL analysts. Refinement of the data MUST be accomplished by native speakers. It is advised that the global tools identify regional managers to (a) make sales (b) identify local highly trained analysts who speak the language natively and ( c ) shift their identity from a tools centered approach to human-refined intelligence provision.

Finally, the leaders in the field will form alliances with social action tools like Hoot Suite and Buddy Media to mutually enhance value proposition. M&A in this area is an important evolutionary step for those organizations keen to the benefit of actionable intelligence. Brands want punchy insights, smart recommendations based on these insights along with actions that may be measured.

Next week: I will compare a study/intel panel creation I did for a major global food brand using various intelligence tools (both local to a country and global) TO a study/intel panel creation just completed for a major foreign bank. I will also include what worked and what didn’t work as part of this blogpost.

Customer Intelligence in a real-time social eco-system

The pressing need in customer intelligence is a solution related to a real-time eco-system. One deeper philosophical issue in this space relates to variable velocity, to quote Lee Bryant. Tools like PeerIndex and Recorded Future do a good job of segmenting and defining the truly staggering flow of data AND audiences interacting with that data. Datasift (http://datasift.net/) is a leader in architecting methodologies for analyzing the complex fabric of the social Internet.

For an important new study on Customer Intelligence Trends 2011, see the following Forrester Report: ‎”At the same time, the demand for insight — not just data — in real time creates a challenge but also a huge opportunity to extend the value of Customer Intelligence throughout the enterprise. Leading CI professionals who evolve and adapt to these trends will quickly find themselves at the nexus of the business.” ~from Customer Intelligence Trends To Watch In 2011 (http://bit.ly/customer_intelligence_trends_2011)

WHAT IS BUSINESS INTELLIGENCE: DEFINITIONS
(Some basic info below)

Business intelligence (BI) refers to computer-based techniques used in spotting, digging-out, and analyzing business data, such as sales revenue by products and/or departments or associated costs and incomes.

BI technologies provide historical, current, and predictive views of business operations. Common functions of Business Intelligence technologies are reporting, online analytical processing, analytics, data mining, business performance management, benchmarking, text mining, and predictive analytics.

Business Intelligence often aims to support better business decision-making. Thus a BI system can be called a decision support system (DSS). Though the term business intelligence is often used as a synonym for competitive intelligence, because they both support decision making, BI uses technologies, processes, and applications to analyze mostly internal, structured data and business processes while competitive intelligence is done by gathering, analyzing and disseminating information with or without support from technology and applications, and focuses on all-source information and data (unstructured or structured), mostly external, but also internal to a company, to support decision making. (SOURCE)

The global business intelligence (BI) software market is projected to reach $12.4 billion by the year 2015, driven by the growing need to empower all stakeholders of businesses with right information at the appropriate time.

Uncertain economic conditions, intense competition and increasing volumes of organizational information are forcing enterprises to seek efficient means of deriving value from information for improving the overall efficiency of business processes. In this regard, BI technology is emerging as an essential tool for identifying new revenue-generation opportunities as well as to control unproductive expenditures. BI offers tools, processes and applications for facilitating organizations to analyze and consolidate data gathered from various sources for optimizing operational performance and for improving business decision-making. BI and analytics software helps organizations to analyze the information built up over the years, which resides in the enterprise systems. (Source)