Currently, over 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 cited that only 4% of all businesses extract full value from their data assets.
It’s just hard to keep up. Over 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 are integrated to the point of leveraging it to 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 and traditional business intelligence, unstructured data from social media offers critical clues on ever-evolving consumer trends. Crimson Hexagon’s unique OEM partnership with Birst is the first step toward a unified view of unstructured data insights alongside traditional structured BI 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 example use case, consider how decision makers at consumer packaged goods companies track key value indicator metrics such as social campaign KPI right alongside in-store traffic data from retail locations. Evaluating these disparate, however related, measures of business performance together could present more timely opportunities to shift a marketing campaign in mid-flight by honing 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 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 more 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 refreshing at the speed of business, a more mature model for brand health monitoring can drive more successful products to market and impact the bottomline.
By leveraging unstructured social data alongside the structured variety, integrating new data sources into your existing analytics systems can help to build a true competitive advantage.
Download our consumer relations case study on the airlines industry to learn more about using social data to understand deeper consumer insights.