The Internet is a treasure trove of data, an information mine literally. Unbelievably massive amounts of data are churned out here every day, every minute, and every second. Zillions of data set is pumped into the cloud and the volume is more than human imagination and its magnitude of growth is HUGE! The Linked data produced by various sources, though available is untapped and underleveraged.
For example, in ONE MINUTE –
- Google receives over 2,000,000 search queries.
- Consumers spend $ 272,070 on web shopping.
- Brands and organizations on Facebook receive 34,722 “likes”.
- Apple receives 47,000 Apps downloads.
- Flickr users add 3,175 new photos.
This clearly shows zeta bytes of data is being generated on the internet daily through social media channels and other cloud services in the form of demographic information, opinions, reviews, likes, shares and comments.
Let’s take a look at big data and social media; social media usage by individuals and enterprises has reached a new high. Owing to advancements in technology and digitization, today, even simple tasks like weekend shopping at your neighborhood mall leaves behind a data trail that tells so many things about you –your city, your choice of brands and also your spending powers.
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The variety of information generated by your weekend shopping will be resourceful to many different service providers – bankers, retailers and market researchers. CXOs within these and other industries often talk about effective brand building, gaining more ROI, increasing profits and staying ahead in the competition. Organizations, irrespective of their nature, size and target market, can achieve all of this and more if they invest their efforts in effective data mining and processing available Big Data in Social Media to extract business value.
However, big data constitutes of unstructured and disconnected data. Separating and gathering useful information from the clutter or being able to identify “music” from “noise” is a big challenge. The solution lies in cutting-edge social media analysis tools such as Shout Analytics that have proven competency to deal with big data. Modern social media analytics tools synthesize data and turn them into actionable insights to create business value. Moreover, it enables CXOs to use the big data in a more meaningful and sophisticated manner.
David Williams, CEO of Merkle believes that today, one customer with the right social network can influence thousands of friends, whose subsequent networks could represent millions of consumers. Social media analytics helps you find many such “right” customers.
To learn more about Social Media Analytics, please contact us at info@shoutanalytics.com
