Social Media and Business Intelligence: Creating the Integrated Customer Hub
The following is an excerpt from “Social Media and Business Intelligence: Creating the Integrated Customer Hub” an exclusive whitepaper brought to you by Oracle. Download the complete whitepaper now and learn how by creating a 360-degree view of your customers, you can equip organizational teams with the intelligence they need to successfully engage with them.
In the beginning, individuals monitored social media conversations via RSS feeds or by manually reviewing social media platforms for mentions of their companies, brands, or offerings. Unfortunately, this approach was not scalable, and over time the adoption of social media tools and platforms has outstripped companies’ ability to derive real-time consumer insights and to effectively engage with social customers in a relevant and timely manner.
As social media use has grown, an urgent need has emerged to correlate the information generated through social data with existing consumer information, and integrate it with sophisticated data management systems. No longer is social the sole purview of the marketing or PR group within an organization. Today, the insights derived from social media are as relevant to customer service as they are to engineering. By creating a 360-degree view of your customers, you can equip organizational teams with the intelligence they need to successfully engage with them. By optimizing your social strategy to leverage both social insights and existing private data, you enable your organization to create outreach efforts, new products, and campaigns grounded in real-time, repeatable, automated, and scalable analysis.
A New Age for Content
Never before have so many individuals been involved in the production, communication, and sharing of content—making this a disruptive time for traditional industries (like advertising, news, and entertainment), which find themselves vying with consumer-created content for customers’ attention.
To compete effectively in this new landscape, organizations must monitor and analyze the conversations taking place over social media. This is where their customers are. And this is where they need to be—either participating in or monitoring those conversations. Companies that fail to do so are missing out on consumer insights and opportunities to heighten brand awareness.
With social media now a key component of most organizations’ business and outreach strategies—and the volume of social data steadily rising—rudimentary analytics technology and manual reviews of social media platforms no longer suffice. Organizations need a new approach to monitoring the conversations taking place over social media, and Oracle Social Engagement and Monitoring Cloud Service provides it.
The semantic search and analytics technology at the heart of Oracle Social Engagement and Monitoring Cloud Service enables it to automatically capture consumer “considerations and preference” metrics as well as insights from consumer-generated content in social media and structured and unstructured data environments. Some solutions use Boolean or keywords to analyze information but are unable to disambiguate the meaning of terms such as (the shoes) and (the reptile), and others rely on natural-language processing (NLP, a time-consuming and complex language-modeling approach) to disambiguate content. Oracle Social Engagement and Monitoring Cloud Service uses advanced statistical language modeling to address the inaccuracy and bluntness of keyword search and the speed and cost disadvantages of NLP techniques.
Figure 1. Oracle Social Engagement and Monitoring Cloud Service uses advanced statistical language modeling.
The semantic engine in Oracle Social Engagement and Monitoring Cloud Service is based on latent semantic analysis (LSA), which allows meaning to be derived from social media conversations and private data. By using sophisticated language-modeling technology, Oracle Social Engagement and Monitoring Cloud Service is able to achieve a high degree of accuracy, uncovering a consumer’s true considerations and preferences as they relate to lifestyle, category, brand, product, and campaign.
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