Facebook, Twitter, LinkedIn Social Media Data Mining for BI
Social media is at the top of the fame. Be it Facebook, Twitter, Google+ or Instagram, you can’t resist hooking to these social hubs. Alone Facebook has 1870+ million active users while Whatsapp and twitter registered 1000 million and 317 million users across the globe in 2016.
Alone Facebook enjoys leading penetration percentage of 63% while Twitter & Google+ have 22% & 17% penetration respectively. According to IBM’s research, the digital content will shoot up to 988 extra bytes than the existing figure. Aren’t these some magical figures that should be sifted through intensely for deriving business intelligence? (Of course, they are!)
This is why most of the organizations are rushing to dig out these data gold mines. A wide international market is pretty much here to tap. This is what data mining is all about. But a full-fledge viable strategy is required to scrap valuable data whereby meaning can be drawn out quickly.
Why do organizations require social media data mining?
The figures that are mentioned above hint the size of social media population. Now, just imagine how much of information is stacked into social media’s data repositories. If we look into the researched figure, around 80% of data content are rustic or crude. It implies that the massive volume of data is there, but in unstructured form.
For example, social community shares 3-D images, audios, medical records, email keystrokes, text files, research and business reports on the social media. The door to profit can be unlocked through this information. But it is scattered. It is stacked in various patterns & unstructured. And even, it is secure. Putting it altogether for deriving sense would be a daunting challenge for all. So, organizations have to employ the best social media data mining techniques. Thereby, information can be translated into deeper insight.
How can data mining of Facebook, Twitter and Linked In become a game changer?
Game changer is something that calls in transition from nothing to everything. Today, we call data as the real player, the game changer. It is derived from the information residing in different social media environment, different objects and different methods. The data mining organizations bite bullets to transform them into relevant insight. Why?
Indeed, any business requires facts and supportive figures to make decisions for growth. Let’s say, a retailer wants to expand his business. He has to get prepared with the data on:
- Customers’ demography
- Customers’ profile
- Customers’ buyer needs & wants
- New products
- Internet experience
- Predictive outcomes in every field, like weather forecasting & logistics.
- Customers’ buying patterns
Once the aforementioned data is accumulated by data mining of Facebook, Twitter, LinkedIn & other channels, his business game would begin to change. He would be able to gain an edge over his competitors. Let’s catch the roundup of how it is possible.
How is business intelligence developed through social media data analysis?
Before moving to its answer, go through these questions:
- What if you want to tap in to customers & competitors’ data for lucrative business opportunities?
- What if you have insight information that you need to retain customers to improve research?
- What if you could inject predictability & certainty into the decision making process?
The answer of all these queries converges to business intelligence. Let’s comprehend how it can happen.
Suppose an online seller appointed an outsourcing company for social media data mining. He basically emphasized on customers’ & competitors’ data. And the third party employed the best scraping tools, like tapping APIs of the social community or using import.io tool. Resultantly, he got access to customers profile, demography, their wants, their needs, their behavior and their buying patterns.
The researchers created a pattern to analyze. And once the analysis is wound up, the decision making would make a clear way through insight. Subsequently, the predictive analysis of customers, competitors & outcomes would be ready to build up business intelligence. Then, they cross fingers while executing predictions that decide where to go.
By turning info into insight, the way to develop conclusive fact based strategies is strengthened. Afterwards, gaining a competitive edge becomes no big deal.
How does data mining of social media work?
Before looking into the process of data mining, we must have the goal in the mainframe. Which kind of data is actually extracted-it’s the prior need to know.
Basically a company or organization requires to:
- Trace hidden trends to know where to go
- Predictive outcomes in every field
- Determine behavior variations, profile & buying patterns
- The info safe that is sensitive and needs to be safe and secure
- Provide access of sensitive details to the right people so that the troublemakers would stay away.
All these goals lay the foundation of data extraction using excellent tools. Thereby, the picture of future decisions shapes up clearly via analysis.
Analysis takes place by underlying these three stages:
- Advanced analytics algorithm by using search & index technology for filtering all pieces of info to build up intelligence.
- Info is correlated & analyzed. Then, patterns & trends are defined on its basis.
- Advanced analysis is employed to quickly turn information into insight. It determines which action drives out more results. On that basis, recommended actions along with supportive information are forwarded to the people & system. Thereafter, they are effectively implemented.
Rather than making gut decisions and hoping for the best, it’s better to hire intelligence for transforming businesses.