Social Media Analytics
Social Media has consumes how much of the general public goes about its day. One would be hard pressed to find many people ranging anywhere from ages 13-35, or even outside that range, that does not use some type of social media. The amount of attention that social media captivates in today’s world puts an emphasis on how people can benefit from this usage. A lot of companies start to think how it can use this to an advantage.
Thus brings in the importance of social media analytics. All of that information sitting out there can be collected from all of these different outlets and turned into informational data by companies looking to make sound business decisions. There is so much data that companies already collect based on its consumer’s purchases and decision-making. Every business looks to make sound business decisions based on any data out there which can help predict future earnings. With so much data collected from the social media realm, if gathered correctly, this is perhaps a gold mine for companies using data analytics.
Social Media Analytics relates most to the material we covered in MIS 2502 by way of Extract, Transform, and Load (ETL). It builds on the concept of it because companies are gathering information regarding consumer habits. Based off of the extracted data a company can transform this raw data into useful information as it relates to its business-oriented goals. As this information is gathered and sorted through, it spits out information which could benefit a company towards its future earnings and that is the end goal. Social Media Analytics also relates to Relational Data Modeling because as it gathers the information, and as the ETL process occurs, the relational data model relates it to specific company’s-oriented goals. Both of these in-class concepts work well and relate to the way Social Media Analytics is used a beneficial tool for a company.
An example of how this is put into practice is by one of the top 10 Social Media Analytic analyses companies out there, which is SproutSocial. SproutSocial uses a single dashboard and manages all your social media accounts from there. You can do anything you would do on the actual social media site, and all of those features are combined there for easy access with easy navigation. The best part as this relates to analytics and business using this tool is SpoutSocial’s reports menu. These reports’ information ranges simply from who is following one another to who is more likely to share a specific post. That could be simply in regards to a specific sentiment that companies gauge information from all the way to someone posting something about a new designer or cannot wait for a new product to come about. All of this information is gathered in Social Media Analytics and collected and used in a sense which we covered in MIS 2502. Even if the average person thinks something is pointless information, this is easily raw data, which a company can use as an advantage.
Works Cited
Hardawar, Devindra. “Top 10 Social Media Analytics Tools: The VentureBeat index.” VentureBeat. VentureBeat, 20 Dec. 2013. Web. 17 Apr. 2015. .
Rouse, Margaret. “Social Media Analytics.” TechTarget. TechTarget Network, n.d. Web. 17 Apr. 2015.<http%3a%2f%2fsearchbusinessanalytics.techtarget.com%2fdefinition%2fsocial-media analytics>.
Social Media Consultants. “What Is Sprout Social?” Social Media Fuze. Social Media Consultants, 22 Sept. 2012. Web. 19 Apr. 2015. <http://socialmediafuze.com/what-is-sprout-social/>.