CIOs embracing social media for BI
Social media is no longer an option for enterprises. Business leaders have started embracing social networks, as customers; both internal and external spend a significant amount of time on sites like Facebook, Twitter, Google+, etc.
In fact, these leaders have realized the potential of the social medium, which brings in intelligence to enhance various business units. For example, it creates rapid response teams to solve user issues, get feedback on products and services, build brand reputation, generate sales leads, and more.
“We are using social media to capture consumer sentiments and directly interacting with them. By studying consumer behavior we have brought in a lot of intelligence back into the organization that has helped us to improve our products that are feedback driven,” says Daya Prakash, CIO, LG Electronics.
Like Prakash, many CIOs are measuring the conversations that are being said about their business and products.
A report released by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) late last year, showed that companies in India have gauged the might of social networking, and are currently spending over Rs 1,200 crore with 30 to 40 percent of marketing budget on digital media.
The study titled ‘Explosion of Social Media: Transforming the Corporate Business Scenario,’ observed that majority of start-ups, leading national and international companies operating in India are adopting social media to enhance their business, and on an average spending anywhere between Rs two lakh to Rs 50 lakh a year on social marketing campaigns.
“Enterprises cannot ignore the power of social media. It has changed the manner in which people discuss brands,” says Umesh Jain, CIO, YES BANK. He believes that social media is an effective tool to engage with prospective customers, generate leads and helps to solve customer concerns in quick time.
YES BANK has been using social media tools in various business areas like advertising, reputation management, brand building, product and innovation, employee engagement etc.
“Brands and advertisers have realized that social media is key component that cannot be missed for any communication or brand strategy. If search was integral and important to every brand, social media is now assuming the same status,” says Amit Bhartiya, Business Head, ViziSense, a company owned and managed by Komli Media India.
He adds that many businesses are working towards getting access to the right kind of data, based on which right business decisions can be made in quick time.
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