Business leaders across the organization are now demanding more information in order to make better decisions. At the core of these initiatives are business objectives that support future growth. As a continuation to my previous post, here are 5 additional uses case examples of turning data into business value:
1) Customer service: Valuable content available in collaborative apps, discussion groups, team sites, customer forums, partner portals and internal content management systems is critical in order to provide superior customer service. Offering service reps quick and simple access and the ability to search support information distributed across a variety of internal and external sources can significantly reduce response time and improve customer experience.
2) IP protection: In the fight against software and movie piracy, companies can protect their intellectual property by identifying instances of copyright infringement, where the company’s products have been illegally copied and shared online. This enables organizations to detect and remove infringing content more rapidly and eliminate revenue losses.
3) Marketing intelligence: Internal and external data can be used to track social media performance and measure the influence of marketing campaigns. How does the number of tweets or Facebook messages impact the conversations on these social channels? Do webinars result in any spikes in followers or YouTube views? By combining information from social networks, marketing automation tools, Google analytics and other sources, marketing executives can get a detailed insight into marketing effectiveness.
4) Lead generation: Customers and prospects today are very active on social media. They follow you on Twitter and LinkedIn, like you on Facebook, comment on your blogs. At times when cost per lead is high and we are all trying to lower it, those who like us and follow us are hot leads. Collecting these leads and augmenting with information from CRM systems or LinkedIn for example can help expedite the conversion of these leads into real business.
5) Competitive intelligence: Customer review sites, blogs, video and photo portals and other ecommerce sites offer valuable insights related to user experience, overall brand sentiment and competitive position in the market. Companies across industries from retail to media and entertainment, hospitality and telecommunications are turning to such data in order to reach higher levels of satisfaction with better and more targeted products and services.