As IT technologies surrounding Big Data become more advanced and social media continues to dominate new marketing and CRM initiatives, we have to wonder what is the nature of the relationship between these two entities. Social media is about the chaos of human expression, while big data strives to make sense of mountains of complicated data. Here are 3 trends that will affect the relationship between big data and social media in the very near future:
1. Big Data and social media will work together to identify trends, pinpoint problems, and most importantly, predict consumer behavior.
For businesses everywhere, it’s their dream for big data to make sense of the chaos of social media. Computers still have a difficult time understanding the nuances of human speech, especially in informal social media settings. Even so, analyzing that much content cannot be done on a human scale, technology must be deployed. Big data can help marketers identify trends in the marketplace, assist customer relationship professionals with fixing problems with disgruntled customers, and for CFOs, big data has the potential to predict what consumers will do and buy based on previous social media activity.
2. The walls between external and internal data will crumble. The interconnectedness of everything is growing. Companies need to access information from large social media platforms like Facebook and Twitter, but they also need to find a way to have that information correspond to internal data like sales, customer complaints, and purchasing habits. In other words, the ability to mine data within social networks is enabling a range of intriguing applications, but the only way to fully reap its benefits is to connect that info into a bigger picture. And that can only be done when all data is available to decision-makers.
3. Privacy concerns will grow. The more the walls come down between external and internal data, the more people will worry about their privacy online. Indeed, there are people who will feel that Big Brother is gathering every scrap of information it can and using in ways that were never intended. Government officials will have to tackle this problem as the growth of big data continues, especially in industries that monitor sensitive information. Unfortunately, public policy on this issue will not develop as quickly as the new innovations in big data itself.
Do you feel an effect of these trends on your organization yet?