Social business intelligence is one of the most salient trends in Business Intelligence (BI). The most important feature of social business intelligence is that it brings in customer feedback and input at the very early stage, even before the product is released. Increasing use of social media and rising adoption of cloud-based technologies are boosting the social business intelligence. However, one of the biggest challenges being faced by enterprises is data security. Privacy concerns and security breaches related to sensitive data are the biggest concern for organizations shifting to cloud-based solutions.
According to the report by Future Market Insights (FMI), the global deployment of social business intelligence solutions is expected to reach $29 billion market value by 2026, registering 6% CAGR between 2016 and 2026. Banking, Financial Services and Insurance (BFSI) is anticipated to be the most attractive sector in social business intelligence market during 2016-2026. This sector will be followed by IT and telecommunication and travel & tourism sectors. Moreover, wearable devices in healthcare are gaining popularity in North America, producing more data. Hence, in order to take Big Data to a whole new level, business intelligence solution providers globally are increasing investment in research and development to grow the use of wearable technology in business.
Social media emerging as the biggest driver for business growth
Social media is emerging as the popular platform for businesses to share detailed product description and services with customers worldwide. Increasing volume of data generated from social media is contributing towards business growth and decision-making process. Social business intelligence solutions are being used by organizations on large scale to solve customer problems, to help customers make informed business decisions. For instance, LinkedIn is providing access to crucial business intelligence for free. Businesses can gain insights into challenges being faced by prospects by checking their updates. This involves navigation of the profile, what articles are being written, what they are looking for, etc. companies are also using LinkedIn to gather business intelligence about their clients.
Businesses are increasingly using social media to understand customer behavior and communicate with customers. There has also been an increase in deployment of social business intelligence programs through cloud-based models. Companies are also increasing the use of SaaS business model and big data analytics, hence, these factors will increase the demand for social business intelligence.
BFSI is witnessing the rise in the use of social business intelligence solutions. For example, ING Direct, world’s leading direct savings bank owned by ING Group is planning to introduce banking chatbots on social media like Facebook, Twitter and Google’s Assistant. These chatbots will be able to communicate with customers in everyday language. Customers will be able to ask questions related to their bank account and even carry simple transaction or freeze a missing credit card. The chatbots will be able to answer all the queries by customers.
Businesses are collecting social data and analyzing data to take better decisions in terms of product development, launch, making an investment, etc. Moreover, in coming years, analytic frameworks are expected to convert open-source software framework into general purpose data management system that will be able to receive data from social business intelligence tools.