A perspective on the econometrics of digital business

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The synthesis of qualitative knowledge economy and quantitative point of view of economics is applied to measure the key parameters that govern the success of digital business.

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A perspective on the econometrics of digital business

  1. 1. Transparency and Measurability: The twin towers of Digital Economy People and Technology: How they enrich a social network? #Facebook, as the name goes, became this ubiquitous a social media only with a human face and a treasure chest of information. These two constitute the twin towers to build a powerful social media. These two ends should enrich each other in a social media platform. More people means more information, more information means more attractive to people. Without people, read & write web (web 2.0 paradigms) will just be a pipe dream. Social Media as a source of data opens up anew opportunities for collaboration, new insights, further more modes of communication and so on. Yet making relevant decisions from social media remains a daunting task for many information management systems. We evolve complex algorithms and decision systems for this. We traverse the path of natural language and cognitive networks for this aim. Why? The data formats and the metadata about people varies significantly across social media. This diversity often inspires the evolution of various ecosystems around each social networks. When #Pinterest gains momentum, the network society around it various substantially with #Twitter communes or #Google Plus hangouts. Social Media Observatory: A step towards Digital Front Office Beyond this multiplicity of modes of communication, a unified strategy for web intelligence from social media has a lot of challenges even today. The data exchange across social media needs to be more transparent and measurable for this. Social Media Observatory concept is a landmark concept in this direction. An observatory is a platform which can access and plot the patterns and constellation of ideas and aspirations in social media. Transformation is an imperative in making social media a viable channel for smarter commerce, further leading to a comprehensive digital front office. This envisions the need for a front office digitization (#FOD) strategy incorporating social media evolution as well. This is a strategic path for a fully digitized globally integrated enterprise. A Digital enterprise cannot exist without a digitally segmented market and a digitized channel for network society. Synergy of social media, big data, cloud and mobile platforms thus becomes a prelude and a stage setter for a better commoditization of digital economy.

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