A perspective on the econometrics of digital business
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
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.