Information Markets Putting Social Media to use in Decision Making
Impact on *Organisation * no just organisations
An approximation of your market • Customer communication about your products • Sentiment analysis provides trackable metric which can be analysed against market share, campaigns, sales projections - and the data is free • Social media is a customer service channel • Social media is a campaign channel • Information governance, volume, aggregation, and latency equations different to other data
A response to social media strategies of suppliers• Reduces communication costs increase the need for polices with suppliers• Opportunity to integrate social media strategies across supply chain• What opportunities / threats are created when customers can access information about the individual components of your products?
A competitive threat• Social media consumes the attention of your customers• Competitors and intermediaries who access social media effectively can develop insights into "your" customers• Social media may be more effective in marketing small, niche, local, or cottage businesses than large enterprises
• Social media used within an organisation creates a market• Market-based management approaches move organisations, or whole supply chains from command economies to market-based economies• Technology-Enabled Business Transformation Programmes create "collaboration markets" that coordinate resources within and around firms• See ManageWithoutThem.com A different way of managing coordination within a firm
* One context Micro- Customers as Marketers & Suppliers Customers as CompetitorsCross-Organisation Collaboration Product DevelopmentCollaboration Market & Collaborative Risk Management * leading to one approach to market & information management
Suggested Initiatives• Social media strategy• Supply chain social media strategy review• Collaborative business process POC• Social media as Data Warehouse data source