Text analytics turns social media into insight

There are many uses for social media in business. One that may be overlooked, however, is its ability to give insight. Managers only concerned with increasing company visibility or executing a marketing strategy may overlook the large reserves of customer sentiment that text analytics can turn into important decision-making guidance.

One sector where unstructured data analytics has been applied to social media is healthcare. A survey by PricewaterhouseCoopers found users of social media frequently share information that, when properly digested by care providers, could help give a tailored healthcare experience.

"Social media is another source of business intelligence that provides information at the aggregate level, not only about what consumers 'like,' but what they need, how they behave and when their experiences demand an immediate response," said PwC health technology expert Daniel Garrett.

When listing important parts of executives' social media strategies, Industry Week included drawing insight among them. The source indicated that the content on social media could contain insights not only on the company searching but also concerning its rivals and the industry in general. The other strategies offered emphasized that social media is also an excellent tool to place a company's name and brand in a highly visible public forum.