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How social business intelligence beats traditional methods

Business intelligence is a method of analysis that has been around for a long time, but with the new social layer, a tremendous amount of new data can help improve any business.

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social business intelligence

Social business intelligence – the low down

For years, we have talked about Big Data and Business Intelligence, and the two converge when discussing Social Business Intelligence (BI) which is a term that refers to intelligence based on data garnered from social networks, and the analysis of that data. Live reports and visualizations of social media activities are pulling data points from all over the web and quantifying businesses’ efforts online. Social BI is not just for corporations, however, as small businesses now have access to tools that improve their competitive advantage as well.

A spokesperson for Panorama Software, an international solution for proactive Business Intelligence solutions, offering SQL Server 2012 and Hadoop ready technologies tells AGBeat that “with the online world growing larger every second, we are faced with more and more big data.”

Panorama Software CTO, Rony Ross outlines the main differences between social business intelligence (BI) and regular business intelligence in her own words:

  1. In regular BI you are limited to the “plain ol’ metrics” that are built into your BI system. In social BI, other users of the same view / report can add their comments and annotations to the data – at the report / view/ graph/ grid / row / column or even data element level, – so you can see the insights that other people added to the data and these may contain explanations and illuminations to issues you could not know unless you started digging around.
  2. Regular BI systems give you the data – but they do not tell you who are the people in the organization who are relevant to that data and that may help you to resolve issues that your need to investigate. Social BI systems add a “social ribbon” to the data, displaying the people most relevant to the issue at hand, and lets you interact with these people.
  3. Regular BI systems give you reports, views, KPI’s and Dashboards. Social BI give you the same – and more ! Social BI provide you with the tools necessary for the next step of the data analysis – the collaboration with others on the issues that are found, the enablement of a process of insight generation. When you see an anomaly in the data, the system will suggest to you the people most likely to help you with the issue. You can drag them to the relevant issue, and open a discussion pane that is tied to the BI data. You can expand the discussion set up an ad-hoc team. Whenever a member of the team opens the discussion, the system will bring up not only the –full history of the process, but also the exact view / report that triggered the discussion. This way the team are all the time aware of the context in which they operate and the process becomes more efficient and more productive.
  4. Regular BI tracks only the “plain ol’ metrics.” The Social BI system generates an additional metadata layer on top of the BI data, where the collaboration process is saved and where the insights that were generated in the process can be found. So you can retrieve the process that took place, learn from experience and create a “best practice” process.
  5. In regular BI , there is no easy way for you to know what views / reports / dashboards other users find useful. In Social BI people indicate which views / reports they “liked,” and it helps you, the user, to decide whether to explore this view or not. So you can expand the usage of the BI system without additional training.
  6. Moreover, the Social BI system RECOMMENDS to you new views / reports, based on your areas of interest.
  7. Social BI systems let you become a follower of the more proficient users in the organization, and learn from their expertise how to better deploy the system and follow what they developed and discovered.

In essence, social BI is the evolution of traditional BI, adding the people layer, and bringing it to modernity – Panorama Software calls it business intelligence 3.0.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Social Media

There’s a subreddit that is literally moving the stock market

(SOCIAL MEDIA) “You can’t change the world on Reddit all day.” Hm. Wanna bet? Some people do bet on whether a stock will rise or fall on Reddit.

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Stock market

I don’t gamble. RIP to Mister Kenny Rogers, but this whole folding, holding, walking, running business is bad for my heart.

So playing the stock market is out for me, but apparently, you don’t even need an accountant to place your bets? The good, if foul mouthed, people of r/WSB aren’t just proving that, their playing and paying outside the traditional trading room is actually moving markets!

The subreddit, full name r/wallstreetbets, is 900,000 users strong, and boasts members that have been involved for years. They show off their stock market wins, losses, jokes, and opinions with varying levels of insight on all contributions.

Ordinarily, this’d just be an interesting collection of folks talking stock, but some of their threads have been shown to have an effect on share prices!

Users don’t just share what and how they’ve traded, they also gamble on what stock prices will do, without actually purchasing or selling any. Options contracts allow users to cast lots for less cash, while retaining the power to show actual purchases as hotter or colder and literally moving the temperature dial on them by word of mouth (and possibly pure conjecture) alone.

So I could hop in, put a marginal amount of money down, and say ‘Stock in Pressure Valve Company X is going to go up since more people are buying bidets in the wake of the Corona-based toilet paper hoarders, and they’re a key component’, then pepper in some off-color jokes about personal hygiene and everyone’s moms to blend in, and potentially wait to collect!

Neat.

After all, not only are surges of humans looking at these bets, web algorithms and cookie crawlers are staring too. It’s chatrooms of the dotcom boom all over again, except more chaotic, more gif-laden, and more monitored by outside forces.

It’d be sinister if the vibe of the sub wasn’t ‘Take literally nothing seriously’. Try discussing ‘chicken tendies’ in a boardroom sometime and see what I mean…although the tide on that might be shifting as well.

The one forbidden thing here is actually using the forum for insider trading. Directly profiting from the rumors gets users exiled, and gets users interacting with them booted too.

Serious business actually DOES occur, who would have thought? I wouldn’t have. Which is why I don’t gamble.

It’s easy to write Reddit off as just an online echo chamber slash cesspool, but when it comes down to it, the American Psychos of the world are on the same internet as the basement-dwellers, and the gap in financial literacy between the two ends of the spectrum is pulling a reverse Pangea.

We need to start recognizing that.

I’m still staying away from 4Chan though.

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Social Media

Facebook messenger gets a major facelift for speed

(SOCIAL MEDIA) Facebook messenger has been around a loooooong time and has started to suffer from build bloat. So the new project lightspeed has redesigned it.

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If you’ve ever spent time in an old-school, family-built home, then you have an idea of what the inner workings of the Facebook Messenger app look like. It began with just a few rooms, but as the needs of the family grew, they kept adding on rooms wherever they fit until the layout no longer made sense and the home became a bloated maze.

Facebook Messenger has been suffering growing pains ever since it branched off into its own app in 2011. As the app became more popular developers worked to make it more engaging by adding new features like stickers, GIFS, and video calls.

At some point, they realized that the app had gotten away from them. The Facebook Messenger currently on your device has move 1.7 million lines of code. An app that big is slow and takes up a ton of valuable space on users devices, so the team knew it was time for a change. The project became internally as Project LightSpeed.

Facebook Messenger is a valuable app for connecting with friends, family, and business connections across the globe. You don’t even need to be Facebook friends with someone to message them making it an invaluable tool for long-distance teams or new business connections. In recent years, the app has begun to slow down making it vulnerable to competitors like WhatsApp.

The development team’s goal for the new app was to make it small, fast, and simple. In order to achieve this Facebook’s team of engineers has reduced the core code by 84%, taking the original 1.7 million lines of code down to 360,000. The new app will be about a quarter of the size of the current app.

A smaller app will load quicker and be more responsive, even if you’re using an older device or you’re in an area with lower connectivity. Current tests put the new app as being twice as fast as the current version, while keeping all the features that users have come to expect. Don’t worry, you will still be able to send your friends stickers, pictures, and obnoxious amounts of GIFs.

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Facebook wants to hear from you. Literally. For innocent reasons

(SOCIAL MEDIA) As if Facebook didn’t already own everything that is you, they are asking to hear you say a specific phrase for their new voice services.

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Good news, Facebook is now offering to pay you to let strangers listen to you! Well, kind of.

Users connect to Viewpoints – a different app under the Facebook umbrella – which allows them to participate in market research. In this case, participants repeat the phrase “Hey Portal, call,” followed by the name of a Facebook friend, and submit the recording. The whole ordeal is about five minutes, tops.

By finishing this and other tasks, participants can expect to make a grand total of…$5. It’s not much, but at least that’s a fancy cup of coffee for work you can do while waiting for the ads to finish on your TV show.

So, why is Facebook shelling out $5 for people to make voice recordings? Surprisingly, it’s because AI is not nearly as smart as we sometimes assume – especially when it comes to voice commands. There’s a whole host of things that go into how we communicate, like posture, tone and even slang, which can make understanding vocal commands a much bigger ordeal.

In order to make improvements to the system, it often requires teams of humans putting in the leg-work. This means studying the disconnect between humans and machines, as well as creating solutions. Unfortunately, this human touch is also the excuse companies like Amazon use to justify listening in on your conversations. (Sure, users can ‘opt out’ but come on. That’s not exactly something Amazon advertises.)

As more people grow aware of the potential breach of privacy that tech like Alexa or Portal can bring, however, it’s put pressure on companies to scale back. Which is where Facebook’s new paid survey comes in. Unlike an anonymous employee listening in on a random Portal conversation, this way participants opt in, rather than out, of having their information shared.

The academic in me is slightly skeptical. There’s only so far a paid study like this can get, especially when it comes to the nuances of voice command. The conspiracy theorist in me is also skeptical, mostly because although Facebook promises they won’t sell your information or publicly share it, there’s still plenty of nefarious things to be done. That said, at the end of the day, at least Facebook isn’t just swiping information off your Portal…and you even get some pocket change in exchange.

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