Who owns the information-owns the world. This phrase used by Winston Churchill holds the key to understanding of our informavore society and data monopoly, which rules the present world of innovation and technology.
Social media: Every like adds to the database
Social data include information gathered from likes and posts from Social Media, such as Facebook, Twitter and Linkedin revealing the truth about customers. What they discuss, what they are interested in, what places they go to, what they are waiting for. And all this information enables businesses to predict customers’ needs and wishes.
In fact, Social media allow businesses to create user profiles, detecting their patterns of behaviour, political preferences, sexual orientation, level of intelligence and much more. To see how it works watch the Tedtalk.
The data can be collected and structured by such companies as Datashift.
Mobile: Mobility equals accessibility
Proliferation of mobile technologies has transformed the way people interact, work, and buy. Having a mobile device at hand allows users to connect to social media, check their news feed, update status, stay up to date with special offers and buy online whenever wireless connection is on, enabling companies to track their locations and buying habits.
Analytics: Transforming data into insights.
Increasing choice of information channels and mounting numbers of data call for effective analytic solutions, solutions which parlay on the aggregates of data and masterfully turn the information avalanche into patterns and insights.
New technological capacities open opportunities for Loop Marketing, which means capturing the feedback about marketing strategies, and demonstrating what marketing strategies appeared to be successful and which ones had no impact whatsoever.
Nowadays these businesslike analytic solutions can be provided by Brandwatch, Buffer, Google Analytics. HootSuite, etc.
Cloud: Limitless capacities
Cloud is rapidly expanding its capacities turning into foundation of new IT realm. Its scalability, flexibility, and cost -efficiency give businesses unparalleled agility and competitive advantage in the market. It provides both storage space for the rivers of data and scalable capacities for their processing, structuring, and analyzing.
These four powerful elements (social, mobile, analytics, cloud) are combined into a holistic solution, driving business innovation, known as the SMAC stack.