Online user generated content has created an explosion of big data along with big opportunities and problems for storing and for turning the data into useful information. This report on My Customer explores ways to leverage this social data to drive executive decisions and gain a competitive advantage.
"Social data holds a great deal of potential for business use and has led to a new class of analytic tools that the technology analyst firm IDC is calling 'socialytics'. Socialytics is a set of cross-discipline solutions that are used to analyze social data created through socially-based interactions. Socialytics includes tools and applications that are either purpose built to analyse social data or may act on social data in a more generalised fashion as another form of data input.
"Socially-based interactions create social data that reflects the relationship of people to people, topics, ideas or locations. Social interactions may occur within employee, customer or partner-based communities, corporate communication tools like email and instant messaging, public communication tools, as well as within public and private social networking environments and forums."