Social Media Based Predictive Analytics

Jeff LoCastro, Founder and CEO of Neener Analytics based in United States participates in Risk Roundup to discuss “Social Media Based Predictive Analytics”.

 

Overview

Social media, is becoming as common as air, food and water. Irrespective of nations, almost everyone is using social media today. So, why is social media gaining enormous popularity and usage?

Is it because social media allows social connectivity? Perhaps!

Social media seems to have made it easier for individuals and entities across nations: its government, industries, organizations and academia (NGIOA) to make a personal connection with friends, family, followers and fans. It has changed the way we communicate within, between and across nations boundaries in cyberspace, geospace and space (CGS).

It is because of the social media that the communication is now personal and direct. In addition to the communication becoming personal and direct, the feedback is also personal and direct. Why is that important?

It is important because role of middleman is disappearing. As a result, entities are seeing their initiatives, products and services in ways they imagined, was not possible before.

So how does individuals being connected on social media help entities across NGIOA in seeing things differently or understand things better or take more effective decisions.

It is by using social media analytics.

Social Media Analytics has made it important for entities across NGIOA to understand or listen to what is being said on social media. What is being said about entities or business and its products/services was important before. However, what is being said about business, product or services in a digital global age has become a matter of survival and sustainability.

While social media listening or monitoring is intended to help entities across NGIOA understand what is being said about them on the social web at any given time, understanding it in real time is now a survival necessity.

Over the years, businesses across many industries have been monitoring their customers’ posts on their websites. This has been more of an attempt to identify, contain and manage some angry or unhappy customers.  Is that approach sufficient today in a digital global age? Perhaps not. 

When we evaluate “Lending Industry”, especially how lenders evaluated their lending decisions before digitization, what stands out is, how decisions are taken today, is strikingly different from how lending decisions were made yesterday. It is important to evaluate:

  • Why is there a need for different approach?
  • Why is there a need for social media analytics?
  • How can lenders across nations get to know more via social media analysis?
  • What would social media data analysis point to?
  • When to use social media based predictive analytics and more importantly when not to?
  • Can social media be a stand-alone solution for the complex challenges facing lenders across nations today?
  • What is a social media analytics process?
  • What are key social media analytic techniques?
  • What are the core technologies on which the analytic techniques are based?
  • What kind of questions social media analytics tools addresses?
  • Are social media analytic tools mature?
  • Can we predict the future with social media analysis?
  • How powerful can predictive analytics tools be for lending purposes?
  • Who’s using social media based predictive analytics today?

Social media and predictive analytical tools have given entities across NGIOA an opportunity and platform to understand and connect with customers, citizens, followers, fans directly. While having that connection, and being able to reach fans and followers immediately and directly is working wonders for branding and understanding concerns and complains, it is only the first step in the digital journey. Entities across NGIOA need to broaden their social connectivity in a digital global age.

Lending decisions is only the first step. It is time to take a closer look at the potential of “Social Media based Predictive Analytics”!


For more please watch the Risk Roundup Webcast or hear Risk Roundup Podcast


About the Guest

Jeff LoCastro, is the Founder and CEO of “Neener Analytics” and is based in United States.

Jeff started his first company when he was a sophomore in college, the second one when he was a junior. From being a part of the first “Online Social Network” in the world to scaling a location-based car care chain both in the US and China, to developing commercial and multifamily buildings to creating a large-scale professional association, Jeff has always been developing, creating, scaling and delivering a high-quality product with a focus on Excellence, not just profits. He believes that “if you are only focused on “winning”​, you are not focused on the things it takes to win”.

Jeff is also a published author about business building, management and strategy with editorials appearing in Los Angeles Business Journal, San Jose Business Journal, Central Valley Business Journal, The China Business Review, Bloomberg China, and Asian Business Daily (Australia & China). As a public speaker about business strategy, product development, execution and creating a nimble organization, some of his recent engagements include the World Affairs Council, UC Irvine, Internet World, and conferences in the US and abroad.

About Neener Analytics

Neener Analytics has created products that analyze online social footprints to help lenders and other risk-based businesses maximize revenue, improve margins, increase volume, and deliver better customers by identifying the manifest financial risk character of their customers through an array of next generation analytics.

About the Host of Risk Roundup
Jayshree Pandya (née Bhatt) is a visionary leader, who is working passionately with imagination, insight and boldness to achieve “Global Peace through Risk Management”. It is her strong belief that collaboration between and across nations: its government, industries, organizations and academia (NGIOA) will be mutually beneficial to all—for not only in the identification and understanding of critical risks facing one nation, but also for managing the interconnected and interdependent risks facing all nations. She calls on nations to build a shared sense of identity and purpose, for how the NGIOA framework is structured will determine the survival and success of nations in the digital global age. She sees the big picture, thinks strategically and works with the power of intentionality and alignment for a higher purpose—for her eyes are not just on the near at hand but on the future of humanity!
At Risk Group, Jayshree is defining the language of risks and currently developing thought leadership, researching needed practices, tools, framework and systems to manage the “strategic and shared risks” facing nations in a “Global Age”. She believes that cyberspace cannot be secured if NGIOA works in silo within and across its geographical boundaries. As cyber-security requires an integrated NGIOA approach with a common language, she has recently launched “cyber-security risk research center” that will merge the boundaries of “geo-security, cyber-security and space-security”.
Previously, she launched and managed “Risk Management Matters”, an online risk journal and one of the first risk publications, publishing “Industry Risk Reports of Biotechnology, Energy, Healthcare, Nanotechnology, and Natural Disasters” over the course of five years. Jayshree’s inaugural book, “The Global Age: NGIOA @ Risk”, was published by Springer in 2012.

About Risk Roundup

“Risk Roundup” is an “integrated strategic security risk dialogue” for nations: its government,  industries, organizations and academia (NGIOA) in cyberspace, geospace and space (CGS).Risk Roundup is released in both audio (Podcast) and video (Webcast) format and is available for subscription at (Risk Group WebsiteiTunesGoogle PlayStitcher RadioAndroid, and Risk Group Professional Social Media).

About Risk Group
Risk Group believes that risk management, security and peace walk together hand in hand. Though security is related to management of threats and peace to the management of conflict, risk management is related to management of security vulnerabilities as well as management of conflict, and it is not possible to conceive any one of the three without the existence of the other two. All three concepts feed into each other. Risk Group believes that the security we build for ourselves is precarious and uncertain until it is secured for everyone across nations. Tradition becomes our security-so if we build a culture of managing risks effectively it will lead us to security and security will lead us to peace!

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