Strengths and Limitations of Social Media Analytics Tools

Abstract

The aim of this chapter is to research and present strengths and limitations of social media analytics tools used in the financial sector. Emphasis is on the business point of view that sees the social media analytics as a collection of tools that transform semi-structured and unstructured social data into noteworthy business insight. There are two main aspects of social media analytics: the technology aspect which covers identifying, extracting, and analyzing social media data using sophisticated tools and techniques; and the business aspect which interprets the data findings and aligns them with business goals. Namely, it is simply not enough to have a social media analytics tool; the tool should be strategically aligned to support existing business goals. The chapter offers a framework for easier adoption and implementation of these tools in the financial sector.