We have previously written about the term SoLoMo. The term was coined by Noah Brier in order to describe trends in the new age of cellular phones and social networks. SoLoMo (Social, Location & Mobile) is a synergic combination of three trends that individually contain many advantages. This combination provides value greater than the value each trend can provide independently.
In terms of customer relations management, the implication of this combination is an inclusive view of the customer and the ability to contact the customer in any given moment using the various available channels- which are a lot more than those previously available. Thus, a smarter dialogue with the client is possible, as well as an optimal utilization of opportunities.
In order to enable the aforementioned dialogue, we must combine the business information (BI) in the process. Yet while this dialogue is a major part of viewing the trends of SoLoMo, BI can develop even further.
So, how do these trends merge with BI?
Social BI
First of all, the term itself describes a perception that offers business information services based on a platform of social networks, Collaborative BI, and is meant to assist in locating and retaining knowledge and expertise in organizations. Gartner defined this as one of the major trends to emerge during 2014, and claims that within two years, 15% of the BI distribution will combine shared work environments. Through this platform, it is possible to create a dialogue and partnerships between company workers. For example: a discussion regarding the project in the internal social network, locating people with relevant knowledge for the project (not necessarily holding relevant positions) etc. Furthermore, the term Social BI is associated with business information projects that use the data from social networks in order to collect information about different interested parties (e.g. customers, Social Media Analytics, etc.).
Mobile & Location BI
Similarly to Social BI, the term Mobile BI has a double meaning. On the one hand, the BI tools are used within the cellular platform as the infrastructure for the BI services. In the past, executives weren't heavy users of BI. Nowadays, the demand for BI services for smart devices is lead top-down (i.e. from management down). Therefore, suppliers don't rest on the laurels. Gartner (June 2012) claims that a third of BI functions will be available for cellular platforms by 2013 (and years later, it seems his forecast has indeed manifested).
On the other hand, the real value of Mobile BI is transforming the information collected in the smart devices of the interested parties (workers, customers, etc.) into insights that will hopefully lead to a true business value: approaching the relevant target audience in a focused manner, in the right time and communication channel, efficiency and cost reduction, etc.
What about the future?
We can clearly see the variety of opportunities offered by the new age. There many ways in which BI can be merged with these new trends: Improving the BI infrastructure in order to assist the different position holders in the organization according to their need, for example. Also (of course) integrating these sources of information into the management sources into the sources of classic Knowledge Management in order to produce deeper insights concerning decision making. This integration can probably be the main source of value.
We all are hopefully waiting.
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