Extracting Business Knowledge from Social Networks

Social networks provide an easy and quick way to connect, create groups, share information. This particularity makes them increasingly usable not only as a means of personal communication but also in the sphere of business. Their widespread usage, mostly as a marketing tool, leads to the accumulation of many and varied data in them. The article examines the opportunities for extracting business knowledge from social networks. The types of data sources and their distinctive features are presented. The main ways of transforming data and presenting it in a meaningful way suitable for processing and extracting useful knowledge from them are discussed. It shows how social data analytics can help businesses improve their initiatives and effectively manage different business activities. An overview of social data mining software has been done.