Social networks have become a goldmine of information for companies skilled in the art of connecting the dots - a little-noticed development that is beginning to concern companies.
Main Points...
• (Some companies) have an all too clear understanding of the impact social media data has - and are mining it for competitive purposes.
• ...unlike corporate espionage and hack attacks, it is legal, according to Bob Fox, head of a competitive intelligence program for Canadian entrepreneurs." he says (via the Globe and Mail).
• ...advises firms to monitor competitors' comments in the media, on industry blogs, at conferences and, yes, on social networks like Twitter and Facebook... These sites are potential gold mines for competitors that want to better understand client and partner relationships.
• A key question in most investigations is relationships - who knows who, who is transacting business with whom, she said. Connecting these dots becomes much easier when people link to their friends for all the world to see. Twitter especially can be valuable in this way.
• People aren't using nearly as much discretion as they should - they will mention a project they are working on on Twitter. If a competitor is watching, it could pick up valuable nuggets of information.
• New hires can also be telling - information that is readily found on LinkedIn.
• Corporate 'spying' has never been easier - companies and organizations have little or no control over the information their employees share on social networks, and individuals generally make no distinction between public or confidential corporate data that they disseminate.
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