The Use of Social Media in Finance to get Unvarnished Consumer Perceptions

Of the five ways that we asked managers to rate the use of social media in finance and accounting and its benefits, by far the most frequent usage was getting a first-hand understanding of consumer perceptions about the company. They rated that at a ‘3.93’ on our scale of 1-5 in terms of usage (high usage). Next was getting a more accurate picture of demand forecasts.

In terms of benefits achieved, they gave top marks to using social media as a tool for gaining unvarnished consumer opinions about the company, and lower (although still somewhat high) marks as a way to improve demand forecasting. The figure below depicts how finance uses social media and benefits from it.

Exhibit IV-9: How Finance Uses Social Media and Benefits from it

Mastering Digital Feedback – Findings: Business Functions
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