Whilst there are billions of Twitter users around the world, not may know the optimum usage of the platform. The Twitter data can help the users unlock a wide range of vital information including keeping a tab on the damage caused by a natural catastrophe and focus well on the relief work. It is perhaps a general notion among the people that Twitter is just a platform to share memes and tweet about the latest news and gossips, but not may realize that the tweets they share have a functional value, which goes way beyond their surface behavior.
The value holds great significance for the business owners as they can tap into these behaviors of the users and use them as key data points. However, the real challenge for the businesses is identifying the right data amongst the sheer volume of people. Twitter data monitoring focuses mainly on breaking news-type insights, which makes it highly valuable for the businesses.
Recently, Twitter started a new blog series, which highlights how tweet data can impact the financial markets:
In one of the blogs, Twitter mentioned that they receive several questions about how the developer partners at Twitter are using the Twitter Data to modernize the investment decision-making process. Twitter has said that there are many ways by which they have innovated using the Twitter data over the past decade or so. To explain how the Twitter data impacted the company’s share price, the company shared an example of Wester Energy.
By using the Twitter data in a clever way, Dataminer and other analytics providers have been able to locate valuable insights, which are co-relating to certain stocks in real-time. The analytics providers are tapping in the right keywords, which makes it easier for them to tap into the insight. It is quite obvious that the vastness of the data will not yield the desired results but it will only be beneficial if you catch the right mentions.