Social Media Utilization with Data Analytics to Support Financial Management Decisions in Canada

Abstract

This qualitative exploratory multiple case study was to gain common understandings of how customer relations managers can utilize social media within the context of already existing data analytics across industries in Canada. Communication theory was the theoretical framework to focus on customer relations management and consumer feedback within an increasingly digital business environment. A purposeful sampling was conducted to identify five customer relations managers and five business analysts that engaged in customer relations management as well as 5 consumers that utilized social media to influence product or service offerings. Data was collected through semi-structured interviews with 15 participants. The analysis resulted in 9 themes to both the benefits and constraints of social media as well as customer relations management. Themes generated included communication, responsiveness-knowing consumer needs, managerial competencies, trust and accountability, governance and strategy, and infrastructural dimensions of IT and analytics. This research could help customer relations managers further understand the implications of navigating social media. From a social change lens, the influence of consumers usage of social media, product or service offerings, social consciousness and ethical practice as this new digital landscape creates a more public nature for organizations, their practices and consumer awareness. Finally, the study can support leadership audience in their business or financial decisions with using an existing open data source.