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CFOs 'need to listen to social media more' says new study

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Waggener Edstrom and the Singapore CFO Institute have released a new whitepaper calling for greater monitoring of social media by corporations in Asia Pacific.

This whitepaper is aimed at CFOs and highlights how they can make social media monitoring (SMM) and analytics relevant and beneficial to them and their business.

Based on a roundtable discussion held in November of 2014, the whitepaper examines the importance of SMM for CFOs.

The benefits centre on why social listening, or SMM, is more than just a marketers’ tool, rather benefiting a wide variety of job functions such as finance, HR, sales, and more.

For CFOs, WE and the Singapore CFO Institute aimed to show that SMM can be used for a wide range of applications in relation to organisational finance.

Stephen Tracy, Waggener Edstrom Insights and Analytics Lead, APAC, said: “I think the timing for this particular report is quite important for the industry as Forrester recently released some research (cited in the whitepaper) which found that marketers are becoming increasingly jaded with social listening platforms. Our roundtable discussion took a fairly holistic view of the reality of social listening in practice which I think speaks directly to these concerns that industry practitioners are having.”

Within the whitepaper, WE and the Singapore CFO Institute demonstrate in detail why data and insights can benefit any business unit, as long as it is aligned with organisation’s business objectives.

This whitepaper notes that while normally,organisations look to SMM to understand perceptions of their brand presence across the digital landscape, it can also be a way to make informed decisions about a business. For CFOs, it adds an extra layer of insight toward company performance or risks in consumer sentiment and, thus, aids them in their decision-making process.

Uantchern Loh, Chief Executive, Singapore Accountancy Commission said: “We drafted this whitepaper and held the roundtable because social media and SMM are here to stay. We know that there is a huge amount of relevancy here, and we wanted to see what we can do to use it properly. As CFOs, we cannot ignore it and we need to know how to address it.”

For more information about the Singapore CFO Institute and for a copy of the whitepaper click here

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