Social Intelligence Enabling Startup Revolution
Social intelligence is the capacity to know oneself and to know others. It’s about understanding, analysing conversations and online behaviour. It develops from experience with people and learning from success and failures in social settings. Social Intelligence is used to understand consumers better and to establish a healthy relationship among businesses and consumers. Digital Platforms help organizations to rapidly collect and curate social data that can be sent in real-time to the right people.
Our work and personal life are changing as our dependency on machines are increasing, emotions continue to play a key role in the way humans are engaged. Leaders and Organisations have evolved the way they treat and influence human emotions in the digital world. The need for leaders to be sensitive and aware of digital emotions increases exponentially, with workplaces becoming virtual.
Social intelligence allows companies to excel at networking, effectively manage employees, and enhance sales skills. The need to impress/entice and serve the customers is the need of startup’s therefore, the power of social intelligence is taking business ideas to new heights. Social intelligence is about collecting information, analysing the details, presenting the statistics and making efficient decisions. Hence, startups are accumulating the knowledge gained from the insights into consumer preferences, marketing strategy etc. This way, they can connect the dots with the help of these insights and build a healthy relationship with them by identifying fundamental needs and problems.
Doubt buddy, a startup supported by riidl (Research Innovation Incubation Design Laboratory), a not-for-profit organization under Somaiya Trust, supported by the National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology, Government of India, Biotechnology Industry Research Assistance Council, Department of Biotechnology, Government of India, Maharashtra State Innovation Society, Government of Maharashtra. It focuses on creating an online education ecosystem with the help of technology and social intelligence. With the world going digital ,we are missing social and personal interaction ,especially in the education industry. The objective of the company is to understand the student’s core metrics like conceptual gaps, academic doubts, psychology, etc and provide personalized educational guidance with the help of artificial intelligence.
Organizations are showcasing aspects of social intelligence, such as empathy and positive psychology which receive due respect from consumers. With the advent of social media, an organization’s internal culture plays an important role in shaping and projecting the brand identity and establishing brand image.
Jack Ma, founder and executive chairman of Alibaba Group, said high EQ, not intelligence, is key to his billion-dollar success. He said, “If you want to be successful, you should have a great EQ. Because you’d know how to work with people. No matter how smart you are, if you never know how to work with people, you will never be successful.” At Alibaba, Jack Ma constantly maintained a fun work environment.
Social intelligence is helping startups make money because it is the future of marketing. It provides new information, consistently sharpen strategic insights, and strengthen consumer relations. It is what a company needs, to meet competitive challenges and gain market share. The process is more than just collecting social data. Social conversations and engagements are necessary. Over 2.5 billion conversations take place every hour on social media and companies are using it as a competitive strategy. Startups like VectorX, supported by riidl, empower SMEs with intuitive customer engagement tools and insights gained by analyzing business and consumer activity on their platform to improve the business experience, profitability and customer retention. They are building a community around their brand and are more successful than others. Social media is now used as a treasure trove of deep databases.
We are in the midst of the Digital revolution. Digital companies dominate the business world. While we believe that the success of these companies is all technology-driven, it is not completely true. It is interesting to see the leaders of these firms emphasizing the importance of social & emotional capabilities in making their stories different from others. This is the mindset of new-age entrepreneurs who are enabling today's startup revolution.
The author is Gaurang Shetty, Chief Innovation Catalyst / CEO, riidl
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