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3. Anecdotes: This measurcs verbal sharing of sales activity or íntent of purchase on
social media platforms.
4. Correlation: This measures the relationship between any social media engagement
activity and actual sales.
5. Multivariate Testing: This measures the relationship between multiple social media
engagement activities and actual sales and enables providing the right kind of offers
and promotions to different users.
6. Linking and Tagging: This approach provides links on social media to the buyers to
make their purchase and thus it is possible to relate sales and social media engagement.
Another way is to embed Cookies' (a piece ofsoftware),which track consumers online
activity, thus providing the connect between social media engagement and actuai sales.
However, thisapproach is more effective when the sales are conducted online.
7. Social Commerce Approach: In this method, sales are directly conducted through
social media; for example, a store front is set up on Facebook page.
8. Share of Conversation: (Volume of conversation for a particular brand)/(Volume of
conversation for entire industry)
9. Sentiment Analysis: Tracks overall brand perception by crawling through all the data
available on the net. Kumar and Mirchandani (2012) have proposed new measures such
as customer influence effect (CIE),stickiness index, and customer influence value (CIV).
 Date

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43 Ploakur
1.2| Analytics Landscape
collection of techniques ánd tools used to create organi|ational wealth from
Analytics is a
innovative solutions. Techniques incude concepts such as Artificial
data by generating and Deep Learning
Intelligence (Al), Machine Learning (ML), Statistical Learning (SL),
(DL) algorithms, whiclrare deined as follows:
Intelligence: Algorithms that exhibit buman-like intelligence. Intelligene
1. Artificial machines that can take decisions.
enables human to talke decisions; today there are many by Nest Labs can
thermostat, ahome automation device, developed
Nest learning temperatures at homes and offices.
take decisíions such as increasing and decreasing human emotions.
Humanoids such as Sophia'and Erica (Some, 2018) can imitate
Machine Learning: A set of algorithms that imitate human learning process. Humans
2. whereas machine learning
learn to perform átask through experience and practice, and multiple models. ML is
algorith1ns learn to perform a täsk through additional data impactful applications of
consideredasubset of AI. Recommender systemis isone of the
unsupervised, reinforcement
ML. ML algorithms are further classified into supervised, machiie learning algo
andevolutionary learining algorithms. Adescription of these
rithms is discussed in Section 1.11.
a subset of ML and gen
3. Statistical Learning: Statistial. learning algorithms areFeature selection (selection
erate solutions to problems using statistical inference. learning is through
of variables to be included in an analytics model) in statistical are examples
hypothesis testing. Techniques such as regressio1n and logistic regression
of statistical !learning algorithms.
 Chapter1: Introduction to Business Ana

Artificial Inteligence
Machine Learning

Statistical Learning Deep Learning

Fiqure 1.3 Artificial intelligence, machine learning, and deep learning.

4. Deep Learning: A subset of machine learning which imitates the functioning of

human brain to solve problems. The human brain is made up of more than 100billion
neuronsand each neuron is connected to as many as 100,000 other neurons that act as
acomplex network of computers. Techniques such as Convolutional Neural Networks
(CNN) and Recurrent Neural Networks (RNN) (all under deep learning algorithms.
The relationship among AI, ML, and DL can be visualized as shown in Figure 1.3. This
structure is not accepted by everyone in the field of analytics. There is one school which
believes Aland ML are different (i.e., ML is not a subset of AI), with some overlap, The key
point is all of them are algorithms, which are aset of instructions used to solve business and
social problems.