Today, traditional investigative research includes social media. If your company is using social media platforms like Facebook, LinkedIn and Twitter but doesn’t have a way for recurring data captures to create a manageable social media collection, you’re most definitely at risk of losing critical information.
Deloitte contributes to the Risk & Compliance Journal section of The Wall Street Journal, and recently posted an article headlined “The Uses of Social Media in Investigations: Five Questions.” In the article, Wendy Schmidt of Deloitte discusses the results of a survey on social data and legal issues.
When asked how social media has evolved for investigative purposes, Schmidt said, “Social media data has become a core business and legal intelligence tool in a stunningly short time. Today, social media data analytics could potentially yield invaluable insights to support pre-transaction due diligence, third-party due diligence, fraud and insider threat investigations, asset searching and tracing, and litigation intelligence.”
Not surprisingly, Facebook and LinkedIn make up over 90% of the social sites companies surveyed. And while more than half of the survey’s respondents use Twitter, only 25% consider Twitter highly valuable in terms of investigations.
More than half of the 123 executives surveyed (55%) do expect the use of social media in their company to grow significantly over the next several months.
Software To Capture Social Media Data: What You Need
Schmidt notes that many executives lack awareness in understanding the capabilities of social media collection tools and the vastness of information available by using these tools to capture and analyze social media data.
In fact, about 70% of the companies surveyed do not use a software application to analyze or manage a social media data collection.
You need a repeatable process in place to create a social media collection in native format. This requires partnering with a web content preservation firm that has a subscription service and is capable of capturing context and interactive elements like YouTube videos and hidden dropdowns while also mimicking a personalized experience with the content in question.
If you think you can rely on Facebook’s API to look at historical social media data, think again. It’s not going to play back a video that’s now defunct – only native-format data captures can do that. The firm you partner with should also help you determine the frequency of your social media data captures to meet your specific business needs.
As your own company continues to grow its social media outreach, you need a comprehensive collection to retain and oversee this data. Without a social media collection, you’re leaving your business wide open to reputational risks as well as compliance and legal risks.
Ready to learn more about a native-format social media collection?