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"It's a natural progression of a truly ubiquitous business process. Social media started as a fad, then became a trend, and is now becoming fully integrated in the fabric of how we do business."
Welcome news to the jobs-starved economy.
The study states that, "two-thirds of this potential value lies in improving collaboration and communication within and across enterprises." Microsoft's acquisition of Yammer and Salesforce.com's purchase of Radian6 are evidence, as well as designated new internal productivity tools that will integrate into current business processes.
Think of the jobs-creation these new tools might influence.
Educate both the workforce and leaders on what social media is and how to access its power.
Retool to welcome the millennial workforce who takes access to social technologies as a given.
The study also states:
very few [companies] are anywhere near to achieving the full potential benefit of social media.
the most powerful applications of social technologies in the global economy are largely untapped
Via Henri Lefèvre, Deb Nystrom, REVELN
"Recently, the CEO of Oracle, one of the largest and most advanced computer tech corporations in the world, tweeted for the very first time and joined a club that remains surprisingly elite."
DN: Twitter is peerless in its current, to the moment sensing of what is going on in the world and the ease with which connections happen. Leadership + social, however, moves slowly, as attested by the CEO of HootSuite. HootSuite has been my favorite twitter management tool, by the way.
Leader reluctance to fully understand the impact and usefulness of social media may be to their company's detriment, via new findings released by McKinsey as well as learning which big companies are investing in social now.
Social technologies [can] free up expertise trapped in departmental silos. High-skill workers can now be tapped company-wide
Among CEOs of the world’s Fortune 500 companies, a mere 20 have Twitter accounts. Larry Ellison, the Oracle CEO, by the way, hasn’t tweeted since.
A new report from McKinsey Global Institute, however, makes yet another business case for social media:
According to an analysis of 4,200 companies by the business consulting giant, social technologies stand to unlock from $900 billion to $1.3 trillion in value. At the high end, that approaches Australia’s annual GDP. Two-thirds of the value ...rests in “improved communications and collaboration within and across enterprises...” Any human interaction in the workplace can be "socialized"--endowed with the speed, scale, and disruptive economics of the Internet.
In the last year...Google, Microsoft, Salesforce, Adobe and even Oracle, spent about $2.5 billion snatching up social media tools.
...R&D teams brainstorm products, HR vets applicants, sales fosters leads, and operations ...forecasts and monitors supply chains.
Social technologies [can] free up expertise trapped in departmental silos. High-skill workers can now be tapped company-wide.
...social sharing translates to a productivity windfall as "enterprise information becomes accessible and searchable, rather than locked up as ‘dark matter’ in inboxes.”
In the last year, the world’s largest enterprise software companies--Google, Microsoft, Salesforce, Adobe, and even Ellison’s own Oracle--have spent upward of $2.5 billion snatching up social media tools to add to their enterprise suites.
Even Twitter-phobic CEOs may have a hard time ignoring that business case.
Read the full article by Author Ryan Holmes, the CEO of HootSuite here. Hootsuite is a social media management system with 4 million users, including 79 of the Fortune 100 companies.
Via Deb Nystrom, REVELN