The importance and the future of Social Business.

3 Nov

Social Business is important in today’s world and will have a great impact on the future of organisations.  A survey, carried out by Kiron et al within the report “Social Business: What Are Companies Really Doing?|Key Findings,” discovered that social software will be very important within managers organisations especially over the next few years. Within the survey it was noted that approximately 52% of respondents believe that Social Business is important to their business today and 86% of managers believe that Social Business will be important in three years time. It was discovered that manufacturing and the financial services, Energy and utilities sectors believe that Social Business will be more important within their business in three years. They noted that Social Business is viewed regularly as a tool for external-facing activities, (Kiron,D. et al.:2012). I found an interesting diagram within an article titled “The importance of Social Business,” by Michael Brito. This diagram portrays how Social Business can enable a great deal more than how a brand communicates on the social web. This shows how effective and important Social Business is to an organisation.

 

(Brito,M:2012)

Businesses within today’s world are beginning to understand that there is measurable business value from the use of Social Business within their company. However, a recent survey by Teradata Aster, Mzinga, and The Centre for Complexity in Business discovered that some companies have still measure the return on investment of their Social Business investments. Within this survey they discovered what businesses are mainly using social tools for. These include: 64% for marketing initiatives, 47% for client support, 39% for worker collaboration, and 27% for sales. Social Business initiatives and tools are becoming more and more important to companies and will ultimately in the future be considered normal business practices. (Brito,M:2012)

The You Tube video titled “IBM Social Business Leadership Video,” provides some interesting points on the importance of Social Business. (https://www.youtube.com/watch?feature=endscreen&v=jdmj69Csp1w&NR=1) It was noted that Social Businesses outperform the competition by 57%. Opportunity within a business is derived from using the combination of social, media and cloud. The video also noted that investment in Social Business is expected to increase $600 million and will be $6.4 billion in the year 2016. It was discovered that 9 out of 10 organisations believe and see that there are great benefits from Social Business. 8 of the top 10 banks and traders use IBM Social Business software. This video portrays the importance of Social Business within companies and will continue to grow in the future. I believe that Social Business is important for an organisation. Social Business is not just a method of getting closer to customers. It is also a method of influencing activities within an organisation and create a more effective company overall.

What do others think? Do you consider Social Business important within a company? Do you see it becoming more widespread throughout companies in the future?

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One Response to “The importance and the future of Social Business.”

  1. eddyjquinn November 5, 2012 at 8:29 pm #

    Very informative blog, with reference to the questions you raised at the end, I feel that companies in the future will have to adopt some forms of social business techniques in order to stay competitive. If companies fail to move with the times, one could argue that they may in fact become ‘old fashioned’ and left behind. Therefore, stubborn firms resisting change may find the current processes obsolete soon than they might expect.

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