Social tools and technologies continue to seep into many organizations, transforming business processes and raising performance.
That’s the key insight from a recent McKinsey study (its fifth annual) on corporations and social tools and technologies.
Additionally, McKinsey & Company found that:
- Companies are improving their mastery of social technologies to enhance operations and exploit new market opportunities.
- Social technologies can boost a company’s financial performance and market share.
- Executives say that their companies are using them to increase their agility and to manage organizational complexity.
- Many believe that if organizational barriers to the use of social technologies diminish, they could form the core of entirely new business processes that may radically improve performance.
Additional insights and statistics include:
- 72% report that companies are deploying at least one technology, and more than 40% say that social networking and blogs are now in use.
- These technologies are being deployed across sectors, at the high level of 86% percent of the respondents’ companies in high tech and telecommunications, but at 62% of companies even in the energy industry.
- Levels of reported benefits not only remain high when respondents’ organizations use social tools for internal purposes but have also increased among those that use them for communicating with customers or for integration with partners and suppliers.
McKinsey also counsels:
- Senior executives should think strategically about how social technologies can support business processes by helping organizations to navigate the external environment and to forge stronger links with customers and vendors.
- Companies should integrate social technologies into the workflow and use them to optimize internal processes will, these results suggest, provide additional competitive benefits.
- Don’t rest on your laurels — competition will increase as the adoption of social tools and technologies rises and as progressive companies use them to improve their processes. Integrating Web technologies into the daily workflow, the McKinsey results suggest, is the most effective way to maintain competitive position or become more networked.
- Companies should prepare for more substantial disruptions. Since many executives believe that significant changes will occur as (or if) constraints on social tools and technologies are lifted, companies that can create change themselves—instead of reacting to it—are likely to benefit the most.
Social technologies are entering a fifth year in use among my clients and market, and I would expect to see even more advances in use and benefits next year, especially in B2B sectors. That is where customer integration and process improvements can be most effective and powerful.
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