Thursday, July 26, 2012

The Social Economy: Unlocking Value and Productivity Through Social Technologies

Chui, Michael, et al. "The Social Economy: Unlocking Value and Productivity Through Social Technologies." McKinsey Global Institute, July 22, 2012.

From the report: "In a few short years, social technologies have given social interactions the speed and scale of the Internet. ... Companies use them to reach consumers in new ways too; by tapping into these conversations, organizations can generate richer insights and create precisely targeted messages and offers. While 72 percent of companies use social technologies in some way, very few are anywhere near to achieving the full potential benefit. 

In fact, the most powerful applications of social technologies in the global economy are largely untapped. Companies will go on developing ways to reach consumers through social technologies and gathering insights for product development, marketing, and customer service. Yet the McKinsey Global Institute (MGI) finds that twice as much potential value lies in using social tools to enhance communications, knowledge sharing, and collaboration within and across enterprises. MGI’s estimates suggest that by fully implementing social technologies, companies have an opportunity to raise the productivity of interaction workers—high-skill knowledge workers, including managers and professionals—by 20 to 25 percent." Read more