Social business has undoubtedly been one of the key trends of the last few years, as social technologies have begun to impact how organisations operate.
According to a report by McKinsey in 2012, ‘While 72 percent of companies use social technologies in some way, very few are anywhere near to achieving the full potential benefit.’. Also in the McKinsey report:
- They found that the 4,000 companies they analysed were unlocking between $900 billion and $1.3 trillion in value from enterprise collaboration and social business.
- 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
- (More info on this report here: http://www.mckinsey.com/insights/high_tech_telecoms_internet/the_social_economy)
In July 2013, the second annual report from the Deloitte and MIT Sloan Management Review (MIT SMR) was published. Some of the key findings of the report were that:
- Recognition of the importance of social business is on the rise – 36 per cent of respondents now considered social business to be important (compared with 18 per cent last year).
- More than 70 per cent of CEOs, CIOs, and CMOs believe that social business is an opportunity to fundamentally change the working dynamics.
Despite social business becoming increasingly popular, success rates are very low. Gartner research earlier this year suggested a failure rate of around 80 percent (http://www.gartner.com/newsroom/id/2319215).
The author contends that the principle reason behind this poor success rate is the failure to think systemically about how to promote social behaviours in the workplace. This has led to organisations attempting to employ social tools whilst at the same time delivering the message to employees that social behaviours are not what they want.
This report aims to help you to overcome that problem. It will:
- Provide an overview of the major trends in social business
- Explore some of the lessons that can be learned from early attempts, and
- Provide you with 8 levers to create a social workplace.