The McKinsey Global Institute published a study on “unleashing value and productivity through social technologies,” which indicates that “things like improved communication and collaboration from social media in four major business sectors could add $900 billion to $1.3 trillion in value to the economy,” reports The New York Times.
The value is largely achieved through increased productivity. According to the article, this study could “add credence” to the decisions being made by corporations to spend billions on social media acquisitions and strategies.
Companies are investing in improved ways to manage how customers perceive them in chat rooms to internal communication tools similar to Facebook.
“Social technologies like wikis, broadly accessible instant messaging, content searches and user forums, McKinsey says, are particularly effective among so-called interactions workers,” notes NYT. “These people are general managers, for example, but also consultative sales representatives, engineers working with teams to figure out new products, or health care workers personally figuring out patients’ needs.”
The report suggests that the main challenges to implementing effective use of social media in the workplace “are organizational and personal, as managers have to develop nonhierarchical cultures, where data and knowledge are exposed and shared, not hoarded.”
The McKinsey Global Institute published a study on “unleashing value and productivity through social technologies,” which indicates that “things like improved communication and collaboration from social media in four major business sectors could add $900 billion to $1.3 trillion in value to the economy,” reports The New York Times.
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