Social Media - a pradigm shift
Social Media has changed the Business Model for most enterprises. Business leaders are realizing that it is not possible to cut cost and grow the business at the same time by simply doing the same thing again and again. They are seeking new ideas and want to unlock new source of values within and outside their organization. They realized that they have to do new things that can produce different business results. Successful enterprises are making innovation their top priority. They understand that innovation is the only way to create sustainable competitive advantage in today’s changing world of new economy, and rising global competition. Enterprises are embracing new technology and new way of thinking. The Social Media Technology is now matured and has established itself as one of the incubators of innovation. In the past, businesses leaders felt they have to create everything themselves. Today, social media technology has changed the way we used to think and do our businesses. It is helping enterprises to harvest innovation and uncover vast resources within the enterprise. The new technology showing us new forms of collaboration are possible—within a company, between companies, with online communities of experts and even with countless unknown individuals around the world. Employees can share ideas and work on projects with unprecedented ease. Experts of same or related subject area can team with those of another company. The open source software movement has delivered powerful operating system LINUX. This is just an example, it shows how widely distributed communities can come together virtually to create and improve products. Enterprise can engage with the entire networked world to learn, to capture feedback—or to turn their customers into co-creators, sharing thoughts and Ideas. No matter which financial metric is used—revenue growth, operating margin growth or average profit over time will sharply increase by adopting social media and strong collaboration. Collaboration optimizes human side of the processes. It also shortens business processes cycle time. Most important of all it makes the human resources more productive and innovative.
Social Media is in the core of
Social Business. It helps the enterprises become more innovative, helps to unlock untapped resources for
better business outcome, revenue growth and increase in productivity.
