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.
