The rising importance of social business
It's no secret that social media can play a role in business success, with Facebook campaigns, Twitter advertisements and eCommerce strategies on Pinterest some notable contributions to a social media campaign.
Research released last week (July 16) by MIT Sloan Management Review and Deloitte revealed that 70 per cent of business professionals believe social business is an opportunity to "fundamentally change" the way their organisation works.
The report, Social Business: Shifting Out of First Gear, also indicated that the interest of social business was on the rise. Only 18 per cent of respondents said that it was important in a 2011 survey, with figure doubling to 36 per cent in 2012.
The importance of social media is noted to also be growing across all industries. Respondents from all industry sectors increased the value they placed on social business between last year and this year.
Despite this growth however, the global survey of more than 2,500 business executives found that when respondents were asked to rank their company's social business maturity on a scale of one to ten, over half (52 per cent) gave their company a score of three or lower.
The three issues that were posing a challenge to social maturity were a lack of an overall strategy (28 per cent), too many competing priorities (26 per cent) and a lack of a demonstrated business case or strong value proposition (21 per cent).
"Overcoming these barriers requires strong executive leadership," said MIT Sloan Management Review executive editor David Kiron.
"Companies that are generating value with social business tend to have leaders who have helped get these capabilities applied to important business problems, a process that can very often change the way people work."
Posted by April Revake.