Home > business and economics, consumer issues, McKinsey & Company, social media, technology and internet > The social economy: Unlocking value and productivity through social technologies

The social economy: Unlocking value and productivity through social technologies

August 16, 2012

The social economy: Unlocking value and productivity through social technologies
Source: McKinsey and Company

In a few short years, social technologies have given social interactions the speed and scale of the Internet. Whether discussing consumer products or organizing political movements, people around the world constantly use social-media platforms to seek and share information. Companies use them to reach consumers in new ways too; by tapping into these conversations, organizations can generate richer insights and create precisely targeted messages and offers.

While 72 percent of companies use social technologies in some way, very few are anywhere near to achieving the full potential benefit. In fact, the most powerful applications of social technologies in the global economy are largely untapped. Companies will go on developing ways to reach consumers through social technologies and gathering insights for product development, marketing, and customer service. Yet the McKinsey Global Institute (MGI) finds that twice as much potential value lies in using social tools to enhance communications, knowledge sharing, and collaboration within and across enterprises. MGI’s estimates suggest that 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.

About these ads
Categories: business and economics, consumer issues, McKinsey & Company, social media, technology and internet
Follow

Get every new post delivered to your Inbox.

Join 487 other followers

%d bloggers like this: