Social tools are proving transformative in the business world, offering a means to foster collaboration and innovation. Yet, companies are not capitalising on their full potential. A mere 3% of respondents in a survey of 4200 global executives indicated that their companies were fully networked, meaning they integrate data and use social technologies in customer and supplier interactions as well as internally.
The benefits of becoming ‘fully networked’ are significant. These companies experience improved information sharing, increased operational efficiency, and better access to internal experts. Furthermore, they achieve a median 7.7% increase in operational efficiency and a 5.3% boost in employee satisfaction.
Despite the evident advantages, obstacles remain. Concerns about security and confidentiality are prevalent, and there is a lack of understanding about how to measure the effectiveness of social tools. Companies also struggle to integrate these tools into employees’ daily workflows.
To overcome these hurdles, businesses need to implement social technologies in a way that aligns with their strategic objectives. They should also encourage employees to use these tools and provide training to ensure they are used effectively. By doing so, companies can unlock the full potential of social tools and transform their business operations.
Go to source article: http://www.mckinsey.com/insights/high_tech_telecoms_internet/transforming_the_business_through_social_tools