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Business Social Media: Tech and Media Industries Lead Adoption
CEOs are split on exactly how beneficial social technologies are to their businesses today. In an MIT Sloan Business School study, “Social Business: What Are Companies Really Doing?”, 52 percent said that social is important or somewhat important to their business today. 75 percent said that they though by next year that social would be important to their business, and that rises to 86 percent when executives were asked to imagine how things will be three years from now.
The Sloan report identifies two business sectors where adoption of social media has already been strong: entertainment, media and publishing (Media) and information technology (Tech). These groups can be models for other industries looking at social media to see what works and what doesn’t. The report suggests that one of the reasons why Media and Tech are early adopters is because these two groups tend to be very open to new ideas and strive to encourage innovation.
The report argues that to use social media successfully that it is important for businesses to use metrics to help them evaluate and most wisely use these technologies.
David Kiron, executive editor at MIT SMR and a coauthor of the report, said that “The gap between the need for leadership and the lack of metrics is a crucial one. The lack of metrics means that those who wish to step up their leadership in social collaboration are without many of the traditional tools they would normally use to encourage and reward action.”
Doug Palmer, principal, Deloitte Consulting and a coauthor of the report, said that “the lack of metrics means that those who wish to step up their leadership in social collaboration are without many of the traditional tools they would normally use to encourage and reward action… leading companies can stay ahead of the competition by building a social strategy backed by strong metrics for their social initiatives. This will keep them focused on the strategic initiatives that create and provide the most value for their organization.”
