Social media and the future of business
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A presentation on economically relevant Social media platforms and their impact on the future of business organizations

A presentation on economically relevant Social media platforms and their impact on the future of business organizations

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    Social media and the future of business Social media and the future of business Presentation Transcript

    • Social media and the future of business A study by Wipro, Stanford University and ETLA© 2011 Wipro Ltd - Confidential
    • Agenda 1 Objectives of the study 2 The Informational Value of SMPs 3 Key survey findings 4 Business Impact2 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Objectives of the Study3 © 2011 Wipro Ltd - Confidential
    • Objectives  To discover the social media platforms (SMPs) that are economically relevant to a business organization  To understand the uses of SMP platforms  To analyze the reasons for SMP value  The impact of SMPs on businesses in the future4 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • The Informational Value of SMPs5 © 2011 Wipro Ltd - Confidential
    • Information control and collaboration The Hypothesis A social media platform can be economically valuable to a business organization only if it generates information that either improves the reliability of existing information, or is new information. Differentiations between social media platforms that affect reliability and newness Extent of information control Extent of collaboration High levels of information control YouTube advertisements Microblogs on twitter Low levels of information control Wiki High levels of collaboration Event planning Project management platforms Low information control and low levels of collaboration LinkedIn recommendations High information control and high levels of collaboration Moderated student discussion forums6 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Reliability The blog postings by officials of a professional Reliable participants and unreliable participants are network on professional topics are likely to be of identified through ranking of transactional higher reliability than individual members’ postings experiences by fellow participants as a result of top-down governance Increasing the level of information control Participant filter The benefit of strong ties arises regardless of the level of information control. Instead, A strategic planning group of strongly tied employees may use a wiki to develop their reliability is a feature of the pre- strategic plan existing relationships between collaborators Participants in the platform with strong ties7 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Newness Program to seek customer Offers a platform that recommendations on its Enables large-firm employees to work with enables professional profiles Facebook page led to vendors to resolve supply-chain related to be discoverable by creating its seasonal flavors operating problems, by posting recruiters using in 4Q2010 recommendations on what is, in effect, a recommendations and ‘virtual whiteboard’ Increased sales by 30% searching job tags Platforms that are accessible by many participants Platforms with members with weak ties The value of Social Media8 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Corporate Functions and Typical Social MediaPlatform9 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Conclusions  A social media platform generates information that is valuable if it fulfills one or more of the following conditions  It improves the reliability of information  It improves access to new information  Both strong ties and weak ties can be useful. Strong ties offer access to reliable information.  Weak ties offer access to a wider network of information and, through, the pooling of information, may lead to an acceptable level of reliability.10 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Key survey findings11 © 2011 Wipro Ltd - Confidential
    • The survey Profiles of the firms surveyed  Data was collected from 20 Silicon Valley based firms between December2010 and March 2011  With the exception of 2 firms, all are technology firms.  Quarter of the companies surveyed do not want their employees to spend too much time on external social media  Most large firms articulate a formal social media policy  Most used Social media platforms for business functions include forums, blogs/pre-authored content including multimedia content such as advertising) and wikis.12 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Internal social media platforms Usage of internal social media platforms Key Findings  Yammer is the most popular site  The average number of hours per week spent per employee on ISMPs is 3.5 hours  85% of respondents felt that internal social media had a positive overall impact on the firm’s operations  The primary value of internal social media is for project management and planning, rather than internal recruitment, recommendations, awareness or ideation.13 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Benefits of ISMPs  Pre-authored content - Valuable for building awareness  Twitter - Useful site for project management and problem solving  Wiki - Useful platform for creating project teams, project management and problem-solving14 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • External social media platforms Usage of external social media platforms Key Findings  Pre-authored content - Valuable for building awareness.  95% of respondents felt that external social media had a positive overall impact on the firm’s operations  Facebook is the most popular, followed by Twitter and Linked-In.  Content communities such as YouTube is of less importance  Blogs are an important platform within the above sites. ESMPs are accepted as a way of building awareness about the firm’s goods and services.15 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Benefits of ESMPs ESMPs are also used for background research for applicants, obtaining recommendations and searching for the right fit16 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • SMP value SMPs with higher value • Pre-authored content carriers, whose value arises from their reliability and the ability to receive feedback (new information) in a non-collaborative form. This is the case for both ISMPs and ESMPs. • ISMPs for collaboration among participants with prior weak or strong ties, where the platform enables the generation of new information with relatively high levels of reliability Less valuable SMPs • SMPs that enable the exchange of already-trusted information among strong-tie participants, for instance, for strategic planning over ISMPs • SMPs that offer to improve the reliability of information through pooled governance • New information through non-collaborative, weak-tie participation, such as supply-chain management over ESMPs. ESMPs are accepted as a way of building awareness about the firm’s goods and services.17 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Business Impact18 © 2011 Wipro Ltd - Confidential
    • In the future Social Media’s impact on the Strengthening of Technological future of business will be collaboration - Businesses improvements in real-time felt enterprise-wide, offering will come closer to end- data monitoring and data fresh opportunities for customers, employees, analytics. business transformation. vendors and suppliers Creation of response Integration of both ISMPs systems that loop decisions Re- evaluation of the merits and ESMPs into enterprise of product, service and of allowing greater Social management and control facility managers into the Media access to employees. systems. SMPs Organizations will continue to embrace Social Media as it matures19 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Customer Impact & Key Takeaways from this study Roadmap for customers Key take away learning Actions plans • Customers can develop an • Integrate ISMPs and ESMPs • Facebook, Twitter and appropriate social media for a competitive edge Linked-In are gaining strategy • Create response systems importance in B2B’s within • Customers can focus on the that will loop customer, ESMP space – active use of ESMPs for building vendor, employee and participation will help brand awareness about the firm’s supplier decisions back into reinforcement. goods and services and the SMPs, and hence drive • Twitter and Wiki are useful leverage them as bridge for customer-centric behavior. tools for project information exchange with • Leverage and tweak key management and problem customer SMPs so as to balance solving • Use for internal project reliable information flow, and • Use of pre-authored content management and strategic free flowing collaboration platforms like blogs are planning among participants. more valuable as they enable greater information control and flexibility of delivery20 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • To read the complete report please visit the link below http://www.wipro.com/datadocs/insights/SOCIAL%20MEDIA.PDF21 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • About Wipro Council of Industry Research Wipro set up the Council for Industry Research, comprised of domain and technology experts from the organization, to address the needs of customers. It specifically surveys innovative strategies that will help customers gain competitive advantage in the market. The Council, in collaboration with leading academic institutions and industry bodies, studies market trends to help equip organizations with insights to facilitate their IT and business strategies. For more information on the Research Council visit www.wipro.com/insights or mail wipro.insights@wipro.com22 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • About Wipro Technologies Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company, that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of “Business through Technology” – helping clients create successful and adaptive businesses. A company recognised globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation and an organization wide commitment to sustainability, Wipro Technologies has over120,000 employees and clients across 54 countries. For more information, please visit www.wipro.com23 © 2010 Wipro Ltd - Confidential © 2011 Wipro Ltd - Confidential
    • Thank you© Wipro Limited, 2011. All rights reserved.For more information visit www.wipro.comNo part of this document may be reproduced in whole or in part without the written permission of the authors.Wipro is not liable for any business outcome based on the views presented in this document. For specificimplementation clients should take advise from their client engagement manager. © 2011 Wipro Ltd - Confidential