One of the benefits of social business is its ability to facilitate collaboration and discussion. Employees can bounce ideas and innovation off each other. However, that information can’t live in a vacuum. A great idea means nothing if you don’t have a way to vet and disseminate it, taking it from idea to action.
Millions of organizations say they are embracing social business, but just how many are successful? It can be a difficult question to answer. Recently, The Economist Intelligence Unit took the guesswork out of the equation for 25 companies, placing their executives to a list of social business leaders. Five of the companies received even bigger accolades, being placed on a Top 5 list.
As a recent Forbes.com article points out, there are some highly regulated companies that may have problems convincing industry regulators and their own legal and compliance departments of the value of social media and social business. After all, one unauthorized public slip and a company will have more to deal with – and pay for — than bad press. The article makes the case for a stepped, phased social media approach, which is a smart option for social business as well.
The value of social business efforts is in the eye of the beholder, according to Brian Solis, principal analyst at Altimeter Group. And yet there are strategies and moves that can benefit organizations across the board.