MGI The Social Economy July 2012

How Social Technologies unlock value and productivity in the social economy

McKinsey&Company has led the charge in studying the impact of social technologies on business. In this seminal July 2012 148 page report entitled “The Social Economy” the McKinsey Global Institute lays out a bold series of predictions and benchmarks the current state of 2012. McKinsey publishes annual reports and special reports on the state of social business and social technologies. You may find an excerpt here of the January 2015 Survey Transforming the Business through Social Tools. The entire 148 report from 2012 is excerpted by McKinsey is a 4MB PDF so it is way too long to cover here! You can find a PDF of The Social Economy here. Of particular note are these two exhibits below.

Social Technologies are Pervasive

Social Technologies are pervasive MGI The Social Economy Exhibit One
The point I would like to make is that Social Technologies are pervasive. Although many organizations start out thinking about PR and Marketing, the fact is that social technologies can aid an organization in almost any organizational or management process. As people in general incorporate social technologies into their personal lives the internal adoption of social business technologies becomes easier. You also do not have to pick PR or Marketing as a place to start implementation of social technologies. In fact, I would argue that it might be better to work on internal uses of social technologies to help bring the organization up-to-speed and develop competency prior to developing external facing practices. Not sure? Let’s talk.

Social Businesses can broadly utilize Social Technologies

Ten ways to use social technologies in your social business
McKinsey Global Institute proposes that there are at least ten ways that social technologies can add value to organizational and management process. Ten is simply a starting point. There are two types of people in the world, lumpers and splitters. If you disagree you are a splitter. MGI has lumped together 10 areas of approach. There are as many areas to tackle as you have organizational processes. The question is how to identify a use case that will help your organization develop social technologies. How can we measure the impact and value add of the social technologies? How we can manage the change management processes? How can we broaden the adoption of social technologies throughout the organization? These are all excellent questions. Companies that have been early adopters of of Social Business are well past answering these questions and instead are quickly and pervasively broadening out their use! Want to get started? Call me.