Even though there's plenty of hype about how social media there are still plenty of companies rigidly refusing to engage in any kind of social media strategy. It reminds me of the early days of the Internet: there were those companies looking to embrace it and grow a new "e-business" and there were plenty of companies refusing to consider how the Internet would transform their business. Perhaps we are witnessing the dawn of new s-businesses (S-Business = companies transformed by social media).
There are already some groups are doing really great things with social (for examples check out the entrants to the Forrester Research Groundswell Awards). Yet for all the hype about social media, have we really scratched the surface of the potential for social media to transform business?
Companies are looking to bolt a "social media strategy" onto their existing business models by hiring social-media experts to add a social component in much the same way companies bolted a website to their business years ago.
What if we can completely redesign company strategy and execution using social media to create a social-enabled business; one in which all processes are transformed by social-technology to deliver huge returns to shareholders?
Over the past ten years companies have reengineered their business processes to leverage the power of the Internet in ways we couldn't dream of when we started down the Internet road. Social Media has the same transformational power.
The challenge is to re-think entire business processes around a socially-enabled world. The true power of social media is not in the technology but in the ability of organizations to utilize the underlying technologies to change the nature of the relationships with investors, customers, suppliers, employees, politicians and government administrations.
Once we begin rethinking business processes around a social-enabled model we open up new ways to tackle old problems. Many of our existing business processes are engineered to deliver optimum performance based upon the capabilities of the underlying technology to achieve the business goals. In today's organizational design, the Internet is central to delivering productivity and profitability. In tomorrow's organizational design, social media will be central to delivering profitability.
Just as in the early days of the Internet, there is first-mover advantage to be had. The early-adopters have the potential to become tomorrow's S-business. Companies who are actively reviewing how social media can transform their business model will have a significant competitive advantage in rethinking their business over those that chose to wait out the passing of what they perceive to be a fad.
As Einstein's said, "the significant challenges we face cannot be resolved at the same level of thinking we were at when we created them."
There are already some groups are doing really great things with social (for examples check out the entrants to the Forrester Research Groundswell Awards). Yet for all the hype about social media, have we really scratched the surface of the potential for social media to transform business?
Companies are looking to bolt a "social media strategy" onto their existing business models by hiring social-media experts to add a social component in much the same way companies bolted a website to their business years ago.
What if we can completely redesign company strategy and execution using social media to create a social-enabled business; one in which all processes are transformed by social-technology to deliver huge returns to shareholders?
Over the past ten years companies have reengineered their business processes to leverage the power of the Internet in ways we couldn't dream of when we started down the Internet road. Social Media has the same transformational power.
The challenge is to re-think entire business processes around a socially-enabled world. The true power of social media is not in the technology but in the ability of organizations to utilize the underlying technologies to change the nature of the relationships with investors, customers, suppliers, employees, politicians and government administrations.
Once we begin rethinking business processes around a social-enabled model we open up new ways to tackle old problems. Many of our existing business processes are engineered to deliver optimum performance based upon the capabilities of the underlying technology to achieve the business goals. In today's organizational design, the Internet is central to delivering productivity and profitability. In tomorrow's organizational design, social media will be central to delivering profitability.
Just as in the early days of the Internet, there is first-mover advantage to be had. The early-adopters have the potential to become tomorrow's S-business. Companies who are actively reviewing how social media can transform their business model will have a significant competitive advantage in rethinking their business over those that chose to wait out the passing of what they perceive to be a fad.
As Einstein's said, "the significant challenges we face cannot be resolved at the same level of thinking we were at when we created them."
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