Close
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Latest News
    • Small Business

    Social Business Strategies Rise in Importance, but Hurdles Remain

    By
    Nathan Eddy
    -
    July 17, 2013
    Share
    Facebook
    Twitter
    Linkedin

      While social maturity may be lagging, perceived importance of social business is mounting, according to the results of MIT Sloan Management Review and Deloitte’s second annual global survey of more than 2,500 business executives on social business.

      The report, “Social Business: Shifting Out of First Gear,” found that when asked to rank their company’s social business maturity on a scale of 1 to 10, with 10 being the highest score, more than half (52 percent) of respondents from around the world gave their company a score of 3 or below. Just 17 percent ranked their company at 7 or above.

      The report also indicated that 36 percent of respondents called social business “important” compared to just 18 percent last year. This increase in importance is reported across many industry sectors, and the report said this was due to three major culprits halting progress in social maturity, including a lack of an overall strategy (28 percent of respondents), too many competing priorities (26 percent) and lack of a demonstrated business case or strong value proposition (21 percent).

      “Overcoming these barriers requires strong executive leadership,” David Kiron, executive editor for MIT Sloan Management Review, said in a statement. “Companies that are generating value with social business tend to have leaders who have helped get these capabilities applied to important business problems, a process that can very often change the way people work.”

      The study also takes a closer look at companies with a higher social business maturity level and identifies specific elements of success. It found businesses with more developed capabilities do not view social business solely as an application or a tool, but rather social business is integrated into functions across the company, such as strategy ad operations and the daily decision-making process.

      Among businesses with a higher social maturity level, 65 percent use social business tools to understand market shift, 45 percent turn to it to improve visibility into operations, and another 45 percent of mature companies leverage it to identify internal talent.

      The study also found that more than 70 percent of chief executive officers (CEOs), chief information officers (CIOs) and chief marketing officers (CMOs) believe that social business is an opportunity to fundamentally change the working dynamics. Chief digital officers are also entering into the C-suite to guide digital strategies and manage content. As such, the report noted that the “traditional” roles and interactions of the CEO, CIO, CMO and now chief digital officers are changing, which in turn opens up opportunities for new ways to collaborate more effectively.

      “Regardless of the specific C-suite role, our study identifies steps that leaders can take on the path to social maturity,” Doug Palmer, a principal with Deloitte Consulting and a co-author of the report, said in a statement. “Strategic leadership remains important in the process and creates greater value.”

      Nathan Eddy
      A graduate of Northwestern University's Medill School of Journalism, Nathan was perviously the editor of gaming industry newsletter FierceGameBiz and has written for various consumer and tech publications including Popular Mechanics, Popular Science, CRN, and The Times of London. Currently based in Berlin, he released his first documentary film, The Absent Column, in 2013.

      MOST POPULAR ARTICLES

      Cybersecurity

      Visa’s Michael Jabbara on Cybersecurity and Digital...

      James Maguire - May 17, 2022 0
      I spoke with Michael Jabbara, VP and Global Head of Fraud Services at Visa, about the cybersecurity technology used to ensure the safe transfer...
      Read more
      Big Data and Analytics

      Alteryx’s Suresh Vittal on the Democratization of...

      James Maguire - May 31, 2022 0
      I spoke with Suresh Vittal, Chief Product Officer at Alteryx, about the industry mega-shift toward making data analytics tools accessible to a company’s complete...
      Read more
      Big Data and Analytics

      GoodData CEO Roman Stanek on Business Intelligence...

      James Maguire - May 4, 2022 0
      I spoke with Roman Stanek, CEO of GoodData, about business intelligence, data as a service, and the frustration that many executives have with data...
      Read more
      Applications

      Cisco’s Thimaya Subaiya on Customer Experience in...

      James Maguire - May 10, 2022 0
      I spoke with Thimaya Subaiya, SVP and GM of Global Customer Experience at Cisco, about the factors that create good customer experience – and...
      Read more
      Cloud

      Yotascale CEO Asim Razzaq on Controlling Multicloud...

      James Maguire - May 5, 2022 0
      Asim Razzaq, CEO of Yotascale, provides guidance on understanding—and containing—the complex cost structure of multicloud computing. Among the topics we covered:  As you survey the...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2021 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×