Wednesday, September 28, 2016

Will Social Technologies Drive Business Model Innovation?

Posted by Harry Hertz, the Baldrige Cheermudgeon

tRecently reading a McKinsey article on the evolution of social technology use by companies the article was based on surveys of 2700 global executives spanning the years 2005 to2015.
The results indicated that leading companies have passed through three distinct phases of social technology use:

Tryouts — Companies testing social media as a way to communicate information, such as marketing messages

Collaboration and knowledge work
— Companies establishing internal knowledge sharing and collaboration platforms to connect employees and ideas

Strategic insights — Companies establishing internal and external networks for encouraging stakeholders broadly to contribute to idea development; on a strategic and operational level, the extreme use of this technology is crowdsourcin

Going forward, the use of social media could have numerous implications for not only how strategy is developed, but also for organizational business models . Different organizations will choose different paths, but change (as always) will be inevitable. Here are some scenarios to ponder:

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