social business: what are companies really doing?

RESEARCH REPORT

2012FINDINGS FROM THE 2012 SOCIAL BUSINESS GLOBAL EXECUTIVE STUDY AND RESEARCH PROJECT

Social Business: What Are Companies Really Doing?

Read the full report online at sloanreview.mit.edu/socialbusiness2012

In collaboration with

MIT SLOAN MANAGEMENT REVIEW 2012 SOCIAL BUSINESS GLOBAL EXECUTIVE STUDY AND RESEARCH PROJECT

© Massachusetts Institute of Technology, 2012Read the full report at sloanreview.mit.edu/socialbusiness2012

FIGURE 1The Importance of Social SoftwareThe importance of social software is expected to rise by 250% within 3 years.



FIGURE 2The Importance of Social Software by IndustryWhen asked how important social software is to their organizations, those in the energy and utility industries believed it to be least important, while those in Media and Tech believed it to be most important.



FIGURE 3Why People Participate in Social MediaThe main reasons people participate in social media at work are to network, work more effectively and voice their opinions.



FIGURE 4The Importance of Social Software by Company SizeSize matters: the smallest and largest companies perceive more value from social software.



FIGURE 5Industries with Open and Innovative CulturesMedia and technology industries tend to have more open and innovative cultures relative to other industries.



FIGURE 6The Importance of Social Business to the C-suiteCEOs, presidents and managing directors say social business is important to their organizations at twice the rate of CFOs and nearly twice the rate of CIOs.



FIGURE 7The Importance of Social Software in 3 YearsA strong majority of CEOs and CIOs believe social software will be important to their organizations in 3 years.



FIGURE 8The Importance of Social Software in Meeting ChallengesSocial software is perceived to be important to managing customer relationships and innovating for competitive advantage.



FIGURE 9The Factors Leading to Adoption of Social SoftwareAdopting social software requires clear vision and strong leadership.



FIGURE 10The Obstacles Impeding the Adoption of Social SoftwareThe top barriers to social software adoption are lack of management understanding, no strong business case and too many competing priorities.



FIGURE 11Measuring the Effectiveness of Social Business InitiativesFew companies are measuring the effectiveness or success of their social business initiatives.