Tuesday, September 4, 2012

The Value of the Social Media Economy is $1.3 Trillion

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The McKinsey Global Institute recently released a report titled: The social economy: Unlocking value and productivity through social technologies. I stumbled upon this report on Friday and spent some time at nights reading it over the weekend.

What's impressive is how McKinsey has been able to quantify the value of what social technologies can add into the economy. The total? A massive $1.3 Trillion ! Yes, Trillion! 70% of organizations are already using social technologies and 90% of those report some benefit. And most companies see a 20-25% increase in knowledge worker productivity. I for one have shared how social tools make me productive. This report also reminded me how IBM and MIT scientifically proved the value of social networks at work.

In the McKinsey report, a familiar use case, among many others, was included: TD Bank who leverages IBM Connections as its social business platform. (coincidentally, IBM Connections 4.0 was announced today)

One of the things I liked about the report is that it includes a lot of examples from companies in a wide variety of industries: Financial Services, Consumer Packaged Goods, Professional Services, Manufacturing, and more. Therefore, irrespective of the industry you work on, you are likely to find a success example in the report.

Over the weekend, I also stumbled upon this quick video that (while an ad for another company) has some nice visuals to explain the power of social media for your business

Are you still considering becoming a social business? Or do you want to learn tips on how to become a social business ? Want to learn how other companies are getting value from becoming a social business? If so, then you *must* attend the following webcast next week:

Register today!!

To download the 184-page McKinsey report (for free) or even get a free eBook copy for your iPad, go here. I also recommend that you listen to the 10 minute audiocast embedded on that page with lead researcher Michael Chui.

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