Social Media: Benefits for business?

As I prepare to deliver a webinar for the Purchasing Management Association of Canada this week, and I am surprised to learn how many organizations are integrating social media, and the benefits they are achieving.

Here are the top three facts I have uncovered that you might find interesting:

1. Social Media is not just being used by Small Business. 62% of Fortune 500 companies have an active corporate Twitter account and 58% have a corporate Facebook page. The key word here is “active.”

2. As the demographics within corporations shift, so too will the acceptability of new means of communication. We are only beginning to see this shift as the greatest percentage of those engaged in using Social Media (i.e. LinkedIn, Facebook, Twitter) are between the ages of 25 and 55. Acceptability and integration will continue to flourish.

3. Many organizations are integrating social media platforms as a means to enhance communication and information sharing to drive bottom line savings. TEVA Pharmaceuticals is using an enterprise software solution developed by “Moxie Software” to facilitate both internal and external communications in order to reduce cycle times and improve lead-times.

If you haven’t yet integrated Social Media into your business, now may be time. As with everything however, determine the benefits you expect to yield, develop a solid plan for their achievement, monitor efforts versus results, and adjust as necessary. Managing and monitoring Social Media can become a time sponge, so be sure to invest time wisely.

© Shawn Casemore 2012. All rights reserved.