Chapter 4 -The Global Business Transition to Social Media
The confluence of complex but deeply connected factors that are driving the move to social business are as follow :
- The growth of the knowledge-based economy
- The widespread availability of free global platforms for sself-expression.
- The shift in the bottom-line power of institutions compared to online community of people.
- Peer production is becoming the primary motivating force for knowledge creation
The closed combination of the above factors explain at a conceptual level that social media can be transformed into a force for business.
Some of the key questions about the above in particular, pertaining to point 4 is whether all this information created via social media result in an increase in knowledge creation. And if it is the case, can it be replicated in a reliable way to achieve business.
A critical point noted is the participation Inequality in Social Media or what is known to me as the 1-9-90 rule where there is only 1 % of content originators, 9 % commenting/editing and 90 % lurkers. Hence within the organization, there need to be a sufficient large community of staff in order to derive any desired result. This is the Social Business Tenet #4.
Social Business Tenet #4 :
Enlist a large enough community to derive the desired result.
In addition to getting the right size for the community, organization also need to engage the right community for business purposes as shown in Social Business Tenet #5.
Social Business Tenet #5 :
Engage the right community for the business purpose.
Personal Note :
a. Of the four factors, I had some reservation about point 3. Reason being, personal professional work experience is that of an authoritative nature and enterprise 2.0 has very much been given lip service.
b. On crowd sourcing, it is good to read examples where it has been used to solve complex problems.
c. On social business tenet #4 and #5, the term used in community while within the enterprise, we find department, project team etc. I am familiar with the notion of Community of Practice having been in one myself. Would need to figure out how all these gel together as it continue reading the book.