Social Media: Real Impact
McKinsey Says Social Media Could Add $1.3 Trillion to the Economy
things like improved communication and collaboration from social media in four major business sectors could add $900 billion to $1.3 trillion in value to the economy..... The value is mostly through added productivity. Improved consumer focus as well as better-functioning teams are two other benefits. .... by 2018 the United States could face a shortfall of 1.5 million data analysts and managers able to cope with the flood of data in their businesses. ..... Social technologies like wikis, broadly accessible instant messaging, content searches and user forums, McKinsey says, are particularly effective among so-called interactions workers..... The main challenges are organizational and personal, as managers have to develop nonhierarchical cultures, where data and knowledge are exposed and shared, not hoarded.A perfect market is where there is a perfect flow of information, correct? It can be argued there was not a smart market before social media. Consumers were not allowed to talk. And now that there is that enhanced communication where everyone but everyone can talk, the market is performing better.