In terms of Social Business, identify the management, organisation & technology

Question

In terms of Social Business, identify the management, organisation & technology factors responsible for ENABLING adoption of internal corporate social networks. Please see answer below for the preceding question in relation to IMPEDING adoption of social networks : Management : 1 - People are creatures of habit & sometimes wary of or reluctant to change. As such, staff within an organization need to be motivated & encouraged by Management to embrace social networking. 2 - We in the banking profession until recently have been more used to traditional methods of working, i.e., face to face meetings so, as above, we need to be actively encouraged in transitioning to social networking. The Case Study noted that 83% of Bank staff were : “most comfortable using traditional transaction data to interact with and understand customer needs.” 3 – There can be an element of mis – trust & disbelief in technology, that the social network system will not tie in & enable us to do our work as efficiently as we are used to. Management need to incentivise staff to use social networking, for example, the Bank of Ireland Yammer system regularly runs competitions to entice us to use the system. Organization : 1 – Social Networking systems are not traditionally how Banks have done business in the past, it can be costly, time – consuming and a slow process to implement and fully utilise new systems. As the Case Study points out , a 2017 survey from the American Bankers Association stated: “whilst over three quarters of financial institutions in the USA believed that web 2.0 was important for their businesses, only a quarter had been actively using social media for over five years. Less than two thirds (63%) were at the beginning of implementing web 2.0 platforms. A small number were only in the planning stages intending to implement solutions sometime before 2020 and almost one in ten had no plans to use social media at all”. 2 – Some companies think that implementing social networking would lead to the distraction of employees and could lead to staff being less efficient and productive if they are percieved to be engaging in social rather than working activities. 3 – Organizational and Management systems need to be aligned with the social networking systems in order to maximise the potential benefits to the company. Technology : 1 – The content on the social systems needs to be current, accurate and relevant, overall the systems should be easy to use. 2 - The systems should allow for easy connection between users allowing for a flow of information back and forth. If this is not in place, the systems could be deemed to be of limited use and not generate any substantial level of usage. 3 – The cost of implementing new techologies & systems can be prohibitive for companies. While more and more Banks are seeeing social netwrosk as beneficial tools for their business, these systems need to be fully analysed to ensure that the potential benefits of implementing them outweighs the expensive outlay in the investment to put them in place.

Explanation / Answer

Organisation factors which are responsible for enabling social networking in business :

1. Relationships :  Social networking provides the opportunity for organisation to get to know its customers and to build relationships with them. Brand loyalty is a sought-after commodity, and that loyalty often happens after a sales lead feels personally connected to a brand. And by getting to know its customers, it can cater marketing to their interests.

2.Offer Excellent Customer Service : As it is the digital age, and that means that people want their services super fast. How you respond to people on social media is important, and organisation can use that moment to show why its customer service is better than its competitors’ customer service. It can interact with its customers in real time, addressing their concerns right away.

3.Social networking Doesn't Cost Much : Rather than placing an expensive ad in a magazine, organisations can save that money and use social media to help your business. Most social networks use algorithms to sort out organic content, so if you pay a small amount for social media advertising, your business will show up in those curated newsfeeds. organisations can reach more people and grow your audience for a fraction of the price of print advertising.

Management factors :

1. Getting comprihensive Marketing List : Email marketing provides a direct line of communication between you and your customer for conversion to sales. You can share your email newsletter across your different social media platforms to take your newsletter beyond the usual suspects.

2. More Control over Online Presence :Social networking impacts search presence, meaning that the more active the management on social media and offers more people interact with the online,the better the management visibility will be in search engines and inturn Social media helps you frame the discussion around your business.

3. better training for employees and keeping appropriate controls over them helps to improve employee productivity rather than wasting organisations time and cost on social networking.

Technological factors :

1. two-way communication : Social media gives you the power to learn more about your audience, their interests, and collect feedback. This helps organisation to get their customers satisfied by enhancing their performances. So choosing the best technology is the primary thing.

2. Creating Communities : Communities are an online space formed by a group of individuals to share their thoughts , ideas and have a variety of tools to promote social networking. there are a number of tools availale online, now a days to create communitiess , which are very cost efficient as well as easy to use.

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