4 Social Media Tech Practices adding Value & Boosting Productivity

By CIOReview | Wednesday, July 10, 2019

Social media has unlocked both personal and business potential, and some social media technologies are adding to the value and productivity.

FREMONT, CA: Social media technologies have affected humanity in a primal way. Connecting with like-minded tribes globally at speed and scale at almost no cost is revolutionizing the way we use social media. Social technologies are unhitching ideas from separation and enabling them to be free to roam and add significance to our lives. This method is also being expedited and augmented by the wide adoption of the smartphone. There are many ways in which social media technologies are adding value and productivity.

• Co-Create Products

Companies using social platforms can crowdsource ideas from their user community. This could include product plans, evaluation of the concepts by the crowd, and the enduring modification and evolution of the merchandises and services to provide a better product that better meets needs.

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• Demand Forecasting

Through augmenting the potential sources of information about demand, organizations can obtain more businesses and granular data. This could lead to greater inventory control and more reliable placement of stock where the local market is higher.

• Market Research

Market research can be expensive and take months, but now gathering online chatter about the competitors in real time is more manageable. Some tools can measure sentiment as it appears that allows businesses to see if the latest feedback about a particular product is positive or negative.

• Collaboration

Social technologies are improving organizational performance by composing collaboration and co-creation effective, internally, and with external suppliers. This mitigates time spent in face to face meeting, ensuring that best practice is followed and shared.

The potential for the industry is still mostly untapped despite the widespread adoption by consumers. Social networks can add importance to almost any business, but organizations that will profit most from social technologies will have a high rate of knowledge workers. Business success is reliant on brand recognition and consumer knowledge; need to build reliability and trust to sell their merchandises and services, digital distribution of goods and services also benefit the businesses.

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