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Building social capital will become critical for business, according to Deloitte


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15 August 2013:  Katherine Milesi, Deloitte’s Chief Social Media Officer and Deloitte Digital partner, said social is one of the five post-digital forces that will change businesses over the next two years, as identified by the Deloitte 2013 Tech Trends report. The other four are cloud, mobile, data analytics and cyber-security.

“Social media is becoming increasingly important as a way of building an organisation’s social capital” (refer definition below), said Ms Milesi.  “It helps businesses turbo charge the velocity of information and idea sharing among their employees. This in turn drives innovation – sometimes resulting in big ideas and often adding incremental value to core business processes within key areas like customer service, marketing, sales and product development.  It can dramatically expedite the handling of exceptions in business processes by tapping into the collective wisdom of the whole employee base.  In essence, social media used inside a business can help it ‘know what it knows’ more quickly than relying on more traditional knowledge management systems.

“Employees love to share and connect using social media. Nurtured in the right way, these natural propensities can drive immense business and personal value, and encourage those, who don't easily or naturally share, to participate”, said Ms Milesi.

Deloitte has proposed five key recommendations to embed social media effectively across organisations:

  • Commit to continually promote a strong social vision
  • Enable employees to maximise their use of the company’s social media tools for information and idea sharing
  • Incorporate social media into the fabric of an organisation’s business processes
  • Augment customer and client relationships with social media
  • Align social efforts and investments to a documented Social Capital Strategy.

“Used well, social media can increase productivity and engagement from staff; accelerate and increase capacity to deliver for customers and clients; and lower costs”, said Ms Milesi.

A recent survey found that 85% of B2B marketing decision-makers are influenced by at least one social media channel when purchasing. Clearly, incorporating social media is good business and it will become mainstream to the operation of Australian businesses.**

“Seamless multi-channel engagement mobility has become a key ticket to play – not just a ‘nice to have’ feature”, added Ms Milesi.  
Recent research from Deloitte and Google finds that workplace IT could be the secret weapon to attract and retain staff in the growing ‘war for talent’. Flexible IT policies, such as allowing staff to bring their own devices to work, to work from home, and to use social media, were found to be key to employee satisfaction. The research reveals that people who are happy with their workplace IT are one-third less likely to leave their company than those who are unhappy.

Ms Milesi said for social media to be successful, it must be supported and driven from the top to the bottom levels of an organisation.

“In order to build  social capital within an organisation, staff need permission from above, and access to the tools and training to help them accept, embrace and advocate the use of social media to share ideas and information in their communities,” concluded Ms Milesi.

Ends

NB: See our media releases and research at www.deloitte.com.au

Notes to Editors

Defining Social Capital

‘Social media’ is the means; ‘social capital’ is the end.

‘Social capital’ is the value of an organisation’s social networks.  This value is derived from the intangible and innumerable benefits that come from people sharing, connecting and building on each other’s thoughts and ideas.

‘Social media’ is the technology – i.e. a group of Internet-based applications that enable interactions among people in which they create, share and exchange information and ideas in virtual communities and networks.

About Deloitte Tech Trends

Deloitte’s annual ‘Tech Trends’ report identifies the 10 trends most likely to have an impact for CIOs in the coming year and beyond. Now in its fourth consecutive year, the predictions are based on insights from Deloitte’s technology subject matter specialists, input from some of its largest clients and discussions with industry analysts and alliance vendors.
                                              
* The term ‘post-digital’ implies that the debate about a digital future is over. The public has spoken, with all ages and demographics now embracing digital technology to at least some extent.

** How B2B Marketers Use Social Now-Forrester 

NB: See our media releases and research at www.deloitte.com.au

Additional findings come from The Connected Workplace ─ War for talent in the digital economy, a report launched last month by Deloitte Access Economics and commissioned by Google Australia, that found that people who are happy with their workplace IT are one-third less likely to leave their company than those who are unhappy.

Last Updated: 

Contacts

Name:
Katherine Milesi
Company:
Deloitte Australia
Job Title:
Partner, Consulting
Phone:
Tel: +61 2 9322 7030
Email
kmilesi@deloitte.com.au
Name:
Jane Kneebone
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 3 9671 7389, Mobile: +61 416 148 845
Email
jakneebone@deloitte.com.au

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