How does a real estate investor in Milwaukee predict true housing market demand and fine-tune better forecasts of potential homeowners and or renters in New York City, 880 miles away? The answer lies in monitoring social interactions – location-specific tweets, pokes, and “likes” – where participants reveal individual and collective location preferences and willingness to pay. In the age of social technologies, the world has been flattening much faster since Twitter hit the corporate bloodstream with its 140-character limit, and Facebook began the long expedition to make the world “more open and connected.”
Most business leaders want to change how work is done — increase productivity, enhance employee engagement, build sustainable businesses and inspire innovation. Moreover, innovations such as shifting from one-to-one communication channels to social channels (one-to-many), creating accessible and searchable information, and enhancing creative forces among employees have been marketed as key drivers and benefits of social technologies.
But vital questions remain: How can organizations capture the value of social technologies, encourage collaboration across functional silos, and improve productivity? How can organizational practices be transformed to fully benefit from social networks on a large-scale basis? And how can social media facilitate or change the way businesses approach sustainability? Full article