Nitin Mayande, Co-Founder and Chief Scientist at Tellagence, has written an article about the importance and impact of social network in B2B scenarios and their practical implications. In this article he shares how a business can create value through a healthy ecosystem to face fierce competition (Iansiti & Levien, 2004). These ecosystems in whole can create a larger impact than any individual company. This means that the survival of each participant is reliant on the condition of the ecosystem and it’s parts (Adner, 2006).
AT&T published the impacts of social networking in corporations in 2008 including:
Corporations will change the way they communicate, their vision and their organization, collective Intelligence and customer experience will lead innovation, networking will be key to employee excellence and more, which Nitin lists and details in his article.
He goes on to discuss some challenges that need to be figured out for successfully utilizing the full potential of social networks:
- Adopt New ROI Concept
- Intellectual Property
- Risk of Loss of Employees, Losing Human and Intellectual Capital
- Capturing the Value
There are multiple pieces to this puzzle. Social networks need to constantly adapt and evolve to support new products, satisfy customers and create new market innovations. Connectivity and communication are at the core of the virtual communities. This is made possible when the participants have the following elements. (Gossain & Kandiah 1998)
- Connectivity between information systems.
- Communication in real time.
- Access to shared information.
- Internet technologies that are typically used.
For more on Nitin’s perspective and deeper dive into the importance and impact of social networks in B2B scenarios and their practical implications, download here.