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The Facebook Effect In The Business World
What is the Big Idea?
Social media has been inspiring change in the way business leaders interact with their customer base. And for good reasons. Companies that adopt social technologies can see a 50 percent increase in customer satisfaction, 48 percent increase in business leads, and 24 percent increase in revenue, according to McKinsey.
"From the Arab Spring to the global Occupy movement, citizens of all nations are more empowered than ever before," writes Marc Benioff, Chief Executive of Salesforce.com, in BBC Business. "Connected individuals have rallied crowds, created vast audiences and toppled political establishments by communicating their message through social networks. We've also seen the impact of the social revolution on business."
What is the Significance?
When Netflix announced it was changing its pricing structure, customers protested with 82,000 negative comments. Within months, the company lost 800,000 customers and two thirds of its market value.
"That's the speed of social," said Benioff. "Everything happens faster than ever before."
Sir Andrew Likierman, Dean of the London Business School says that social media has completely disrupted the way businesses assess their performance.
"When I started my working life, it was quite easy to be mediocre and nobody really noticed," said Likierman.
These days, businesses can reach beyond traditional geographical boundaries with social media, which means they are more exposed to disruptors and competition who want to gain market share, he says.
Listen to Andrew Likierman's take on how social media is changing the way we do business:
Rather than shy from this trend, Benioff says leaders must use it to connect and engage with customers. But it takes more than a few bodies with a password to the company's Facebook page.
"To be transformative, social can't be an add-on. Social must be a strategy that is integrated into business processes across the organization," he said. "New graduates entering the workforce are frequently appalled by the technology their employers use to run their companies."
"They are frustrated by antiquated software systems that were built long before Mark Zuckerberg was even born. They want to collaborate with the best people across their organisation and to have real-time access to information, just like they have in their personal lives."
Updates that show up on the social feed should serve as a "knowledge funnel" of information and it should be a collaborative effort.
"Work itself is fundamentally social, so why can't our business apps be social, as collaborative as Facebook, as transparent as Twitter, and as engaging as Zynga's social games?"
Photo courtesy of Pan Xunbin/Shutterstock.com
Inventions with revolutionary potential made by a mysterious aerospace engineer for the U.S. Navy come to light.
- U.S. Navy holds patents for enigmatic inventions by aerospace engineer Dr. Salvatore Pais.
- Pais came up with technology that can "engineer" reality, devising an ultrafast craft, a fusion reactor, and more.
- While mostly theoretical at this point, the inventions could transform energy, space, and military sectors.
High frequency gravitational wave generator.
Credit: Dr. Salvatore Pais
A craft using an inertial mass reduction device.
Credit: Salvatore Pais
Laser Augmented Turbojet Propulsion System
Credit: Dr. Salvatore Pais
The world's 10 most affected countries are spending up to 59% of their GDP on the effects of violence.
- Conflict and violence cost the world more than $14 trillion a year.
- That's the equivalent of $5 a day for every person on the planet.
- Research shows that peace brings prosperity, lower inflation and more jobs.
- Just a 2% reduction in conflict would free up as much money as the global aid budget.
- Report urges governments to improve peacefulness, especially amid COVID-19.
The lush biodiversity of South America's rainforests is rooted in one of the most cataclysmic events that ever struck Earth.
- One especially mysterious thing about the asteroid impact, which killed the dinosaurs, is how it transformed Earth's tropical rainforests.
- A recent study analyzed ancient fossils collected in modern-day Colombia to determine how tropical rainforests changed after the bolide impact.
- The results highlight how nature is able to recover from cataclysmic events, though it may take millions of years.