User reviews, ratings, and comments, paired with recommendation engines, are powerful tools for company processes, from internal collaboration networks where employees share research, contacts, and documents to a company’s commerce websites and mobile apps.
With supply chain management, for instance, a company can combine actual rather than forecast data about demand, including point-of-sale numbers and social media, to monitor customer demand in real time and respond immediately.
Taken together, the different components of social, such as personal connections, reviews, the network effect of people using a single platform, and live interactions, have allowed companies like Uber to build powerful new digital business models.
Social technology success measurements are becoming increasingly sophisticated. Companies are moving to advanced measurements, such as tracking the business impact of social on productivity, process effectiveness, and customer satisfaction.
read the in-depth report In a Live Business, Social Gets its MBA.