When it comes to new technologies, potential and excitement is often accompanied by skepticism. That’s a normal response and frankly a good thing. So when we say social enterprise platforms offer tremendous business value — that these platforms radically change how work gets done every day —we understand it raises questions. These questions lead to answers that must be supported by data and quantification.
So, let’s start with some numbers. It’s now estimated that social technology can provide a 20%-25% improvement in productivity in the enterprise — that adds up to between $900 billion and $1.3 trillion annual value.
These findings came from McKinsey & Co., which last year issued the most comprehensive report on social business and the social economy previously available. The report reveals that today, employees waste 28 hours a week sorting through email, searching for information and sitting in meetings.
To validate all of this even further, we asked the top global business consulting firm to investigate what companies really want from a social platform and quantify how much business value they’re getting using Jive.
It turns out the findings surpassed, even our wildest expectations. Those companies using the Jive platform reported 15% increased worker productivity and 2-4% increase in topline revenue. This is because these businesses were able to:
reduce time looking for information and expertise within in the company by 34%
reduce meetings by 16%
reduce email load by 21%
And that’s just scratching the surface. Employee engagement is higher when implementations are focused on specific use cases that solve real business problems for sales teams, marketing teams, customer service solutions and/or the corporate intranet. Companies doing this see better strategic alignment and up to a 24% drop in employee turnover.
Ultimately, business value is not an amorphous concept. It can and should be measured and quantified regularly in terms of go-to-market capabilities and time to market, sales cycles, employee engagement, and revenue growth.
Given the challenges in today's highly competitive business climate--a dispersed, global workforce, changing demographics, the high priority placed on real-time communication and collobation--social business platforms like Jive are game changers.