Often, there is very little to differentiate between the winners and the “not-winners” in the race for corporate seniority in the industry. What creates that illusive competitive advantage for those who actually succeed. In most cases, it is not capabilities to deliver the goods that count but the winner’s socializing capability. So what benefits does a Corporate Social Network brings to a professional?

  1. Personal Branding: did you know that each member of a social network adds about U$ 80-U $ 100 to the brand value? Your depth of “intimacy” with your contacts in your corporate social network will determine this added value to your personal brand. In short, if Bill Gates and Steve Jobs are on your contact list in Linked-In, it helps to increase your personal branding.
  2. Relationships Based Organization: Today, when in a big firm, everything is standardized, we are moving into a relationship based management to deliver that inch extra. Generally, contacts with different types of stakeholders are kept in databases but, they are not organized in groups and segmented in order to build long term relationships. The same is true to all contacts of all employees that there are spread among various social networks.
  3. Knowledge sharing: Corporate social networking is one of the most popular and easiest ways of facilitating knowledge sharing, either by posting articles, wikis or by acting as a simple repository of several files as text editors, spreadsheets, presentations, etc..
  4. New leadership identification: It helps to strengthen group activity, and thus it is paramount to nominate a team of group leaders. This leadership must be naturally stimulated. The company will be able to observe styles and attitudes of each professional and reward them fairly whenever they create real value.
  5. Transparent relationship: By the time the company organizes all its stakeholders, starting by its internal collaborators, clients, suppliers in several specific groups, it opens a very strong and positive relationship channel with all of them creating the possibility that each stakeholder bring their respective relationships to the same business environment.
  6. Active & identified communication: the company starts offering to everyone an environment, in which, the communication can flow both ways actively in an identified and transparent manner. Company will know with whom it is talking to, what is being discussed and what the concrete results are because the platform itself documents all exchanged ideas.
  7. Market test: instead of spending a fortune in market research, how about having your own and qualified sample, make an in-house test and have a more reliable and real time result?
  8. Stakeholders loyalty: It is to be recognizes that there is a challenge to overcome by the time the company is exposing more. However, by facing and solving problems directly and by finding intelligent and creative solutions involving each stakeholder specifically, the company will consolidate its brand before the market and will attract the best opportunities besides making all stakeholders loyal and having them bringing new businesses to the organization. This is only possible if managers have a corporate social network which is not only wide but also deep across organizational hierarchies.
  9. Central, global & local management: Corporate social networking is all set to evolve to a central relationship point among all with several modules like payment gateway, web-conferences, mobile solutions,  CRM, reducing tremendously the operational costs of new business search and allowing the global  reach by having strong presence on the Internet while reinforcing its local presence.
  10. Lock-in effect: Considering that in general, people are fairly resistant to changes and that everyone competes for time and attention of the superiors in an organizational hierarchy, the one, who is better poised to affect their decisions will have conditions to create a a lock-in effect hence nullifying competition from co-workers.

By Kar

Dr. Kar works in the interface of digital transformation and data science. Professionally a professor in one of the top B-Schools of Asia and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a regular contributor of Business Fundas and a frequent author in research platforms. He is widely cited as a researcher. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.

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