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MIT Sloan Management Review editors

  • Four Ways Social Data Can Generate Business Value
    Full article: http://goo.gl/387coA

    Big data has been described as the new oil, but perhaps a more apt metaphor is the new solar — it is a renewable source of energy, but must be cost-effectively captured and processed to be converted into new forms of value.

    Companies both large and small have access to a growing stream of social data from an increasing number of sources. This stream is continually being enriched and renewed as our interactions unfold over time and as our ability to efficiently capture data about those interactions increases.

    While many firms are investing time and resources into mining this data, the bulk of the attention thus far has been placed on how social data can help public relations, marketing and sales engage more relevantly with consumers. Indeed, the amount of data available for this purpose is staggering: according to a Forrester blog from 2010, American consumers were already posting more than a 1.6 billion reviews of products and services online in 2009. That number continues to climb as more sites enable user-generated reviews and ratings.

    We believe, however, that firms are missing a significant opportunity to use social data to gain intimate and real-time knowledge about what is going on within, not just outside, the organization.

    Today, many organizations take either a 30,000-foot view of social data or an intensely granular, technical approach. Few firms have tapped into social data in a way that allows them to connect it explicitly to operating performance data and execute on it effectively.

    Social data science leaders and business thought-leaders must meet in the middle to collaborate on both how to analyze the data and why such analysis would be meaningful. We have only begun to understand social data’s potential value in the workplace, but much of this potential is dependent on having the mindsets and methods in place to make the most of our newest natural resource.

  • Social Business = Social Bonding
    Full article: http://goo.gl/UH0PAk

    A study by FedEx and Ketchum found that 52% of respondents said social business was strengthening relationships with the general public; 51% said it was strengthening relationships with clients; and 40% said it was strengthening relationships with partners and suppliers.

    Social business activities can pay off in various ways. Earlier this year, MIT Sloan Management Reviewand Deloitte highlighted benefits related to better market intelligence, faster customer service as well as improvements to internal operations, such as finding expertise, distributing knowledge and more effective project collaboration. (See our 2012 Special Report, Social Business: What Are Companies Really Doing?)
    While building stronger relationships is naturally fuzzier and harder to pin down benefit than, say, “customer response time” or even something like “increased market intelligence,” improved relationships means a stronger business across and beyond the organization. (We’ve previously published on the importance of building trust with employees and customers and suppliers; see, for instance: “Unconventional Insights for Managing Stakeholder Trust,” by Michael Pirson, and Deepak Malhotra, from the July 1 2008 issue of MIT SMR.)

    The FedEx/Ketchum study’s report of the connection between social business and improved stakeholder relationships is supported by other researchers in the field. In a recent interview withMIT SMR, strategy and management consultant Nilofer Merchant discussed how her research found that social enhances a firm’s relationships with employees and customers. Jacob Morgan, principal of Chess Media Group, a management consulting and strategic advisory firm on collaboration and the author of The Collaborative Organization (McGraw-Hill, 2012), told us that based on his observations, the benefits of collaboration even positively impacts the quality of life of employees at home, outside of the workplace. And Dion Hinchcliffe, in his four-stage Capability Ladder of Social Business, says that the highest level in the ladder is also relationship based, what he calls the ability to “partner with the world.”

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Secret: Your Age Doesn’t Matter


Inc.com - The Daily Resource for Entrepreneurs

Hey, baby face. Think you’re being judged? You’re not. In fact, you may be at an advantage when starting a business.

Baby Face

Getty

If you have the sort of cute-but-less-than-authoritative face that causes random aunts to reach out and pinch your cheeks, is your career as an entrepreneur bound to suffer? After all, who would support the business ventures of someone who looks like he could still be mowing lawns for pocket change to go to the prom?

But baby-faced business owners and entrepreneurs who are genuinely young and look their age should take heart: Not everyone thinks your youthful looks are simply a disadvantage. For instance, a new study led by a professor of marketing at Stanford University’s Graduate School of Business finds that when hiring managers are given a choice between proven ability and apparent potential, they often opt for the excitement of the untested but promising candidate. Leer más “Secret: Your Age Doesn’t Matter”

Two Common Mistakes of Millennials at Work

Most if not all of the digital communities where Gen Y has spent time are highly egalitarian. They’re indifferent to pre-existing hierarchies and credentials, and sometimes even hostile to them. And these communities seem to Millennials to work really well; Wikipedia gives them good information on any topic under the sun, Intrade prediction markets tell them who’s going to win elections, Twitter lets them know what’s going on in the world better and faster than any other source, their Facebook friends answer their questions for them, and so on.

All this can make a strong case to Gen Yers that hierarchy and credentialism are passé as concepts, or should be. So when they show up after graduation at their first employer, some of them start acting this way.


A tag cloud (a typical Web 2.0 phenomenon in i...
Image via Wikipedia

Andrew McAfee

(…)

The first is simple oversharing. I wrote before how narrating your work is a very smart strategy because it lets you be helpful to others, and also increases the chances that they can help you. But narrating your every opinion, emotion, lunch, happy hour, hangover, etc. on your company‘s emergent social software platforms is just narcissistic clutter.

One of the knocks against Generation Y is that they’ve been encouraged to believe that everything they say and think is interesting, and should be aired and shared. This is simply not true for anyone, no matter what reality TV producers would have us believe. Periodically sharing bits of personal information is valuable because it humanizes you, lets others know what kind of person you are, and facilitates socialization and trust-building. But oversharing in the workplace just makes you annoying and immature.

The second not-so-smart practice of a digital native is to act as if all employees are equals, and equally interested in airing the truth. Leer más “Two Common Mistakes of Millennials at Work”

Is China a debt junkie?

Posted by Michael Schuman

There is a debate raging among China watchers over the potential consequences of last year’s epic credit boom. Banks in China granted almost twice the number of loans in 2009 as they did the year before, an amount equivalent to nearly 30% of GDP. Any such expansion of credit has a powerful impact on growth. So what would happen to the Chinese economy if the credit spigot got turned off?

We’ve all by now learned about the dangers of too much debt. The U.S. is paying the price for an explosion of consumer debt. Europe is struggling with too much sovereign debt. Now one of the big questions facing China is whether or not Beijing’s policymakers are about to get their own lesson in the perils of debt-driven growth.

That’s exactly what’s happening. Chinese policymakers have raised the amount of money banks have to keep in reserve and introduced other steps to rein in lending, and the policies are working. In June, the amount of new yuan loans was less than 40% the total of June 2009. That’s a significant drop. And as a result, the economy is slowing down. How slow will China go? Well, that depends on your view of how important debt has been to China’s recent growth.


Posted by Michael Schuman

There is a debate raging among China watchers over the potential consequences of last year’s epic credit boom. Banks in China granted almost twice the number of loans in 2009 as they did the year before, an amount equivalent to nearly 30% of GDP. Any such expansion of credit has a powerful impact on growth. So what would happen to the Chinese economy if the credit spigot got turned off?

We’ve all by now learned about the dangers of too much debt. The U.S. is paying the price for an explosion of consumer debt. Europe is struggling with too much sovereign debt. Now one of the big questions facing China is whether or not Beijing’s policymakers are about to get their own lesson in the perils of debt-driven growth.

That’s exactly what’s happening. Chinese policymakers have raised the amount of money banks have to keep in reserve and introduced other steps to rein in lending, and the policies are working. In June, the amount of new yuan loans was less than 40% the total of June 2009. That’s a significant drop. And as a result, the economy is slowing down. How slow will China go? Well, that depends on your view of how important debt has been to China’s recent growth. Leer más “Is China a debt junkie?”