Fiscal performance alone cannot sustain future businesses. Success or failure will also be guided by societal relationship and environmental responsibility, says Jose Polackal, business development lead, government & education industry, IBM India.
We are now in a new era where the technological Zeitgeist is defined by how evolved social media is. And one way to look at it is this phenomenon called ‘Social Business‘. In the foreseeable future, social media will influence the performance of every business establishment and every government entity. Stakeholders (the consumers or the citizens), and not just shareholders, who are collaborating on social media are going to influence the business imperatives of every enterprise.
This means business has to concentrate more on three bottom lines – the triple bottom line being fiscal, societal and environmental and not the single bottom line. Fiscal performance alone cannot sustain future business; rather it will have to include societal relationship and environmental responsibility. Herein lies the importance of a social media strategy for every enterprise.
As of November 2012, Facebook had over 1.2 billion active users. There were over 500 million registered users in Google+ by the end of 2012. By the summer of 2013, Twitter had over 554 million active users. This social networking population is a significant subset of the 2.27 billion internet users in 2012, and on an average this is 20% of the world population.
This 20% of the world population may very well be controlling the consumer market (mainly the finished products) as they, probably, represent the population with the maximum buying power. Again, this 20% influence the governmental policies and the corporation and enterprise agenda for the future to a larger extent. This leads to the Pareto principle – 20% of the population chart out our future, and 80% follows.
Read the complete article, from timesofindia.indiatimes.com
- IBM the Market Share Leader in Social Software
- The Key to Becoming a Social Business? Stop Focusing on Social Media (socialmediatoday.com)
- Social@IBM: What’s happening inside Big Blue (khalidraza9.wordpress.com)
- Posted by Khalid Raza