Social Business: An opportunity that requires greater leadership

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Information about Social Business: An opportunity that requires greater leadership

Published on November 6, 2013

Author: DeloitteUS

Source: slideshare.net

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Deloitte University Press engaged with MIT Sloan Management Review for a multi-year research project to better understand how social is evolving within organizations.

This is an excerpt from our second annual survey Excerpted from the second annual MIT Sloan Management Review and Deloitte social business report - http://dupress.com/articles/social-business-study/

There is a tremendous opportunity to reap the benefits of social business across an organization

Yet, the use of social tools and technologies is still in the early stages at most organizations

Strong leadership is needed to help companies advance along the social business journey and capitalize on the benefits

Social Business: An opportunity that requires greater leadership Excerpted from the second annual MIT Sloan Management Review and Deloitte social business report

Our multi-year research study To better understand how social is evolving within organizations, we engaged in a multi-year research project with MIT Sloan Management Review (MIT SMR). Our second year research:  Surveyed 2,545 executives and managers  Involved 99 countries and 25 industries  Interviewed 33 business executives and thought leaders @DU_Press #SocBizStudy

A call for leadership in social business    There is a tremendous opportunity to reap the benefits of social business across an organization Yet, the use of social tools and technologies is still in the early stages at most organizations Strong leadership is needed to help companies advance along the social business journey and capitalize on the benefits @DU_Press #SocBizStudy

Where are the leaders?   Fifty-two percent of managers say their companies are at an early stage of developing social business capabilities For these managers, the top barriers to social business are a lack of strategy, no business case and a lack of management understanding @DU_Press #SocBizStudy

Statistics provide evidence Respondents from companies who lack senior management sponsorship rated their companies’ social business maturity 0.519 and 0.457 points lower than others (on a 10 point maturity scale). Coefficients for Impact to Maturity Lack of Senior Management Sponsorship -0.457 -0.519 Smaller Businesses (< $250 million revenue) Large Businesses (> $250 million revenue) @DU_Press #SocBizStudy

Socially mature companies understand this “Michael Dell’s leadership really paved the path to us becoming a social business.” Richard Margetic, Dell’s director of social media @DU_Press #SocBizStudy

Why is leadership critical? 70% Social Business IS NOT like getting employees to use the newest update to a word-processing program Social Business IS about changing the way people work of respondents personally believe that social business is an opportunity to fundamentally change the way their organization works In other words, Social Business won’t happen on its own @DU_Press #SocBizStudy

C-suite execs are beginning to see the value 70% 68% 64% 60% 50% 50% 40% 20% Percentage of responses marked “important” by Csuite executives in 2011 and 2012 43% 35% 30% How important do you consider social business to be to your organization? 20% 10% 0% Today One year from today Three years from today 2011 2012 @DU_Press #SocBizStudy

C-suite execs are beginning to see the value A Social business is: A risky medium that we are forced to confront Just another tool to communicate An opportunity to fundamentally change the way we work 80% What is your personal perspective on the future impact of social business on your business? 60% 40% 20% 0% CEO/ president/ managing director CFO/ treasurer/ comptroller CIO/ technology director CMO @DU_Press #SocBizStudy

C-suite execs are beginning to see the value Top Uses of Social Business by C-suite CEO CFO CIO CMO 1st Top Use of Driving brand Social Business affinity Increasing sales Managing projects Driving brand affinity 2nd Top Use of Increasing Social Business sales Recruiting and managing talent Driving brand affinity Increasing sales 3rd Top Use of Crowdsourcing Social Business ideas and knowledge Providing customer service Providing customer service Crowdsourcing ideas and knowledge @DU_Press #SocBizStudy

But what does effective leadership look like? 1 2 3 3 Key leadership behaviors appear in many successful social business initiatives @DU_Press #SocBizStudy

1 Don’t just plan, … execute and follow through, too “If I didn’t have senior leadership support, and if I hadn’t had the head of our sales force tell me that we had to be the first in the industry to do this, then it never would have happened.” Lauren Boyman, director of digital strategy, Morgan Stanley Wealth Management @DU_Press #SocBizStudy

2 Lead by example “It’s a fundamental equation: no involvement (by leaders), no commitment (by employees), no exception.” Vala Afshar, chief marketing officer and chief customer officer, Enterasys Networks @DU_Press #SocBizStudy

3 Take a pragmatic approach to measurement “It takes time to figure this (social business ROI) out … You won’t see the benefits until after you have changed the ways you work.” Ralf Larsson, director of online engagement at Electrolux @DU_Press #SocBizStudy

But wait, there’s more … Social is also changing how the C-suite works together CMO CE O 70% of C-suite leaders believe social business is “an opportunity to fundamentally change the way we work” CFO *Chief Digital Officer CIO CDO * CXO @DU_Press #SocBizStudy

Greater collaboration between the CMO and CIO CMO CI O “What we’re seeing in the market is a real partnership starting to evolve between the IT and marketing organizations.” • • “IT can take on matters such as ensuring the site is up, apps are running, metrics are solid, and the infrastructure is well-managed.” “Marketing can manage the content.” Bill Ingram, vice president analytics and social at Adobe @DU_Press #SocBizStudy

Emergence of the Chief Digital Officer (CDO) The basic mandate of the CDO is to provide broad leadership of key digital-based initiatives that affect the entire organization or its critical focus areas. CDOs can be found in a variety of sectors, particularly media, entertainment and non-profit sectors. Gannett Simon & Schuster CD O Starbucks Harvard University Columbia University @DU_Press #SocBizStudy

Conclusion    The onus is on leaders to believe, and act on the belief, that social tools can help solve important business problems. Examples of leaders championing social business like Michael Dell exist. The question is: How many senior executives at other companies will follow their example? @DU_Press #SocBizStudy

Join the discussion: Share your ideas for promoting social leadership    Please share your experiences with us. How are leaders embracing social at your company? Join the #SocBizStudy conversation, or follow @DU_Press on Twitter. The Executive’s Role in Social Business Visit our site to read our research and learn more. MIT SMR Summer edition 2013 @DU_Press #SocBizStudy

Participate in our 2014 study We’re kicking off our third annual research study on social business with MIT Sloan Management Review. Help us understand how social business is evolving within your organization by participating in our survey . @DU_Press #SocBizStudy

Deloitte University Press publishes original articles, reports and periodicals that provide insights for businesses, the public sector and NGOs. Our goal is to draw upon research and experience from throughout our professional services organization, and that of coauthors in academia and business, to advance the conversation on a broad spectrum of topics of interest to executives and government leaders. Deloitte University Press is an imprint of Deloitte Development LLC. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2013 Deloitte Development LLC. All rights reserved.

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