Social networks in the workplace: the risk and opportunity of Business 2.0

Abstract

Purpose This paper aims to present the opinions of Daniel Burrus, a futurist who has been predicting for decades which technologies would become the driving force of business and economic change, on a new trend called “Business 2.0.” This involves using the new web‐based social networking applications (many of which were originally created for personal use) in a way that fosters innovative teamwork, customer co‐creation of value, collaboration with external partners, and interactive communication between leaders and employees in an efficient way. Design/methodology/approach The author describes how social networks created for personal use can be employed to facilitate leadership communications and have peer‐to‐peer features that offer advantages over intranet systems designed for business use. Findings By re‐purposing the use of personal social networking technology as a set business tools, companies can increase collaboration, problem solving, and improve communication transparency, all of which are critical to adopting continuous value innovation focused on the customer. Practical implications Many sensitive issues need to be thought through, such as what happens when a memo or communication meant for internal view only is widely circulated over the internet. Originality/value Innovative companies are beginning to embrace social networking tools as a way to enhance communication, information sharing, and collaboration, thereby allowing them to implement many innovative, even radical, business practices.

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