Great social intranet technology provides an online place for employees to build stronger professional identities and insights. Great internal social technology is also free from the limitations of the physical world, allowing employees to connect across geographical locations, time zones and multiply their influencers. It’s estimated that companies can see up to a 35% increase in employee engagement, a 15% increase in successful innovations, and a 10% increase in customer loyalty just by using a successful internal social technology.
Internal Social Technology Decreases Your Company’s Costs
Social intranet software reduces company costs by providing fast access to information on any web browser or mobile device, reducing travel and communication costs are cut by bringing together employees and outside partners on common online workspaces.
Estimates are that with internal social technology a company could see 10-20% reduction in travel costs, 10-15% reduction in communication costs and 10% decrease in operational expenses (Source: McKinsey)
Internal Social Technology accelerates company’s productivity
Internal social technology shifts communication from a medium optimized for one-to-one communication (email) to a platform where messages are conveyed more rapidly across the organization are searchable and accessible by many teams. For, e.g., a financial analyst looking for the latest interest rate forecast for an overseas sales region of the company can search the company’s internal social network for mentions of that data, rather than initiating a long search by email to find out who has the data. A new member of a team can quickly get up to speed by reviewing postings by existing colleagues in the team.
Company’s productivity increases as teams spend less time looking for information can get to experts faster, and the company moves from sharing, transparency & discovery to getting work done around business objectives.
Estimates are that with internal social technology 30% of current total email time could be re-purposed for getting work done by moving communication out of email and freeing up 8% of the work week for more productive activities. With additional time savings from collaboration and tasks such as communicating and seeking information, internal social technology could yield overall productivity improvements in the range of 20-25% (Source: McKinsey)
Internal Social Technology accelerates generation of new revenue
Many industries and sectors can create value by adopting social technologies internally & externally, especially the ones that depend heavily on interactions with clients and among professional colleagues to carry out their work and develop new business. Companies involved in the sectors of accounting, marketing, architecture, management consultancy, engineering, IT, scientific research, etc. Involve a high degree of collaboration and interaction, and by using more efficient ways to communicate and collaborate with internal social technologies, they could create a value of as much as 12% of the operating costs.
Companies can streamline processes using internal social platforms to create, share guidelines, instructions for repetitive tasks, co-drafting client proposals. Additional processes like building a primer for common issues, best practices, blueprints for new engagements, knowledge of foreign legal systems, customer success stories, etc. The Platform is allowing your workforce to spend more time getting new business and executing on projects at hand.
Estimates are that with internal social technology a company could see about 10-15% increase in overall revenue. (Source: McKinsey)