Millions of users follow and interact with each other on different social networks. Companies must adapt to the new phenomena of social communication as part of this context. This article analyses the impact of social networks on company communications, new social consumers and their new purchasing habits, the opportunities for companies on social networks, and finally the trends and challenges in the immediate future.
In this interview, Enrique Dans, a Professor in Information Systems at IE Business School, looks into the main changes ICT is bringing to people, organisations, and the society. This renowned expert argues that, with the breakthrough of social media, organisations need above all to think about how to develop processes to absorb information. This will allow them to identify conversations of their customers, prescribers and competitors. Prof. Dans explains that the development of personal protocols in accepting technological change always lags behind technology. In his opinion, regulations need to adapt to change by setting the new situation as a standard; moreover, help should be provided to those suffering under disruption.
Nowadays, social media have become a major marketing tool for businesses. But, in addition to being an excellent tool for managing the relationship with customers, social media are also used by companies for many other purposes. This article analyses these other uses.
Social media play a relevant role as the basis to most processes related to information transfer as well as knowledge creation and transfer. In order to optimise those processes in organisations, knowledge management needs to take into account essential functions of social media. In this article, we describe some of the specific mechanisms by which a social media structure influences the effectiveness of information transfer and knowledge creation and transfer. Based on this, we put forward some considerations on the most suitable features of social media to meet organisational objectives. Knowledge management must be able to use existing social media and, if possible, to have those media adopt the most adequate structure.
In its editorial page, the journal introduces the dossier of the second Oikonomics issue. As social media are a current topic, the dossier includes five contributions by experts suggesting different approaches to how social media relate with economics and business, in order to provide more detailed information on their use and opportunities. The idea is forwarded from different perspectives (information management, marketing, business organisations, financial markets, social change…) in an environment where opportunities and challenges posed by online social media have a significant impact on the global economy. Information and Communication Technologies (ICT) stimulate innovative dynamism and have become one of the main foundations of the radical change experienced by the economy and social structures in the last decade as they are becoming a massively used resource affecting all economic and social stakeholders.