Chart - Social Business Innovation

Companies have big plans to use social tools as innovation platforms, details a new study from the IBM Institute for Business Value. Among companies experienced in social innovation activities, 57% now use social business for internal collaboration, but that number will reach 78% over the next 2 years. Similarly, while 58% now monitor customer comments for new ideas, 78% plan to do so in the next 2 years. Other areas in which more respondents plan to use social business for innovation include gathering feedback from customers (73% planning vs. 46% currently using), enabling customers to submit plans and solutions (68% vs. 40%) and more effectively collaborating with partners and suppliers (72% vs. 38%).

A separate study from the Economist Intelligence Unit and Oracle released in November similarly found social media looming large in innovation cultures. Asked which of 4 technologies would best be suited for helping their companies’ business units innovate effectively, a plurality of global executives named social media for developing new channels to market (44%) and improving customer experience (43%). Still, they chose big data analysis first for developing new products or services (38%), improving business process (38%), and developing new pricing models (60%). Read the rest at MarketingCharts.