It’s pretty much official at this point that social media is making a huge impact on businesses small and large. More than half of small businesses in Canada now use social media, a 42% increase from last year. Major think-tanks across North America are predicting big impacts for companies leading to billions and trillions more dollars added to the economy as a result of productivity gained through social media. The challenges for so many businesses will be understanding how to get on board, as managers have to adapt to nonhierarchical cultures, where data and company knowledge are exposed and shared widely, not controlled and protected.
If all this makes your head spin, check out this recent article from Financial Post that nicely summarizes the latest impacts and potential future universe for businesses. Be sure to follow the links to articles referenced within the article for specifics.