siliconindia | | May 20136The growth of social media has been incredibly fast ­ more than anyone could have predicted and certainly faster than our ability to immediately grasp its power or its risks. Statistics showing that 80 percent of companies have Facebook profiles and 74 percent have Twitter accounts signify the pervasive reach of social media as organizations scramble to cultivate its marketing potential. However, stories about Twitter breaches by former employees, or workers hacking into the company Facebook page and posting damaging or inappropriate content, demonstrate that organizations have much work to do if they are going to harness the benefits of social media and avoid the risks. The rewards of using social media to further a company's goals are very real. Many businesses are finding that social networking engagement can offer returns that can be realized quite quickly. In a study, where McKinsey Global Research surveyed 3,000 business executives, 63 percent of them reported their companies had significant business gains from using social media. These gains included increased revenue, more effective marketing and lower total cost of ownership. McKinsey hypothesized that companies could be leaving as much as $1.3 trillion on the table by not actively participating in social networking. The less obvious cost of lost opportunities from failing to leverage social media tools is also important. In addition to the competitive disadvantages, our next generation of workers has been raised immersed in social media from a young age, predominantly accessed via the mobile devices they are never without - iPhones, iPads, and all manner of Android devices. This is how they communicate with each other and we should not expect them to change just because they enter the workforce. Social media is part of their lives and they have learned how to be productive using it. In an interesting survey done of high opinionin myis a Boon for BusinessesManage the Risksbut Only if they Based in San Diego, EdgeWave (NASDAQ:EWVE) develops and markets on demand, on premises, and hybrid Secure Content Management (SCM) solutions to the mid-enterprise and service provider markets. By Dave Maquera, CEO, EdgeWaveSocial Media Dave Maquerasiliconindia | | May 20136
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