Value of social networking yet to be determined

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By 2017-10-19

By M Rishar M Saleem

Faced with the current challenges of global recession and ceaseless economic storms, there has never been a more vital time for businesses to explore radical and innovative solutions to their daily business practices.

Employers and employees are forced to work harder, more efficiently and strategically to overcome these challenges that don't seem to be effectively answered by conventional business practices. Hence, businesses are moving towards a new era of technology and more systematic organizational networks that will direct the organization to a more effective workplace, report highlights.
A research paper by the University of Sri Jayawardenapura (USJ) highlights the importance of social networking (SN). Many businesses worldwide, especially in western countries, have understood the scope of SN as emails and intranet trends expire. SN such as Facebook, LinkedIn, twitter, YouTube and blogs have provided opportunities for both formal and informal relationships with stakeholders at various levels, which aids knowledge transfer and effective communication that result in high productivity, as they support a wide range of interests and practices. SN marketing has led customers to define their own perspective of the company brand, creating a friendlier and less formal atmosphere. In other words, SN has proven more collaborative, productivity-enhancing and cost-friendly.

Many countries do perform business activities on SNs, as they have understood the importance of mixing with the public and getting more transparent.

The research further highlights that Sri Lankans are not new to the social networking trend. Internet users are typically signed up with at least one SN. As a matter of fact, Social Bakers (2011) suggest that there are at least 900,000 Facebook users in Sri Lanka. Although from a business point of view, organizations either don't find it trustworthy, or do not know how to use it productively. The values of social networks in business are yet to be determined, even though these would provide unprecedented opportunities to get the word out to the world. CFT will feature this paper in an interview with Professor D Gunawardena in a future date.

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