Corporations realize the benefits of enterprise social software solutions

New IDC research has revealed that enterprise social software adoption is growing quickly, as organizations realize its potential business benefits.

The new study – Determining the Value of Social Business ROI: Myths, Facts, and Potentially High Returns – found that 41 percent of respondents indicated they had already implemented an enterprise social software solution. IDC also predicted continued uptake of enterprise social software, forecasting the emerging market to generate revenues of nearly $2 billion by 2014, with a compound annual growth rate of 38.2 percent between 2009 and 2014.

IDC research director for Enterprise Collaboration and Social Solutions, Erin Traudt, said that despite the positive forecasts, businesses would have to strive to better understand the complex benefits of social media-style initiatives to establish an effective measure for Return on Investment (ROI).

IDC believes business executives need to understand not only the traditional metrics and value calculations of ROI, but also the impact that social business initiatives have on these computations and their interrelatedness.

“To determine social business ROI, organizations must consider why their customers and/or employees are using social software and understand the cost/benefit impact related to people, process, and technology,” said Traudt.

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