I’m often asked various forms of the question “What can ‘social business’ actually deliver in terms tangible benefits?”It’s a fair question, for a relatively new set of processes and tools for the vast majority of companies today, social collaboration can sometimes seem like alchemy.
One way to provide some answers is to quote statistics that have emerged from the industry as it matures. For example,McKinsey estimates that through added value and productivity, social could add $1.3 trillion to the economy.
But perhaps a more valuable (or at least more tangible) insights can be gained by real-world examples of organizations that are doing it right. One solid example is a client of my firm, 7Summits, who was entered for a 2014 Forrester Groundswell Award, Penn Foster. Penn Foster is the nation’s leader in distance education, offering more than 105 accredited and career-focused degree, diploma and certificate programs. The school is also a Training Partner to over 1,000 corporations and 400 schools and institutions, and has over 25,000 graduates each year. For a full description of their recent initiative and it’s impact, please see this post on the 7Summits Blog.
Here is how Penn Foster answers the big question:
- 200% increase in user adoption
- Over 60,000 registered users within the first year of adoption
- 30% reduction in email interactions for 2013
- Cost per interaction has improved by 45%
- Increased engagement with students and unprecedented access to personal insights that help tailor communication
That’s the sound of the needle moving!