Enterprise Social Network - m-hance Social Business
The communication conundrum
As the saying goes – knowledge is power. In this constantly changing and challenging world, not having the right information or knowledge to hand can result in lost revenues for companies of all sizes. But as we struggle to become more and more connected, we find managing those connections difficult. For some, the sheer volume of information and data created on a daily basis is overwhelming. For others, simply finding and identifying the relevant information that exists within a company can be frustrating. From email conversations and Twitter, to project management and face to face meetings, information is coming at us from all directions. But how can companies and employees filter the noise into meaningful and relevant conversations that can have a positive impact on the bottom line?
Welcome to m-hance Social Business
What is social business?
Sitting under the banner of Enterprise Social Network (ESN), m-hance Social Business takes the principles of social networks, commonplace in the consumer world, and applies it to the enterprise. Think Twitter and Facebook but with your company and employees at the centre. Functionality and usability are as simple as the well-known consumer social networks, and apply the same features to the workplace. From status updates, activity streams, tweets, tags, groups and image and document sharing – it provides employees with a platform to make their connections at work more valuable.
Why does it matter?
m-hance Social Business is a valuable tool for companies who need to find a more efficient way of working together. Analyst group Gartner predicts that by 2014, social networking services will replace email as the primary vehicle for interpersonal communications for 20% of business users. It also believes that by the end of 2013, 75% of new business applications will incorporate social user styles, conventions and information feeds for the user experience.
As companies attempt to move from -systems of record, to systems of engagement, Enterprise Social Network is able to help them manage the engagement strategy effectively and to everyone’s benefit.
The bottom line
While the expectations of ESN growth are high, it’s the impact of social networking on a company’s bottom line that makes it an important tool. Our research has shown that m-hance Social Business can increase productivity by an average of 2% per user. This can result in a saving* of £70,000 in CAPEX and OPEX per 100 users. The more users, the higher the saving – those with over 1500 users could realise savings of £1.05million per year. Whether you target your system use to saving time and money, better managing existing cash or growing revenue streams you can be sure you will get a return on investment within your first year.
Knowledge is power
When we asked our customers whether silos of knowledge existed within their company, 90% said yes. The question of how to access appropriate and relevant information that exists within a company is easily answered by m-hance Social Business. The process of sharing information and obtaining it via structured groups, keyword searches and activity streams makes the conversation relevant – meaning it’s easier and quicker to get on with your job.
90% of customers surveyed believed that knowledge silos exist within their business.
It’s not just us that see value in information. When we asked the same group of customers if their company would be more profitable if their employees were better informed – 80% said yes.
80% of customers surveyed believe their organisation could be more profitable if staff were better informed.
Reducing the noise
Filtering out conversations and information that isn’t relevant to you has become a job in itself. How many times have you received an email that has copied in all recipients that isn’t targeted to you? Conversely finding and identifying useful information that can be buried in email conversations or after you have dropped off an email conversation can be frustrating. Worse what happens when you wait so long for a response to an email that you miss an opportunity?
75% of customers surveyed missed sales opportunities due to lack of product or other information.
65% of customers surveyed fear knowledge is lost when staff leave the business.
We think of m-hance social business as the ultimate unified communications tool. It incorporates all the features that we have come to know and love and packages them in to a platform that is meaningful and fast. No more missed information, no more reinventing the wheel, no more waiting for a response. As you opt-in to groups and conversations you know that they’re relevant. Questions, ideas, and knowledge can be shared, liked and posted on group walls, even as activity lines – all in real time. This information can be shared by all – from the CEO to the post room, from sales and marketing to finance and HR. Think of it as 360˚ communications.
55% of customers surveyed find it difficult to ask a question and get a response from their whole employee base.
As Richard Edwards, principle analyst, software at analyst group Ovum, put it “Do the switch test - use an ESN for two months then imagine someone came and tried to sell you email - you’d laugh them out of town.“
A long engagement
It’s well known that an engaged employee will go beyond the job specification to deliver what is in the organisation’s best interest. They are likely to be more productive, better brand advocates and be responsible for increased customer satisfaction rates than their disengaged peers. They are also easier to retain and have lower absenteeism rates. Add in reduced recruitment fees and lower ‘new starter’ costs, and the case for improving employee engagement rates is strong.
m-hance Social Business is ideal for engaging employees by creating a community and platform for sharing knowledge. As employees are able to become more involved in contributing to discussions that impact products, customers and the company itself, so their commitment grows.
What does m-hance Social Business mean to your company?
- 94 % improvement in connection to others
- 90 % improvement in breaking down knowledge silos
- 88% improvement in understanding the company and departmental objectives
- 88% improvement in ability to contribute to the business
- 87 % improvement in question response times means faster service on to the customer
- 68% reduction in email noise
- 16% improvement on sales performance
* Calculation based on average cost of employee of £35,000 per year, including all costs such as training and bonuses etc.