by Joe McKendrick
August 8, 2011 at 11:37 pm · Filed under
Enterprise 2.0, Social Computing, Social Media
As we’ve been discussing here at this site for some time, there are tangible business benefits being realized from adoption of social media platforms as part of a comprehensive Enterprise 2.0 strategy.
However, this is a message that is not getting through to small businesses.
Hiscox, an insurance company. recently surveyed US small business leaders on their social media usage and found that many weren’t using these important channels to promote their businesses and products. Only 12% of businesses described social media promotion as a must and nearly 50% of respondents aren’t using social media at all.
For those that did use social media for their business, 19% use Facebook, 15% use LinkedIn, and 4% use Twitter.
Traditional modes dominate small business communication. Nearly two in five respondents said word-of-mouth was the main way they got business, and another 42% cited word-of-mouth in combination with other marketing promotions.
When all respondents were asked about how they felt about using social media for their business: 12% describe it as a must, they do it all the time; 24% do it when they have the time; and 14% indicated they don’t know enough about it.
by Bill Ives
August 8, 2011 at 3:35 am · Filed under
Enterprise 2.0, IT Department, State Street Bank
State Street Corporation is known for banking and one of the reasons that Boston is a financial services hub on global scale. They are also looking ahead to predict how technology will impact their industry and released its Vision Report. The report, “The Evolving Role of Technology in Financial Services,” looks at the impact of forthcoming advances in three specific areas: analytics, electronic trading and regulation, as well as portfolio allocation and modeling.
The report looks at the impact that next generation technology such as cloud computing is expected to have on the industry. According to the report, investors will obtain significant benefits through greater automation and capacity on demand, accelerated time to market of innovative new products — including custom analytics and data — greater security and strengthened client service.
It opens with this statement: “Technology has long played a key role in the financial services industry. Today, however, a number of new and rapidly accelerating trends are emerging that promise to usher in an entirely new paradigm. Information technology can no longer simply be an “add on” at the periphery of the business, but rather must be deeply embedded at its core.” It has come a long way from simply counting beans.
State Street’s Vision report also explains that, unlike today, the financial services industry will soon deploy increasingly sophisticated, forward-looking technology tools and analytics that will enable investors to understand and model actual precursors of performance. For example, instead of today’s simple descriptions related to risk position and market stability, investors will soon be able to see more acute and intricate insights and the actual factors that contribute to those risk positions. These factors alone, the report states, will have reverberating impacts on the habits, business processes and decision-making of institutional investors around the globe.
The report is divided into three main sections:
Technology with a Purpose: The Next Generation Today section discusses the integration of risk and return technology by investment service providers to address asset managers and asset owners’ growing need for more detailed portfolio analytics, process transparency, risk management and dashboards to improve the speed and kind of information they are receiving and their access to it.
Using Technology to Adapt to the New Regulatory Environment section examines the review of electronic trading by regulators following the start of the financial crisis in 2008. Technology has been at the forefront in enabling the exponential growth of electronic trading and has become the only solution to effectively meet the challenges inherent in new trading regulations.
Portfolio Allocation and Modeling — Look at the question: Technological Arms Race? And explores technology’s solutions to meet today’s leading global asset management challenges, including market crowding, pricing inefficiencies, risk and rebalancing.
The report states the drivers of the changes they cover include several factors. One is clients’ demand for more and faster information, greater transparency, and improved risk management. We can certainly use all of these, especially the last one. Another is that the perceived value of data has fundamentally shifted. This was the theme of several session sat the Boston Enterprise 2.0 conference (for example see: My 2011 Enterprise 2.0 Conference Notes: Big Data Analytics for Social Media).
In addition, the globalization of the workforce, which has led to around-the-clock schedules, the acceptance of open source-based strategies and the use of multiple procurement partners, is also an important factor. Taken together, these changes have set the groundwork for the emergence of a new business and IT model that will likely disrupt conventional thinking about the roles and capabilities of IT systems within financial services.
by Bill Ives
August 2, 2011 at 3:10 am · Filed under
Social Media, Twitter
I read an interesting article in the Neiman Labs blog, Is Twitter writing, or is it speech? Why we need a new paradigm for our social media platforms. It asked the question: Is Twitter writing, or is it speech? It clarified the reason for this question as we treated these two forms of expression quite differently. Text is seen as stable and more permanent and this has legal implications.
The article compares the two as follows: “Text, we figure, is: conclusive, in that its words are the deliberate products of discourse; inclusive, in that it is available equally to anyone who happens to read it; exclusive, in that it filters those words selectively; archival, in that it preserves information for posterity; and static, in that, once published, its words are final. And speech, while we’re at it, is discursive and ephemeral and, importantly, continual.”
The article concludes: “The framework of text and speech falls apart once we recognize that Twitter is both and neither at once. It’s its own thing, a new category. Our language, however, doesn’t yet recognize that. Our rhetoric hasn’t yet caught up to our reality — for Twitter and, by extension, for other social media.”
I find it interesting that this debate occurred when text as we know it was first introduced through the Greek phonetic alphabet. Plato commented on this latest information technology breakthrough of his time. He said in The Republic that text is a better means, than the oral tradition, to convey and store information. Then he cautioned the limits of text in Phaedrus that meaning is better derived from the dialog of viewpoints.
When blogs first appeared similar discussions about the hybrid nature of social media arose. The researcher Alexander Halavais said that blogs offer “Discourse at the boundary between conversation and publication.” They can give greater context and connection.
Blogs took the conversational aspects part way through their informal style and the opportunity for comments. Now Twitter moves the dialog much further through its real time ease of use. The Neiman article noted and interesting twist in this direction. It commented that, “Wall Street Journal outreach editor Zach Seward talked about being, essentially, the voice of the outlet’s news feed on Twitter. When readers tweeted responses to news stories, @WSJ might respond in kind — possibly surprising them and probably delighting them and maybe, just for a second, sort of freaking them out.” Now the Web talks back at you through Twitter, more so and faster than with blogs.
The article notes that text has been “considered an artifact and a construct, has generally been a noun rather than a verb, defined by its solidity, by its thingness — and, in that, by its passive willingness to be the object of interpretation by active human minds.” But now this could be changing as it becomes more dynamic.
They note that Twitter is not very good at the archival part yet but it should improve. This is one reason that I post my favorite tweets on this blog every two weeks so I can go back to them. I also find it an interesting recap of what I found useful in the past two weeks when I set up the post. One thing that is needed is better curation tools and they mentioned, Storify. It allows you to create stories using social media.
The article concludes that “our text-ordered world is resolving back into something more traditionally oral — more conversational and, yes, more ephemeral. ‘Chaos is our lot,’ Clay Shirky notes; ‘the best we can do is identify the various forces at work shaping various possible futures.’ One of those forces — and, indeed, one of those futures — is the hybrid linguistic form that we are shaping online even as it shapes us… A paradigm we might call “Twitter.
