We have said it a million times and we still cannot say it enough – social networks have changed the way businesses communicate. It has proved to be productive and has opened up better work avenues spanning the world. Roughly, 79% of business organizations have started using social tools for collaboration.

Allow us to spell out the specific benefits of using social collaborations or social network tools that can prove fruitful for your business.

Retention of knowledge resource: Organizations lose 80% of their knowledge due to inefficient communication. There are many people doing many things in a single business. Some of them may choose to leave the firm at some point. A challenging aspect of employees’ exit is to retain knowledge and their contribution in the company or business. This is specifically crucial for new age startups that are struggling to save cost and resources. Social collaboration tools successfully solve this problem by creating a system of dumping, saving, sharing files and documents along with ideas.

Remote partnerships: Today businesses have a more geographically dispersed teams along with ad hoc partnerships or staff telecommuting. There are startups and small or medium businesses who have employees working remotely. There are big corporations with branches, headquarters, offices worldwide. Here’s where social collaboration tools remove the physical barriers and hurdles and allow businesses to work smoothly.

System-oriented approach to productivity: Since social collaboration tools eliminate the need for emails replacing it with things such as notifications, status updates, news feeds, private and public chats, group chats, easy file and photo sharing etc, they are automatically able to run the organization within a system that’s recordable and saving data loss.

Reducing wastage saves cost: A Mckinsey report stated that communication through social tools can raise productivity of interaction team members by 20 to 25 per cent. It’s already established that miscommunication leads to wastage. Social collaboration tools embedded in the form of Custom Social Network Design reduce this wastage of resources through an active engagement of team members by reducing unproductive communication and waste of time. This eventually helps companies and businesses save cost.
Computerworld’s 2015 Forecast report had said that “social networking, alongside predictive analytics, will be one of the most disruptive business technologies over the next three to five years, more so than the Internet of Things and mobile payments.”