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McKinsey’s Report on Web2.0 Benefits

There were lots of opinions and gossips about the business benefit of web2.0. This study presents a more in-depth survey result. It would have been nicer if the benefits quoted are more measurable.
How companies are benefiting from Web 2.0 – McKinsey Quarterly – Business Technology – Strategy

Web 2.0 technologies can be a powerful lure for an organization; their interactivity promises to bring more employees into daily contact at lower cost. When used effectively, they also may encourage participation in projects and idea sharing, thus deepening a company’s pool of knowledge. They may bring greater scope and scale to organizations as well, strengthening bonds with customers and improving communications with suppliers and outside partners.

This year’s survey turned up strong evidence that these advantages are translating into measurable business gains (Exhibit 1). When we asked respondents about the business benefits their companies have gained as a result of using Web 2.0 technologies, they most often report greater ability to share ideas; improved access to knowledge experts; and reduced costs of communications, travel, and operations. Many respondents also say Web 2.0 tools have decreased the time to market for products and have had the effect of improving employee satisfaction.

Looking beyond company borders, significant benefits have stemmed from better interactions with organizations and customers. The ability to forge closer ties has increased customers’ awareness and consideration of companies’ products and has improved customer satisfaction. Respondents also say they have been able to burnish their innovation skills, perhaps because their companies and customers jointly shape and cocreate products using Web 2.0 connections. Some respondents report that these customer interactions have resulted in measurable increases in revenues.

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