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Blog 3 Social Media And Compliance

620 words - 3 pages

Electronic Information sharing and social media continues to grow rapidly as a medium for companies to communicate and interact with their customers. They are utilized by 72% of the companies as a marketing/communication medium. One of the main reasons for this success is the speed at which information can be communicated. A study conducted by McKinsey Global Institute indicates that there is a potential to create a value of 900 billion to 1.3 trillion dollars by increasing productivity in the four main sectors: Consumer packaged goods, Retail Financial Services, Advanced Manufacturing and Professional Services. Two thirds of the value comes from better communication and ...view middle of the document...

Information on social media travels at the speed of internet. In order to meet the regulatory compliance requirements, companies have to plan and prepare. Trying to suppress the technology is counterproductive given its importance. Technology and training can help companies manage this issue. Several companies are now taking advantage of software, which aid them in integrating their corporate governance with internal policies and training. When these solutions are effectively implemented companies will be able to continue enjoying the benefits of social media while meeting the regulatory requirements. Autonomy Social Media Governance is one such software, which works by identifying customer touch points such as Social media interactions, Sales calls, Commentary on blogs and virtually any interactions that occur with a customer. The software stores all of this information in a meaningful way such that they allow businesses to convert voice to text, perform trend analysis (themes of interactions), generate reports regarding customer interactions, and...

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