Relevance of social media in today’s business environment

Abstract

Companies are increasingly keen to use social media for business purposes, in particular, as part of their communication, marketing and recruitment strategy. Results of a recent survey conducted by Wildfire Interactive, Inc. indicates that social media efforts are valuable to grow brand awareness, engage in dialogues with customers, increase sales and partnerships and reduce costs. But that?s hardly the best way for globally sourced corporations to make most effective use of the new technology. Social Media can also be used in supply chain by building relationships across various participants in the downstream of the supply chain via multidirectional communication. Moreover it helps gain insights into the issues such as evolving supply-chain ontologies and additionally impacts the velocity with which information is generated and processed Real-time integration of advanced software – some already on the market, some in the developmental stages has already allowed some companies to coordinate with the entire logistics network. This means internal reports can be processed with dramatic precision, and external players in supply and warehousing can communicate any potential problems before they happen. These advantages emphasize the increased importance of Companies to make effective use of social media to stay competitive. In this report, we will assess the role that social media plays in various aspects of a business. We would finally identify the role of JDA Software, an SCM solution provider in such a business environment in India.