We must get sector specific when seeking to “double click” on the potential value of social technology tools to a given company or organization. As this helpful graphic from McKinsey’s report on The Social Economy shows the value and ease of capturing this value varies greatly by sector or industry.
Interesting Examples: It is especially interesting to note cases where the size of GDP contribution is similar, but the ease of capturing this value differs. For example, national government and banking have similar sized opportunities. However, it is easier to capture this value in banking, a largely privatized industry, than in national government institutions.
So What: When looking to leverage social tools to drive business value, not all opportunities are created equally. Clearly the opportunities and the challenges in banking and national government differ. We must stop thinking only in terms of the size of business value found in leveraging social tools, but also the industry specific factors that impact the ease of actually using these tools to drive this value.