This hack would "Personify the Legal Enity" as to socializing with the External Environment as well as the Internal Environment. It enables an organization to be adaptive to changes and be 'Proacvtive and not Responsive'. Although the benefits would be more or less Intangible yet in the Long Term the Fruits of this Solution would be worth yielding.

Problem

The problems which are being addressed through this hack are listed as follows:

1) Employees - An intangible asset to any Company, whose Return On Investment can be measured only by the contribution he/she makes to Company's profitability.. Social Media can improve this multi-fold if used effectively.

2) Business Partners - Partners to our business (mainly Customers and Suppliers) with whom regular communication is a must, would not only like to send or receive dunning reports or balance statements. Just think how creative it would be to implement social media in this area..

3) Small Businesses - Social media in Business Environment is a newfangled idea and is more beneficial to small businesses or niche markets as they can experience multi-fold growth in a short span of business life cycle. But overutilizing or underutilizing poses a threat.

4) Retail Space (Consumers at large) - The largest resource (in numbers) have to be addressed using some media of communication. Currently visual aids like television, advertisements are used. Social Media can assist the Company in communicating better with the consumers or Society at large.

Solution

What impact did Social Media have to our personal lives ? ?

a) We can keep in touch with about 1000's of contacts.

b) Keep a Track of what everyone is upto (Newsfeeds).

c) Share and gathers views and ideas.

And all of this can be done anywhere in this planet.

So personally, Social medias help us to socialise better. But Companies are meant to do its core activities of business and trading or such other adventures. What solution can Social Medias provide to a company !!

Working (in a - for a - with a) company is boring no more ;

With the wide range of instruments of social media a company can devise a strategy to socialise with its internal as well as external environment using Blogs, Social Networking, RSS, Audio/Video Sharing, etc..

People can interact only with living objects (or virtual maybe) ;

With over billions of internet users, millions of social media subscribers each year this space of Social Media is not new to anyone. The only hurdle being, 'A' can only interact with 'B' where 'A' is a person and 'B' is a virtual self of a person. Using social medias Companies are personified and it helps people to understand better the Company inside out.

Using Social Networking with Business Partners ;

A company 'X Ltd.' has a vendor 'P Ltd.' and vendor 'Q Ltd.' . Both the vendors supply Raw Materials to 'X Ltd.' .

For 'P Ltd.' - 'X Ltd.' at the end of each month confirms balances in each other books and reconciles differences (if any). Therefore, the documents exchanged are only Invoices, Payment Vouchers and Balance Confirmation reports in addition to Purchase Orders, Quotations, etc.. (How Boring !!)

For 'Q Ltd.' - In addition to all documents as transacted with 'P Ltd.' , X Ltd has subscribed to Q Ltd's Blog and Facebook page. X Ltd has obtained a Log-In ID to Q Ltd's Web page in order to make online orders and keep abreast of Q Ltd's ventures. Both X Ltd and Q Ltd have updated each others records in its own PB Wiki(Works) pages. This has resulted in reduced paper works and physical correspondences. Both companies use Zoho Office Suite for Online Collaboration of Invoices and Spreadsheets, etc.. (Awesome !!)

Human Resource Management ;

A company 'X Ltd.' (having its branches all over the world) has employees 'ABC' and vendor 'PQR' .

For 'ABC' - 'X Ltd.' has provided 4 digit Employee Number and 8 alphanumeric character password (like 06AK51Q3) which changes weekly. ABC is supposed to fill in the Performance Sheet on Company Website every week. The Company Log In for Employees expire after Office Hours for Server Maintenance. Usage of Social Media Websites are barred during Lunch Breaks or Tea Breaks. (How Boring !!)

For 'PQR' - PQR can Log on to the Company Web Site via his personal E-mail ID or Facebook ID. Also the Company has launched its PB Wiki page wherein Performance Data can be uploaded by PQR at any time (24/7 or 365 days). Although Personal Social Networking Sites can be used only during breaks, Employees can have access to Blogs and Company's Media Pages throughout the office timings. This helps company to interact socially with its Employees during business hours as well. [For eg. PQR has updated his FB status on Company's FB Page - 'Got promoted to Sales Executive - Asia Pacific' and in 20 minutes it has 90 likes and 75 comments from X Ltd employees all over the world.] (Awesome !!)

Societal Reachability ;

Employees and Consumers being Social Animals (unlike Business Partners) are widely benefited from usage of Social Media Interaction. There are Management Theories which are sketched around Employees and Consumer. Some say Consumer comes before an Employee and some say the reverse. (Well, leaving that discussion at its own place and coming to Social Media) - Social Media gives both the parties equal and weighted importance, because at the end of the day it is the interaction of emotions.

:) :-{{ :( >.< ;) :D :-) =):-) < :-)

Practical Impact

To simply put ;

a)Employees Happy

b)Customers Happy

c)Vendors Happy

d)Society Benefitted with information

e)Company becomes a Huge Family with stong bonds

First Steps

Identify the needs of the business (like Employee Satisfaction, Customer Relations, Effective Communication, Marketing).
Determine tools of Social media for each requirement.
Analyse and forecast benefits and problems of each media to be introduced.
Departmentalize medias as per media instrumrents : (eg. A separate department Handling Information posted on Web pages publically diaplayed like FB page, Twitter, Wikipedia. Another department handling Multi-Media Sharing like Ads put up on Youtube, Podcasts, Webinars, etc.)
Appointing a Fiduciary Audit Associate in order to monitor such activities and Assessing Return On Investment.