Mobility and social media platforms are changing the way companies do business. However, when it comes to adoption of these technologies, companies are slow to capitalize on it, according to a recent report by PricewaterhouseCoopers (PwC).
The 2012 Business Insights survey conducted on 400 private Canadian companies found that more than 53% said mobile computing is low priority when it comes to technology development. More than 47% said they plan to use social networks for sales and marketing purposes.
“If Canadian private company leaders are looking to grow their top line, they need to have a very good understanding of technology in general; but, if they don’t, they need to invest the time in overcoming that learning curve because it’s a business imperative,” said Tahir Ayub, PwC’s Canadian private companies services leader, in statement.
The report found that organizations are unaware of the factors involved with managing social media, such as cost and labor, the lack of knowledge around the return on investment, and being wary of risks associated with social media.
Almost 25% respondents said they have no plans to invest in mobile computing, while more than 28% said they don’t plan to use social media at all.
Social media allows companies to take a targeted approach to finding the right talent and speaks directly to Millennials, a demographic group that has grown up with technology. Use of Twitter is growing, while Facebook is being utilized to some degree. PwC, however, said labor shortages and the recruitment of skilled staff are one of the top three issues for companies not to adopt social media in their business.
The report shows that companies (or employees) expect to use the same technology in their personal and professional lives in order to be productive in their jobs. If they realize companies are not using social media inside the organization, it’s going to be difficult to retain that talent.
Businesses need to make an investment in social media before they can determine the overall return. In order for them to be effective and stay ahead of their competitors, they need to continue to innovate by embracing and using social media and other digital technologies, the report says.