Web 2.0 and Social Media in Today's Business World

Abstract

Social media technology is an innovative way for businesses to collaborate, network, and provide a mechanism for individuals to interact. When social media technology is used effectively, it can be a powerful tool for businesses to market themselves and obtain important data on their customers and competitors. Given the importance and public nature of today's consumer opinions, it is vital for companies to present themselves effectively on social media. Some companies and their employees are not familiar with this form of technology and do not realize the massive amount of data social media sites can generate. Therefore, companies need to develop a social media policy and educate their employees on how to analyze and respond to the data produced from social media. This chapter studies Web 2.0 tools and social media in today's business world and provides guidelines of adopting social media for organizations.