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McKinsey Says Social Media Could Add $1.3 Trillion to the Economy

By QUENTIN HARDY

And you thought Facebook’s valuation was big.

McKinsey Global Institute, the research arm of the business consulting giant, has just published a lengthy study on “unleashing value and productivity through social technologies.” The short version is that things like improved communication and collaboration from social media in four major business sectors could add $900 billion to $1.3 trillion in value to the economy.

The value is mostly through added productivity. Improved consumer focus as well as better-functioning teams are two other benefits. That is a great big number, likely to attract attention. McKinsey last did that in May 2011, with a report that said that by 2018 the United States could face a shortfall of 1.5 million data analysts and managers able to cope with the flood of data in their businesses.

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A Revolution in Social Networking

Posted on July 25, 2012, in #financing and tagged , , , . Bookmark the permalink. 2 Comments.

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