Benefits of Web2.0 Technologies incorporrated into a business

1. blogging

1.1. The needs of consumers can be easily identified

1.2. Employees, customers & suppliers opinions, personal ideas & recommendations for improving business is easily noted

1.3. Managers can use blogs to keep public up-to-date with the business's progress & vision

1.4. Can be used as a form of advertising

2. Social Networking

2.1. Medium to meet new customers & vendors

2.2. Low costs incurred for business while gaining large benefits

2.3. Creates a positive group dynamic, therefore the workforce is more productive

2.4. Employees, managers, customers & suppliers get to know one another on a personal level. Improves business relationships

2.5. Example of a Collaboration Tool

3. RSS Software

3.1. Time saving and cost effective

3.2. Promotes development of new ideas as new up-to-date content is continuously getting pulled from web sites

3.3. Members of entity get relative information on various business processes quickly, efficiently and trouble free.

4. Email and Instant Messaging (IM)

4.1. Cost Effective & time saving

4.2. Business's can expand market as this allows a medium to communicate globally

4.3. Medium to coordinate tasks to employees & improves a managers control

4.4. Managers have more time to focus on more important tasks

4.5. Improves customer/supplier intimacy and business can otain competitive advantage

4.6. Business can outsource more work

4.7. Example of a Collaboration Tool

5. Wiki's

5.1. New products can be created(competitive advantage) as there is a large variety of information that is continually changing

5.2. Contributes to better, faster decision making

5.3. Potential future economic problems can be raised via wiki and busnesses can start taking preventative action

5.4. Improves key corporrate assets namely the interlectual property of employees & managers