Moneymanagement’s Weblog

Corprates to increase usage of Web2.0 worldwide

Posted in Internet by moneymanagement on August 25, 2008

McKinsey Quarterly has published an excellent report on how businesses are using Web 2.0 and are going to use it in the coming years. India is one of the countries included in the survey making it more relevant.

The above graph indicates that 80% of Indian companies will increase investments in technology of these 63% of corporates in the financial services feel the need to invest further in technology.

Blogs seem to be popular in India (can we have more corporate blogging?) as are P2P networks

Here is what peeping into the future can show

· Tougher competition. Almost 60 percent of the respondents satisfied with Web 2.0 initiatives (but only 42 percent of other respondents) see them as a driver of competitive advantage. Expect these companies to become more aggressive in the marketplace against rivals that are slower to get on board.

· Higher investment levels. Satisfied or not, all companies plan to spend more on Web 2.0 tools—an opportunity for software developers.

· Building Web 2.0 success. There are few differences in size, region, or even tool use between companies that are satisfied with their Web 2.0 experience and those that are not. This suggests that today’s seemingly insurmountable barriers could be overcome through the adoption of managerial methods that satisfied companies use.

· Innovation. Successful companies already use Web 2.0 for business applications such as communicating with customers and suppliers; soon they may use it to drive innovation.

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