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CEOs at small and large businesses realize the importance of social collaboration tools

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Digital innovations and social collaboration tools have improved business functions over the years. According to recent research conducted by MIT Sloan Management Review and Deloitte, CEOs believe social collaboration tools are more vital to their business than chief financial officers.

The "Social Business: What Are Companies Really Doing?" study revealed 52 percent of respondents see social business as important or somewhat important to their enterprise. 

"Social business provides tremendous opportunity for organizations to harness the power of emerging digital innovations to create value across the enterprise," said Doug Palmer, principal of Deloitte. "Our report identifies a significant opportunity for leading companies to stay ahead of the competition by building a social strategy backed by strong metrics for their social initiatives."

The report also found that large organizations, or those with more than 100,00 employees, and small businesses, those with less than 1,000 workers, both appreciate the benefits of social business.

With social business being a somewhat new process for many companies, there may be some potential problems businesses may encounter. Remaining protected with small business insurance can help these firms fight any potential lawsuits.

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