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Large Corporations Embracing Social Networks As Business Tool

May 17, 2012: 03:07 AM EST
Sales of software for running corporate social networks is forecast to grow 61 percent each year to reach $6.4 billion in value by 2016, according to Forrester Research. Large companies are adopting Facebook, Twitter, and other social networking platforms as tools for business operations, including building teams, sharing information with employees and business partners, and involving customers in product development. Two-thirds of large companies currently use Web 2.0 tools, such as social networks and blogs, according to McKinsey & Co.'s survey, which also revealed that use of internal social networks grew 50 percent since 2008.
Tim Mullaney, "Social media is reinventing how business is done", USA TODAY, May 17, 2012, © USA TODAY, a division of Gannett Co. Inc
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