Social Capital is the combined potential of the relationships that exist within your organization, and fosters a bond between you and your clients, partners, and employees.
Social Capital is as critical to an enterprise as is Human Capital (net intellect, your ability to out-maneuver competitors through thought-leadership driven innovation) and Economic or Financial Capital (in the traditional sense, manifesting itself, for example, as the ability to respond to a market opportunity).
“Social contacts affect the productivity of individuals and groups.”
—Robert Putnam, Bowling Alone: The Collapse and Revival of American Community
THE POWER OF RELATIONSHIPS.
In the new world of connectivity, it’s not what you know, or even who you know. It’s who and what your online social network knows. In this ultimate word-of-mouth environment, every person in your extended network holds the potential to change your business model.
Social Capital refers to the connections within and between social networks. An ever-evolving array of communications technologies enables workers to connect through diverse and far-flung social networks.
The result? Connectivity and socialization are no longer segregated between work, family, and friends.
Online social networks, as well as the new communications channels inside and outside of the enterprise, intertwine to form this new world of connections, providing opportunities for sharing, collaboration, and innovation.
Some catalysts reduce the energy required to reach these powerful new outcomes. Those changes must come from within.
By incorporating social technologies with core business processes, an inside-out approach enables you to build innovative online solutions that seamlessly blend your organization and the rest of the online world.