Social Media and Multinational Corporations †MyAssignmenthelp.com

Question: Discuss about the Social Media and Multinational Corporations. Answer: Introduction This essay presents the role of social media to make improvement in some specified areas such as knowledge sharing, building social capital, supporting innovation, and aiding problem-solving regarding the multinational companies in Singapore. The social media and knowledge management plays an imperative role to enhance the growth of the company as well as to make the favorable image in the market. The following points are included in the social media and knowledge management: Knowledge is an important element of the organization resource, which is effective to operate the business together with obtaining the favorable outcome in long-term. Knowledge can be determined as a foundation of organizations competitive benefit and one of the crucial drivers of an organizations value. An organizational benefit is enhanced by the firms capability to develop and share information (Chiao, et al., 2013). At the same time, the knowledge sharing is also beneficial to gain the social capital as well as the intellectual capital. Companies use social capital theory to discover and evaluate the importance of online interaction. In addition, it can also be said that the knowledge is created by one individual or organization and frequently shared by the other members of the organization. Additionally, once an organization has shared the knowledge among the employees then it can create the inspiration among the workforce to make new knowledge. The knowledge is enhanced by the social media that enabled the company to directly communicate with the customers in the virtual environment (Ferraris, et al., 2017). Moreover, an organization can share their ideas and knowledge regarding products and services to the customers. The social media also support to share knowledge to the workforce to aware the employees from the new ideas of organizations. Workforces are a significant asset to the firm because it is work as an IC (intellectual capital), which can be effective to enhance the growth of an organization in long-term (Forbes, 2014). For instance: AIBI International has used the social media tools to share their new ideas regarding roles and responsibilities. At the same time, it also uses the Facebook and Twitter to share the new ideas regarding the product and services of the company to successfully resolve the product and services issues. Social media and building social capital The social media is an imperative part of the organization because it supports to enhance the social capital in an appropriate manner. In the ventures, social capital can be necessary to survive the individuals and small groups along with completing any kind of basic needs. For example, Ayam Brand organization gives their contribution in the innovation within the organization to complete the goal through social capital expenditure. There are some significant ways by which an organization can collect the social capital like community member, offering significant resources to the community such as information regarding the company, and make friendily environment within the community. At the same time, it can be said that social capital cannot be easily collected by these sources, therefore, an organization can use the social media to cover a large number of population in less time and cost (Forbes, 2015). In addition to this, it can be said that the social media is used to influence the community as well as customers, and employees to contribute to social capital. Additionally, it can also be said that the social capital can also be collected by friends, community and being trustworthy because it will be effective to successfully accomplish the task of an organization. Moreover, it can also be said that an organization can collect the social capital by using the blogs. Thus, it will be appropriate to offers the appropriate information and techniques to easily communicate with the community as well as the consumers to meet the task of an organization. Along with this, the social capital can be important for the organization because it helps to spread the awareness regarding the product and services of the company in less time. It will also be supportive to make a positive image in the market along with develop a robust relationship with consumers in long-run (Hislop, 2013).For example, BreadTalk organization uses social media tools to attract more customers to collect the social capital at the same time it also defines the community who are interested to contribute to the social capital. Social media and supporting innovation A social media plays a crucial role in an organization to promote the innovation in long-run. It will also supportive to spread the awareness reading the product and services of the company. At the same time, the social media can supports to inform about the creativity of company to the existing and new customers in less time and cost (Zhao, et al., 2014). The following ways are significant to develop the awareness regarding new products and services: The crowd sourcing is significant for the organization because it helps to collect the alternative solution regarding the core issues, which will support to resolve the issues in an appropriate manner (Holsapple, 2013). By using the open innovation, organization enabled the employees as well as customers to give their own viable solutions and inventions. As result, it will improve the performance of company in long-term An organization can use the crowd sourcing and open innovation network to permit the people for work together in a massive scale. At the same time, it can also be said that social media can support to collect the additional wisdom and creativity from different areas. It is also supportive to enhance the customers loyalty and brand image in the market (Huang, et al., 2013). Social media and aiding problem-solving The social media plays a significant role to occupy the fraudulent activities, therefore, the company has needed to aware of the digital crime. Further, if an organization can introduce the information regarding the product and services on the internet, then it cannot be controlled by the organization along with used by any individual that creates the possibility to create the risk. In addition, it can be said that an organization can face more time at the time of aiding problem-solving, which can be inappropriate for the organization. Moreover, it can be said that an organization can use the social media to solve their each issue in an effective manner in less time and cost (Jones, et al., 2013).For example, Bee Cheng Hiang organization can utilize the social media to aiding problem-solving in an appropriate manner. At the same time, it will also supportive to make secure the confidential data along with the performance of the company in long-term. There are different kinds of risk that may be faced by the organization in the implementation of social media such as collection, protection, and security. The organization has needed to accomplish the regulatory needs by gathering, operating, handling, and storing the data. The organization network is supportive to secure the confidential data of clients along with other information of the organization. In addition, an organization can also help the social media users in case they share their confidential information from others. The company can need to protect the upcoming threat regarding the confidential data of clients (Lee, et al., 2014). Moreover, In Singapore, the government has made different industry regulation regarding the culture, industry, and geography. Singapore has made more than 1000 rules and regulations to successfully deal with the compliance of their clients. The industry regulation has used to deal with their electronic communication issues in an appropriate manner. The rules are categorized by the advertising requirements, recordkeeping, and control of workforces. In addition, it can also be said that an organization has also offered the proof compliance to the regulators together with responding the request of e-discovery. Additionally, it can be said that missteps could decline the value of share price and outcomes from the supervisory body. Furthermore, the social media plays a significant role in obtaining the competitive benefit but at the same time, it can decline the productivity of employees (Lee, et al., 2013). Moreover, information of the company that will be delivered on the internet should be based on the real-time, in case an organization cannot deliver the actual information about the company. Consequently, it will decline the image of the company as well as the growth and investor confidence in long-term. In addition, it can be said that an organization has needed to make strategies before the beginning of any work. It can be supportive for the executive due to enhancing the productivity and ROI of an organization (Murphy, et al., 2013). Benefits of social media The social media is supportive to enhance the productivity as well as the image in the long term. Additionally, it can be said that the social media can support to influence a large number of consumers in less time (Yin, et al., 2015). The following points show certain benefits of the social media for the Singapore companies: The content of the organization that will be delivered on the internet can be significant due to make a favorable image in the customer mind. The social media tools are only a ways by which an organization make content and brand voice for the company. It can be significant to make the robust relationship with customers as well as spread the awareness regarding the goods and services (Park, et al., 2015). For example, an organization has launched its product first time in the marketplace then they could use the social media tools like Twitter and Facebook to create awareness about the product in an appropriate manner. An organization can also improve the loyalty of brand in the market in less time by using the social media tools. Additionally, an organization can use some significant social media tools such as Twitter, Facebook, Snap chat, Instagram, and linked to make a positive relationship with customers along with discussing the problems of product to make a brand loyalty (Perri, et al., 2013). Each post of the company on social media can provide an additional opportunity to the organization. Additionally, in case, the organization is able to present their content in an effective manner then they can create a more opportunity in long-term. It will also support to address new customers together with retaining existing customers and make a robust relationship with them. Each Post, blog, video, and image of the company can provide an opportunity to the customers for reaction and each reaction can show the site visit and conversion. In addition to this, it can be said that each reaction of customers cannot be a favor to the company but the favorable comment can increase the probability of the success of product and services. For example, Aspial Corporation uses many social media tools to attract a large number of consumers in less time and cost (Schaltegger, et al., 2017). Conclusion From the above discussion, it can be concluded that the social media tools are significant to improve the performance of MNCs organization. Additionally, it can also be summarized that organization can use different social media tools to meet the objectives appropriately. Finally, it can be concluded that the social media plays a significant role to improve these areas such as knowledge sharing, building social capital, supporting innovation, and aiding problem-solving regarding the multinational companies in Singapore. Besides this, an organization should use modern technologies and digital marketing techniques to overcome the issues of the company in an appropriate manner. Further, an organization should provide the training and development method to the employees of the organization due to using the social media techniques in an appropriate manner. Moreover, an organization should use the social media strategy to overcome the issues of social media tools in an effective manner. 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