1. Realize the power of the network
Metcalfe’s Law states that the value of a network is equal to the square of its number of users*.
Information shared on a social intranet increases in value as more people access it. Sharing information in this way invokes Metcalfe’s law, generating new value.
2. Create an environment where lucky foresight appears
Gary Hamel, visiting Professor of Strategic Management at London Business School, says that truly innovative strategies “are always, and I mean always, the result of lucky foresight.” The task of the entire organization then becomes communicating on as open and wide a channel as technology will permit, creating an environment where lucky foresight is more likely to make an appearance. A social intranet facilitates this wide communication channel.
3. Unleash the power of individual minds
Bob Buckman, former president of Buckman Laboratories, says:
“If the greatest database in the company is housed in the individual minds of the associates of the organization, then that is where the power of the organization resides. These individual knowledge bases are continually changing and adapting to the real world in front of them. We have to connect these individual knowledge bases together so that they can do whatever they do best in the shortest possible time.”
A social intranet becomes the Great Connector, hyperlinking these individual knowledge bases together.
*Our senior consultant Bryan Robertson reviews Metcalfe’s Law and other formulas for calculating ROI in his piece, “The New Laws of Intranet ROI.”