Businesses are increasingly adopting social media and web 2.0 tools to enhance collaboration and drive innovation. A global study involving diverse companies revealed common goals such as boosting productivity, customer loyalty, and knowledge transfer. While marketing and sales lead in social media use, other departments are seeing benefits too, such as in customer service, HR, and product development. However, challenges like governance issues, risk aversion, and limited IT involvement persist. Effective integration requires a balance between technology, culture, and strategic planning, with clear governance and adaptive, people-centric policies.

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