Moreover, as collaboration across product and service areas, across geographies, and with external partners (vendors or customers) increase, having processes and technologies to facilitate and capture the output from that collaboration will be essential.

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Social business leaders are prepared and eager to have their customers actively participate in the business by leaving their virtual doors open and lights on encouraging ongoing participation across product, marketing, sales and service areas.

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For most companies, new capabilities will need to be sourced externally in five main areas data analytics and insights, product and service innovation, content and communications, customer experience design and delivery, and brand, reputation and citizenship.

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While these savings are expected to come largely from organizational streamlining, the company will also target areas such as real estate, information technology, product and service procurement costs, overall general and administrative expenses, and a significant reduction of suppliers in order to further lower costs and improve quality.

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