McKinsey Says Social Media Could Add $1.3 Trillion to the Economy

McKinsey Global Institute, the research arm of the business consulting giant, has just published a lengthy study on “unleashing value and productivity through social technologies.” The short version is that things like improved communication and collaboration from social media in four major business sectors could add $900 billion to $1.3 trillion in value to the economy. The value is mostly through added productivity. Improved consumer focus as well as better-functioning teams are two other benefits.