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DIGITAL MARKETING NEWS: Web 2.0 cannot succeed on 'enthusiasm alone'

Too many companies are experimenting with web 2.0 based on enthusiasm alone without being fully aware of the risks according to the Chartered Institute of Management Consultants.

CIMA believe that too many web 2.0 projects, where users provide content and help shape a site, have started without a full and rigorous business case, leading to several high-profile failures.

The institute said too often marketing, social media and IT specialists exclude the finance function from the start of many web 2.0 projects which are undertaken without a clear understanding of their objectives and how ROI  will be measured.

CIMA is calling on finance professionals to embrace web 2.0 and use their skills to create a robust business case in line with an organisation's overall business strategy.

A tool for framing web 2.0 business cases has been included in CIMA's latest report ‘Beyond Enthusiasm: Making the business case for your organisation's use of web 2.0'. 

CIMA technical specialist and author of the report Louise Ross said, ‘‘making a business case for web 2.0 projects can be tricky because there is so little available benchmark data. However it is not an excuse to avoid making a business case.

It is the role of the management accountant to ensure that enthusiasts can't convince management to undertake projects which don't have a good strategic fit for the company.''