Social networks and Web 3.0: their impact on the management and marketing of organizations

Purpose – Innovations, coupled with the advancement of new information and communication technologies (ICTs) and the evolution of the internet, have had a profound impact on the structure of firms and have altered the decision‐making process. In the new economic and social environment, the understanding of the developments and transformations undergone by ICTs with the advancement of social networks and Web 3.0 technology is vital because of the influence of recent innovations in the competitiveness of organizations. The aim of this paper is to achieve an in‐depth understanding of the new environment that has emerged with these developments. Design/methodology/approach – The study focuses on the use of social networks and the conception of the corresponding new business models, highlighting the importance of community managers and crowdsourcing processes. Findings – The paper explores the possible sources of competitive advantages open to organizations in the light of recent innovations, and highlights the developments that they should implement to improve the decision management process and exploit new situations. Practical implications – The paper analyzes the impact of social networks and Web 3.0 technology in the management and marketing of organizations, highlighting certain mechanisms to improve competitive advantages for organizations. Originality/value – The impact of social networks and Web 3.0 technology on organizations has not been analyzed in the literature. The paper also highlights the importance of community managers and crowdsourcing processes in coping with the new environment.