Social media is becoming a vital part of business communication. Functionality like wiki, tagging, microblogging, real-time collaboration, etc. have already been adopted globally. These tools enhance customer and partner relationships, increase employee engagement and productivity, foster collaboration and innovation, manage risk and enable compliance. While many companies are just starting to get to know various social media tools, technological and social changes keep accelerating the potential value of social media. This report discusses how businesses can make use of new social computing possibilities effectively through different organization layers, how to identify profitable social computing opportunities, and what the risks are if they are not used properly.