From Tony Wagner, the Harvard education specialist..... “Today,” he said, “because knowledge is available on every Internet-connected device, what you know matters far less than what you can do with what you know. The capacity to innovate — the ability to solve problems creatively or bring new possibilities to life — and skills like critical thinking, communication and collaboration are far more important than academic knowledge.
Employees are able to collaborate and share what they know with other employees and learn what they don't know about customers. To go further, these social applications can be opened up so parts of the them (idea management) can help customers provide feedback, make reviews, or share ideas on how to improve products and services. This works. Take a look at Amazon.
I've been using del.icio.us (social bookmarking site) for the last three years to bookmark and share what I find interesting on the net. Also, I use it as my primary search tool. Google/Yahoo are great for the generic stuff but for the meaningful stuff I use del.icio.us. Why? Easy, most of the bookmarks to web pages are intelligently filtered, noted, and tagged. Plus, I can find and make connections with others.