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IBM developerWorks features an article on Wikis, blogs and other community tools in the enterprise:
Wikis and Web logs (blogs) make a big impact on the Web, but they can also be useful in an enterprise. A community is a group of people with common interests, goals, or responsibilities, such as a project team or an interest group. Combine wikis and blogs with existing collaborative tools to enhance the productivity and effectiveness of enterprise teams.
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Absoloutely, Wikis and Blogs have a place in the Enterprise.
Both of them are designed to challenge the traditional, hierarchial, top-down approach of corporate communication where there are few 'talkers' and a lot of listeners.
Wikis overcome the hurdles assocaited with Word/Email for dissmeinating and maintaining knowledge. Of course, there's much more to Wikis than that..
Blogs are marketing tools to communicate with customers in a way that give a human touch and feel compared to standard, dry press releases.
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