Social media is still not perceived by many managers as being mission critical; and indeed many organizations for the time being can continue to proceed successfully without engaging seriously with social media.
Zipipop's Collaboration Eggs showing how social media
and cloud computing have opened up new spaces to collaborate
"Customer must be king in the web" - Financial Times
It is important to remember that these "social" customers are more networked and influential than customers have been in the past - where it was not uncommon for companies to put out products knowing their might be problems that, before social media, could easily be "managed" (e.g. the iPhone 4 antenna problem). So the days of relying "solely" on telephone and email support are rapidly coming to an end. This is the reason why Dell is investing heavily in its Social Media Listening Command Center.
But I also think social media could be a uniting focus for managers to better co-ordinate the activities of the core customer-facing departments: marketing, communications, customer support (and even HR) - who, without C-level support, will continue to be more concerned about their own budgets and activities, rather than the greater benefits that could come to the organization as a whole if they worked together with a clear social media strategy guiding them.
After that, with more company wide training, bridges can be built to further connect the employees, partners, and customers to form what is now being called a social business (or social organization).