Google’s Tuesday release of Buzz, a new social networking component to its ever-growing suite of web tools, has kept the internet busy with debate over how Buzz will compete with major social network players Twitter and Facebook for users’ correspondence with friends and contacts.

While central discussion surrounds speculation over whether Buzz’s privacy flaws will scare away users or the new product  will cut Facebook’s revenue in half, businesses have also been caught up in the conversation in trying to decide how to make Buzz work for them.

Hours after the tool’s launch, electronic giant Samsung had its Buzz account up and running, promoting trends like “#BUZZwednesday” and pouring out postings of product images. The company quickly reached out to “favorite BUZZers” to try and increase their follower list.

While the corporate world was slow to capitalize on Facebook and Twitter, more recent products such as Foursquare have been quicker to catch corporate attention. Thanks to its functional similarity to existing social networks, Techcrunch anticipates businesses will jump at the chance to build a following on Buzz.

Google’s main advantage – reaching people where they already are – does create a problem for companies, however. First, company’s must create public-facing Google accounts. Second, while anyone can access a company’s public Buzz account, they must have a also Google account to follow your feed, and there is still a significant faction of the U.S. public holding out against creating one.

Another setback is Buzz’s mobile exclusivity – the great location-based mobile platform Buzz has developed is only available on Google’s Adroid smartphone, which isn’t in wide use.

On the positive side, Buzz could have major plusses for general marketing and business to business communications, one critical benefit being Google’s built-in Costumer/Constituent Relations Management (CRM) capabilities.

“Because Google Buzz is a part of Gmail and Google profiles it helps to fill out an individual’s online social graph, including who they communicate on online and what they post,” Social Media B2B reports. “As social graph get more complete it will be easier to integrate data from the social web into CRM systems to provide a new level of relevancy and context for sales teams.”

As for internal use of Google Buzz, the company is reportedly developing a paid-for corporate version of  making use of “higher-end email services,” according to the New York Times. Google is reportedly testing this service in its own corporate structure.

“As an executive, I am able to peer down and see conversations that I could never see before,” said Vic Gundotra, a vice president of engineering at Google, the Times reported. “You find engineers who are sometimes reluctant to copying senior people on e-mails talking in a more relaxed manner.”

If this use of Google Buzz is successful, it could compete with Outlook and Basecamp for internal corporate communication.