Just creating the saved web content is the first step, but there are many different things you can do once you've got it.
Citing saved web sources: The Wayback Machine generates durable URLs that you can include in your citations, linking to the information as it existed the day you viewed it.
Saving, sharing, and uploading content: ArchiveWeb.Page allows you to export web contents as a .WARC file, a format designed for working with complex website information. This file can then be uploaded to secure storage, or shared with others.
As evidence: Saving web content as a .WARC which can then be replayed by others is a more reliable form of preserving evidence than taking a screenshot.
As data: Web content and social media content can be turned into a dataset for analysis. See the Archives Unleashed Project for tools.
