Posted by Byron, a resident of another community, on Nov 23, 2011 at 4:12 am
There’s also a different approach on crowdsourcing – internal prediction markets that modern business use to forecast important matters (e.g. S&OP, new product potential and risk) more efficiently and at a much lower cost in comparison to traditional methods.
Companies use prediction markets to aggregate the wisdom of their employees, who have valuable knowledge and experience. In a prediction market each participant can give their own forecasts on certain business-related issues. Thanks to the gamification and stock exchange resemblance, early and more accurate forecasts have greater value, while incorrect and late predictions are being filtered out by the system, driving up the accuracy and success rate.
An example of such a prediction market would be CrowdWorx - founded in 2007, and was used by clients in Europe and North America for Social Decision Support services, including Social Forecasting, Crowdsourcing, and Enterprise 2.0 portals.
On the homepage of CrowdWorx, crowdworx.com, you can find a "Social Forecasting Test" and a live demo of the system. Moreover, white papers on crowdsourcing, prediction markets and other topics, as well as case studies are available in the "Resources" section.