SolutionsWisdom of the crowd
Harness Collective Power: Unlock the Wisdom of the Crowd.
As social beings, humans excel by understanding and responding to communal cues—much like schools of fish, flocks of birds, or swarms of insects.
When we leverage this innate ability and ask people to predict the future, the results are remarkably accurate. Together, we’re smarter than any one of us alone.
Key benefits
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Deliver more precise estimates and forecasts by capitalizing on our natural social intelligence
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Sensitive to change when used pre/post in scenario testing
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Can be adapted into a prediction market if there is a need for ongoing assessment and monitoring
Detailed Features
Crowd sourcing
The “Wisdom of the crowd” suggests that large, diverse groups often make more accurate predictions and decisions than individual experts, as collective judgments tend to balance out individual errors and biases.
Social animals
Although individuals struggle to predict their own behavior, people are surprisingly accurate at estimating others’ actions in aggregate. By asking people to do things like bet on what the future will look like, we tap into their collective social knowledge.
Use Cases
Scenario planning
The wisdom of the crowd can be effectively used before and after exposure to potential future scenarios, allowing you to assess the impact of possible future states, such as new market entrants or changing market conditions.
Forecasting
This approach enhances forecasting by combining diverse knowledge from many individuals. Each person brings unique insights, and when pooled together, these perspectives create a more informed, accurate prediction than any single individual could achieve alone.
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