Prediction markets, online virtual wagering communities are being utilized to analyze idea pipelines inside majore companies such as the InterContinental Hotels Group, General Electric and Hewlett-Packard. The promise of prediction markets is that the collective wisdom of a company's workforce will improve forecasting, reduce risk and accelerate innovation.Like blogs and wikis, prediction markets can spur communication and collaboration within a company. Yet they add rigorous measurement to business forecasts, like estimating the sales of a new product or the chances that a project will be finished on time.
Corporate prediction markets work like this: Employees, and potentially outsiders, make their wagers over the Internet using virtual currency, betting anonymously. They bet on what they think will actually happen, not what they hope will happen or what the boss wants. The payoff for the most accurate players is typically a modest prize, cash or an iPod.
The early results are encouraging. “The potential is that prediction markets may be the thing that enables a big company to act more like a small, nimble company again,”
Via NYT
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