Crowdsourcing which is a part of social forecasting and the associated prediction markets software, are one of the new ways to solve various quantitative problems. Making use of the knowledge and experience of your employees will not only give you far more accurate predictions but can also generate huge savings.

The gamification and stimulus system of prediction markets are the main reasons why this social forecasting method is so accurate in comparison to traditional methods. Various case studies and white papers prove this and can be found throughout the web. For example, CrowdWorx provides such material.

Crowdsourcing, social networks, knowledge management as well as using various wikis, chats and blogs, all add up to the new way of handling a company – the Enterprise 2.0 way of managing.

According to Harvard scientists companies that have developed a broad collaborative form of business using Enterprise 2.0 are able to improve their productivity by, in best cases, by 250%. Also, until 2013 investments in Enterprise 2.0 tools might increase up to ten times.

If you are not sure, if you are ready for the new world of business that is being created by Enterprise 2.0 take the short test on the CrowdWorx website.

Crowdsourcing based prediction markets allows the management to assess crucial decision together with their employees from around the world. Making use of the knowledge and experience of your co-workers makes market and demand forecasting much easier, as well as predicting the potential of new products.

Companies from all continents have found that crowdsourcing is a very powerful method to predict various events. Crowdsourcing constantly gets more and more influencial. Managers finally discovered the value of the wisdom of their employees .

White papers as well as case studies about crowdsourcing can be found in the download section of the CrowdWorx website.

Prediction markets software is based on crowdsourcing. A study has shown that the forecasts given by prediction markets are often more accurate in comparison to traditional methods. But, one has to remember that prediction markets software will never fully replace the knowledge and experience of experts – they should be both used combined to get the best results.

The gamification and stimulation system of the prediction market software is the main reason why the predictions are so accurate. If participants buy the prediction-shares cheap and sell them at a higher, better price, they both make profit and, more importantly, cause the predictions to be more accurate. On the other hand, someone who loses game-money because he sells shares for a lower price, he loses credit and makes the quality of the prediction worse, resulting in a possible disqualification of the participant.

Large companies like Tchibo, Sygenta or Henkel have used CrowdWorx and were satisfied with the results they got. CrowdWorx has been described by them with the following words: “bringing huge savings”, “both flexible and highly functional”, as well as “a prediction market that’s easy to use and still good looking”.

If you’re not sure whether you should use prediction markets in your company, take the test on the CrowdWorx website, where you will also find case studies of the above mentioned companies.