We're all familiar with the power of open markets when it comes to establishing the present or future value of goods and services. The wisdom of the market is the breadth of human knowledge and insight that collectively delivers an average price for something. While value will always be under or overestimated to some degree, it is our own individual-versus-the-collective thinking that leads us to decide whether a given investment is a good or bad idea.
What if businesses decided to take a closed-market approach to their own products, program initiatives and strategies? The idea of creating an internal futures market was posed to me recently by one of my favorite risk analyst friends, Bob Charette of ITABHI Corp., and it's really a simple concept. The idea is to create a futures, or "prediction market," and ask particular questions that tap the collective wisdom of key participants in an organization - maybe even extend the polling to clients or partners. The goal would be to give executive decision-makers insight they would not otherwise have.
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