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What is CrowdWorx?
CrowdWorx is used in organizations where executives are remembering a simple truth: Often your own people now much more than you think.
It's is a web-based enterprise forecasting and decision-support tool based on the idea of prediction markets
It combines the hard-to-collect distributed knowledge of different people, experts, employees, or customers and suppliers
And it utilizes incentive compatible information-aggregation algorithms to tap Collective Intelligence in your organization
Forecasts and insights with CrowdWorx include
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Market metrics
Forecast metrics, such as market shares, sales figures, growth rates etc. More … -
Project management
Receive truthful early warnings for delays; estimate of correct actual product launch dates etc. More … -
R&D management
Monitor technology trends; evaluate development risks; take the right R&D investment decisions. More … -
HR
Track employee satisfaction in real-time; assess success of implemented HR measures More … -
Product innovation
Assess revenue potential of hundreds of ideas by harnessing the power of collective intelligence More … -
Team collaboration & knowledge management
Connect teams for different departments, turn company knowledge into decisions not into database entries More … -
Risk management
Make unbiased probability assessments of key operations indicators. More … -
Market research
Collect even non-verbal preferences; identify proven lead users; update survey results in real-time etc. More … -
Cross-company collaboration
Have your suppliers and sales force collectively forecast demand in order to reduce fluctuations in your supply chain. More … -
Economic indicators
Forecast crucial economic indicators nationally or world-wide, e.g. growth rates, unemployment rates, political outcomes etc. More …
The CrowdWorx information aggregation mechanism is a so called Electronic Prediction Market (EPM)
CrowdWorx is not a survey – with CrowdWorx participants trade on virtual stocks using play money
Each virtual stock is tied to a future real-world metric, e.g. actual sales figures, actual product launch dates, actual market share, actual growth rates etc.
When things change: Unlike surveys or analyses, CrowdWorx forecasts are updated in real-time because everybody has an incentive to be the first to bring the new information to the EPM before prices rise or fall
Bubbles and busts can’t happen in EPMs because the payoff of each virtual stock is firmly tied to a real-world event. It’s the real-world event, not the speculators, which determines each stock’s final value