Leveraging The Collective Wisdom
Recently, a team member came across this article in Forbes Magazine which talked about leveraging the collective wisdom of people in the organisation. Extending that same thought process, can’t we do something similar when investing. We have investors, analysts etc. discussing their ideas and stock picks on social media. Why can’t we leverage their collective wisdom to make the right pick? Think on it.
Do you have a solution in place that can help you achieve this? Yes help is at hand.
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The original article appears here.
Is Your Organization Leveraging The Collective Wisdom Of Its People?
by Jacob Morgan
In 1906, Sir Francis Galton was visiting a livestock fair, when he came across an interesting game. The fair goers were invited to guess an ox’s weight after it was slaughtered and dressed. Around 800 guesses were made. Sir Galton, being intrigued statistician that he was, collected all of the guesses that were made and analyzed them. He found that the overall average guess was only one pound off from the real weight of the ox. This really shows the power of leveraging the collective intelligence of many instead of the wisdom of a few.
Now the question is, can your organization leverage the collective intelligence and wisdom of its employees? Imagine the problems your organization would be able to solve and the opportunities that can be uncovered. Traditionally managers and executives at the top of the corporations made the decisions that trickled down to everyone else. Today, there is a great opportunity for companies to leverage internal social networks, video conferencing, and collaboration platforms so employees can access each other and the information they need to get their jobs done anytime, anywhere, and on any device.
So, thinking beyond the Ox, how can your company tap into the collective intelligence of its workforce?
I talk about this more in the video.