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Handelsblatt: “The Crowd is smarter than the Experts”

Handelsblatt Online reports that economists start to discover that the wisdom of the crowd can better their forecasts regarding GDP developments and unemployment. “One single ant isn’t very smart, but thousands are capable of building huge societies based on the principle of swarm intelligence. Every individuum can make mistakes, but in the end the all the mistakes cancel each other out and the overall result is correct.” “Election results or sales figures – the crowd’s forecast often lies very close to the actual outcome” These statements confirm the trend, which is being followed by more and more companies. Not only politicians, economists or scientists benefit from the swarm intelligence, but also by a growing number of companies. Unfortunately, it is not always easy to make use of swarm intelligence in business. Therefore CrowdWorx has invented a Social Decision Support System, which is currently providing many top rank companies with a solution.

What is Social Decision Support?

Social Decision Support consists of two components. First, it makes use of the basics of Crowdsourcing, meaning it relies on collective intelligence. The second key component is the use of an incentive mechanism. How does it work and what are the positive effects?
  • Only the best answers are rewarded
  • n incentive system to ensure accurate answers
  • Participants will also have strong incentives to inform themselves constantly. This allows them to increase their profits.
  • This in turn increases the understanding of the business-related objectives thanks to the indirect communication between management and employees.
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