Last week, Robin and I presented to a group of Chicago-based knowledge managers on the topic of enterprise prediction markets. We were focused on efficacy in the enterprise: what makes markets work in a business environment and why. Of course, the first thing that makes them work is selecting the right platform. We also tried to provide some background on market theory, as well as applied lessons.
We think the reasons markets work for forecasting guidance are fascinating, and we’re perpetually fascinated by Robin and his research. We’re continually impressed by customer success, too. We did our best to ensure that the talk included a mix of theory and applied material drawn directly from those customer successes.
Here are a few lessons from the talk on how to operate an enterprise prediction market with ongoing success:
- Integrate into enterprise processes
- Nurture executive sponsorship
- Make accessible to all
- Customize to your business
- Make it part of your value proposition
- Run a 30-day pilot
- Use a similar group of participants
- Run a market without promoting it
- Assume leaders will act on insights
Consensus Point is the leader in prediction markets, the social predictive analytics solution.