Consensus Point and Our Customers, such as Best Buy and Ingenix, follow a proven enterprise methodology to yield maximum return and value from our prediction markets.  The major organizational best practices include:

1)   Define Business Problem that prediction markets solve and articulate value that could be derived with market insights; develop projected outcomes and track progress that prediction markets solve and articulate value that could be derived with market insights; develop projected outcomes and track progress  

2)    Determine Executive Sponsor and Prediction Market Leader – two different roles, Executive Sponsor guides market strategy and decision acceleration and Prediction Market Leader provides day to day leadership; incorporate prediction market reviews into existing steering committee structures

3)    Begin with a subset of participants, internal first, and validate accuracy through comparisons to baselines; run a market for minimum 90 days, then gather proof points and expand further to other employees, partners, and potentially customers

4)    Align incentives with company culture- and provide multiple rewards that include influence and career development incentives

5)    Determine mix of participants from several functional groups, with a minimum of 30-50 participants; the broader the participant base, the more liquidity for the market

6)   Be Transparent: communicate early and often about market success and decisions that are made from market insights; employee engagement will likely increase from hearing the actions being taken as a result of the market predictions

Consensus Point is the leader in prediction markets, the social predictive analytics solution.

This entry was posted on Friday, September 4th, 2009 at 1:11 pm and is filed under Best Practices, Customers, Front Page. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.