Social Forecasting is an Enterprise Crowdsourcing approach for the aggregation of distributed knowledge from employeesand experts which is then converted into quantitative business KPIs for use by management. We explore howSocial Forecasting has been used in corporations and which mechanisms are behind the excellent forecasting performanceof these Social Business tools. We also take a look at the challenges companies face when introducing SocialForecasting and Crowdsourcing tools.
Social Forecasting is a form of Collective Intelligence. The main common characteristic of Collective Intelligence is that a large number of human contributors are involved. The quality of the inputs often depends on the individuals’ knowledge and skills. Popular examples include Wikipedia, written by a collection of authors, and 99designs, where customers can crowd source designs from thousands of designers. And, even a traditional survey can be viewed as being a method of Collective Intelligence. But Social Forecasting is Collective Intelligence especially designed for medium and large companies.