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Wednesday, 28th April 2010

Social Analytics: Tapping Prediction Markets for Foresight

Social Analytics: Tapping Prediction Markets for Foresight
Source: Deloitte Development LLC

Prediction markets are emerging as a valuable forecasting tool in areas from sales forecasts to project success. This social analytics strategy could potentially help resolve a number of business uncertainties especially where prior data may be sparse or the situation is so unique that other forecasting tools are less useful. Instead of fancy statistics and software, prediction markets tap into the wisdom of crowds and the capacity of markets to aggregate beliefs to generate predictions.

In the coming year, Chief Financial Officers (CFOs) can be expected to hear a lot more regarding the value of analytics to convert corporate data and information from hindsight to insight and then to valuable and actionable foresight.

How can CFOs use prediction markets as part of their portfolio of decision support tools to help reduce uncertainty? Read the article below our first look at prediction markets.

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