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Growth strategies means:
» Investments and innovations in products, brands, markets, processes and business models.
» Increased effectives and efficiency in key business processes
» Reliable budgets as the main management tool
Accurate forecasts are the critical point for the success in every of the above strategies. Increased forecast reliability is one of the most profitable investments a company can make. Accurate forecasts create value by:
» Diminishing the risk in the innovation investments
» Decreasing the costs in the key business processes, by increased efficiency in the use of resources in operations and supply chain
» Higher budget reliability which means increased management quality
Unique values of the prediction markets as a decision support system:
» Real time forecasts showing instant results, easy to integrate in real time management systems
» Dynamic forecasts shows trends and enables immediate analysis of volatility causes
» Rectifying action forecasts shows early warning for unrealistic proposals and allow immediate tests of alternative rectifying interventions
» Group wisdom forecasts aggregate knowledge and intuition of all insighters within the company and in its value chain (eco system), even allowing to include customers and opinion leaders
» None-biased forecast as the opinions of the individuals are never exposed
» Accessible forecasts that are easy to perform at relatively low costs and in a short time frame
Organizational benefits of the prediction markets are:
» Cascade key corporate issues
» Strengthens corporate loyalty
» Creates spirit of competition for learning and adds fun to the learning processes |
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