The Wisdom of Crowds

by Jay Deragon on 11/12/2007

Businesses are awakeningWikinomics and The Wisdom of Crowds identified the phenomena of emerging social networks, but they do not confront how businesses can profit from the wisdom of crowds.With much being written about the application of social networks to business processes, internally and externally, there is a lot of chatter in the blogosphere and main stream media about businesses discovering the power of the medium.

In a previous post titled “Business vs. Personal Networking we discussed the differences in purposes between the two. With the announcement about “Business 3.0? the emergence of business oriented applications and related processes will accelerate business opportunities throughout the social web.

In another post titled titled “The New order of Business” we state ” The more businesses become engaged with social networks the more evidence emerges indicating little or no structured plan for businesses to use as to the “how and why” of the social web. The Social Networking medium is evolving rapidly and every new advancement opens doors for businesses to use the medium for systemic strategic purposes.”

Social networks are ripe ground for businesses to directly market and sell their products and services to people and other businesses. The medium also offers accelerated marketing opportunities, internal process improvements, employee communications, tools for recruitment and the list of benefits go on endlessly.

WE ARE SMARTER THAN ME by Barry Libert and Jon Spector, Foreword by Wikinomics author Don Tapscott, is the first book to show anyone in business how to profit from the wisdom of crowds.

Drawing on their own research and the insights from an enormous community of more than 4,000 people, Barry Libert and Jon Spector have written a book that reveals what works, and what doesn’t, when you are building community into your decision making and business processes.

In We Are Smarter Than Me, you will discover exactly how to use social networking and community in your business, driving better decision-making and greater profitability. The book shares powerful insights and new case studies from product development, manufacturing, marketing, customer service, finance, management, and beyond.

You’ll learn which business functions can best be accomplished or supported by communities; how to provide effective moderation, balance structure with independence, manage risk, define success, implement effective metrics, and much more. From tools and processes to culture and leadership, We Are Smarter than Me will help you transform the promise of social networking into a profitable reality.

More and more we will see transformational uses of the social networking mediums across all industries on a global scale. Who will be the early leaders by industry? Those that leverage the medium early will be ahead of their market and win the race of innovation. Is your business prepared?

What say you?

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