Unlocking Collective Wisdom

Home Unlocking Collective Wisdom
The creation of Linux was perhaps one of the most democratizing events in the world of business. Linux creator Linus Torvalds himself asked programmers worldwide to submit and work on codes for Linux platform.It led to the creation of an open source platform where anyone can contribute code and become part of the process. But what it also resulted in is the first successful practical application of the process of collective wisdom. Today Linux is believed to be one of the fastest growing OS platforms in the world. That is the power of Collective wisdom ! 
 
Now the question is what exactly is collective wisdom ?
Let us consider you run an enterprise E and about to bring out a path-breaking product P. There has to be a lot of investment in R&D for the enterprise to make which in turn means lots of costs. It is quite possible that someone half way across the globe has already worked out a solution for the technology needed but is using it for a different purpose. All you need to do is reach him. It is here that the power of collective wisdom comes to effect.
 
It has the following advantages over traditional R&D:
 
1.Cost: The cost incurred in this method is far less than that incurred from in-house R&D.
 
2.Greater Expertise: It is quite possible that in this search you might come across a talent whom you would like to be a part of your enterprise team. Thus it serves as a talent hunt of sorts thereby bringing greater expertise to your team.
 
3. Unconventional Solutions: There is a fair bit of chance that you will come across a solution which is totally unconventional – A solution that can can take your stocks shoot up in the long run !
 
There are quite a few global giants including FMCG major P&G which manages a major chunk of its development program through this process. It has often been criticized as another name for outsourcing however the corporates have traditionally defended it by saying rather than giving their ideas( which happens in out sourcing) they are simply sourcing the best ideas from across the globe.
 
Even in the coding sphere, TopCoder does precisely the same thing. IT Majors like Microsoft submit  projects to it which is then coded by members of TopCoder in return for recognition and cash prizes running as high $100,000 in some cases. All the competitions happen in the form of matches where members compete and also chat live with each other.
 
If we look at the contests for business ideas- It also works on the same principle. The idea is simple: Getting the best minds to work together for you in addition to the wave of new radical ideas some of which are a cut above the rest. Bottom line: “No one is as smart as everyone “. Question is : Are you smart enough to implement it in your office team? 
Tags:

You might like reading:

Interview with Sheena Chaudhary- MBA, Dancer & Entrepreneur who follows her passion

Posted: September 3, 2020

IdeasMakeMarket recently caught up with Sheena Chaudhary over an interview. Sheena holds an MBA from Department of Management Studies, IIT Roorkee and also an entrepreneur who follows her career and passion together.She describes herself as a dancer, nature lover & designer and believes in practicing  Yoga and spirituality. The following is our conversation with her: Q1. Tell us something about […]

1 comment

Decoding Treasury Inflation Protected Securities – Are they effective?

Posted: August 23, 2014

Inflation has always been a worry and threat to every long-term investors. Any investment which is inflation-protected can protect investors from the loss of purchasing power that inflation can cause. In 1997, US first issued inflation-protected securities called Treasury Inflation-Protected Securities, or TIPS. TIPS are sometimes also known as Treasury Inflation-Indexed Securities.  Credit risk and nominal interest risks are the […]

0 comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Post Author

Profile Photo
Abhirup
Offline
 MBA, Author of 4 books, Finance guy who loves brands

Get it on Google Play

Follow us

©2010-2023 IdeasMakeMarket.com |Contact Us | T&C | Privacy Policy

 

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

Log in with your credentials

or    

Forgot your details?

Create Account