Problem solving and making decisions in the workforce has never been easier. With the rise of collaboration tools and technology, sharing ideas and experience with each other can happen in a blink, or better yet a click. Businesses are hopping on the new wave of peering, sharing and going with their gut feelings; resulting in making successful business decisions.
Assessing risk in a business traditionally starts with crunching numbers. But maybe the Pro’s and Con’s list has become obsolete. Today, businesses can share their past experiences with each other, giving years of knowledge to learn from one another. With the new “Net Gen” or Milennals arriving into the workforce, businesses are adapting to alternative ways on viewing the Internet. To the “Net Gen” the Internet is seen as a one big network. Making decisions on a collection of successes and failures from the past allows your businesses to choose the appropriate proven decision.
DUH. Don’t we all make sure we don’t let history repeat itself? Not all.
We can think of the internet as a library. Reading these digital libraries of intellectual property, businesses will develop intuition about what works, but also harness the knowledge that drives economic and technological progress. When the situation arrives, your business will have that knowledge of successful decisions of the similar situation. Your gut feelings will guide you to a proven route of action.
The man who introduced this concept of Gut Feelings is Dr. Gerd Gigerenzer. Director of the Max Planck Institute for Human Development in Berlin, Dr. Gigerenzer claims that intuition often works far better than reason to solve problems and make decisions. Here is an article for a better understanding of Dr. Gerd Gignerenzer, author of Gut Feelings: The Intelligence of the Unconscious.
These non-traditional business practices have allowed the public to become a part of the innovation process. By letting go of control, consumers will view your product as a platform for improvements. By allowing publics to become involved means pure growth and innovation to your corporation. The perfect example, Dell’s IdeaStorm. A genius platform where avid users can promote and demote ideas to help improve Dell products. The more votes, the more attention Dell gives to the idea. Today, Dell has implemented 420 ideas. Better product = better business.
Too bad I’m a Mac daddy.
Today, businesses are able to make these gut feeling decisions on the growing number of “ideagoras”. Harnessing these external talents saves money for business. This idea is expressed in Wikinomics when Don Tapscott and Anthony Williams write, “You’ll give us your ideas for free, but we’ll choose the best of them ¾ and keep all of the rewards and IP.”
By becoming a peer of your own company and listening to your customers, your business will receive the “most loyal and engaged customers” ideas for free. KA-CHING!
Isn’t that what all companies strive for? WEll..YEAH but why aren’t they doing it?
The quick evolution of technology has changed businesses and how they are making decisions. An new type of customer has emerged. They are a mix of consumers and producers and what Wikinomics call prosumers. Tapscott and Williams write,
In other words, customers do more than customize or personalize their wares; they can self-organize to create their own. The most advanced users, in fact, no longer wait for an innovation. They just form their own prosumer communities online, where they share product-related information, collaborate on customized projects, engage in commerce, and swap tips, tools and product hacks.
By harnessing a prosumer community, making business decisions on proven situations, and losing control to truly become a peer within your industry all leads to innovation and competitive advantage. At least, that’s my gut feeling.
- ECONOMISTS’ HUBRIS – THE CASE OF EQUITY ASSET MANAGEMENT
- Wikinomics – The Importance of Creating a Collaborative Enterprise (wikinomics.com)
- John Tropea: Decision making – gut feeling, normal, and somatic markers (johntropea.tumblr.com)