Use the “Crowd sourcing” in 2010 to Run your Business & Life!

Written by on January 3rd, 2010

Twitter, Facebook and other social media will help you make decisions

Growing up in the 60’s was an incredible time and yet stressful time.  Everything was in flux.  The role of a father was changing from the master and ruler of his domain to one where he shared power with his wife, sex came out in the open, equality finally was put on the front burner and students learned how to collectively band together to change the world!

It was a decade that sought to give “Power to the People”.  A time in which people were actively exercising their right to be involved in decisions.

In the 40 some years since that movement started, I don’t think 16 year olds forgot about the values associated with power to the people.  As they grew up, they changed the world, made it more transparent, worked to provide equality in race, pay and ability, thought more about the environment rights and much more.

Now as we enter the next decade, technology is going to take “power to the people” to a whole NUTHER level.  Technology is giving individuals, corporations and non profits the ability to reach out and use the power of the people to accomplish things that would not have been achievable.  Today we call that “Crowd sourcing”  (…More…)

Wedding Photographers get Disintermediated!

Written by on November 7th, 2009

Crowd sourcing spells trouble for wedding photographers

You might have noticed that I’m writing more articles on crowd sourcing lately.  It’s because I’m beginning to see how fundamentally it will change the way our businesses are structured and our society if functioning.

Web 2.0 tools like Flickr and YouTube started to teach us how we could interact and engage with each other around photos and video.   As our behaviors changed and we understood the value the technology provided us, the next stage of innovation is using Web 2.0 thought processes to develop ways where people can share ideas, concepts and effectively get work done faster with less effort.

Today I ran across a site called Kedai, “smile, snap, share”.  (Would love to know what Kedai means)  Kedai and future incarnations of it creates enormous financial pressure on wedding photographers.

Now a wedding with 100 guests can have the power of 100 cameras snapping away capturing their unique view of the day/night/week for the wedding party, friends and family.  It’s a shared experience.

Here’s how it works. (…More…)

Wisdom of the Crowds on the Street – Picks Stocks!

Written by on September 27th, 2009

Find out what others are saying about your company or product!

Daily I see more products and services that automatically search the web for people talking about products, services, issues and then aggregates this information and delivers it back to me in a variety of methods to help me make decisions.

So what do you do with that information?

Well in the case of the stock market, you can take mentions of companies, analyze the mentions as positive or negative and then graphically display for others to interpret and use to make a better decision.

Interesting way this blog started.

I wrote a blog article about the “wisdom of the crowds” and the next day a tweet showed up in my Twitter account:

@Philabaum Check outhttp://www.piqqem.com for another example of wisdom of crowds.

Wow, pretty smart!  Did the system automatically find me and post that information, or is someone sitting at a computer somewhere in the world being delivered mentions of words, concepts and ideas who then puts a human spin to them and who then sends the message off?

In my case this really worked.

Not only was I intrigued, I followed the link to the product piqqem and signed up!

Think about how you could use Twitter to watch for mentions of terms and keywords that might identify who you are, what your customers like, attitudes and or locations.    You too could have a business process that would deliver frightenly  fast and relevant information to people who are out there talking about services they like or need.

I’m just starting to get a handle on this.  Would love to know your take!

Millsap College Uses “Wisdom of the Crowds” to Select President

Written by on September 25th, 2009

Life is too complicated. No one person or group has the answers!

You know how-  from time to time – you get a song stuck in your head, and it just keeps playing over and over and over!  I’ve never looked at it too seriously, occasionally I have wondered if the content of the song was something my psyche or soul needed to help it adjust to a situation or to get an “attitude” adjustment.

If you’ve been following my blog, you’ve noticed that I’m stuck in a rut writing more and more about the “wisdom of the crowds” or as some refer to as “crowd sourcing”.

I’ve been greatly influenced by Don Tapscott’s book, Wikinomics, (not just because he’s also named Don) because it really awakened the reality of how the Internet has changed the way we run our lives, businesses and organizations.

In the past, the person at the top of the organization had a phone to the outside world, a very small group of advisors and his or her gut to make decisions.  Today, that same person at the top has a Twitter account,  Facebook account, etc,  which provides them a million points of view on a subject or feedback on a proposed idea or new product. (…More…)

Netflix uses Crowd Sourcing to Increase Revenue

Written by on September 22nd, 2009

Over the past year I’ve been watching the drama unfold in the  Netflix one million dollar contest.

Netflix spent millions writing software code that would analyze their customer interests and likes and then use that information to recommend movies they would like.  If I give a thumbs up to the movie The Terminator, along with a number of sci-fi movies, the program will present me with additional movies that match what I am interested in..

The Netflix philosophy is simple.  The more movies I see that I like, the more I will order.

In October of 2006, Netflix caught onto the “wisdom of the crowds” thing and developed a contest that offered a million dollar prize for the individual or group that could improve the inhouse software they had developed.  (called Cinematch).

The winner would design a software program that would be 10 percent more effective and take away a million dollar prize.

The three year event has kept many in suspense, received a great deal of publicity and attention and has gone a long way to help their customers understand their passion to better serve them.  As a Netflix user, it caught my attention!  And to the participants who put hundreds of hours into the project, they just couldn’t let go.

The program started out with individuals around the world working on the problem on their own.  Then an interesting thing happened.  Individuals’ realized they didn’t have the expertise in areas that others who were actively working toward the solution had.  They realized they needed to merge or they were out of the race.  And as time continued, after one or two people came together, groups started coming together.   A group that realized they were slightly behind another team, then merged with a team that had code that would give them another 2 percent advantage.   And so it went until on Monday a seven person team of statisticians, machine -learning experts and computer engineers which called themselves the BellKor’s Pragmatic Chaos was announced the winner of the one million dollar prize. (…More…)