Crowd-sourc-ing: You know it's coming - are you ready?
Great minds think alike. That’s essentially the basis of Crowdsourcing. Except that this activity mostly takes place on the internet. There are so many buzz words right now flirting around the web that it’s sometimes hard to get a grasp on what will become important and what is just a blip on the screen. Crowdsourcing is one of my favorite topics besides Statistics. I found Statistics fascinating because in my early learning journey, I got a little frustrated with real world situations. In middle school when I found out that the stock market was based on people’s emotions, I got nervous. What did that mean for the health and future of our country, of the world, when people could buy and sell in the stock market based on how they were feeling that day? Statistics pretty much answered that question. There were just too many ways to manipulate the data get it to say what you wanted it to say. With the Boolean factor, I learned, everything straightens out over time to a common, more relevant answer. So I did start to breathe a little easier once I fell back to the comfort of fact and reason.
What does all of this mean in today’s world of buzzwords? Just like in a Boolean Factor, there are wildcard ideas and there are those that hit the mark, offering a generally healthy state of innovation over time. Crowdsourcing, Bitcoin, data mining and cryptocurrency are all legacy buzzwords that have started to become more mainstream. New areas of lending on-line have become “normal” and banks have scrambled to keep up to remain competitive in this Digital age. Current buzzwords to watch are FinTech (Finance and Technology); RegTech (Regulation and technology); InsurTec (Insurance and Technology). Remaining ahead of the curve is nearly impossible because even techies are not exactly sure where the next big idea will come from or what area of business it will affect. It is similar to investing, in that you can create a system that works 70% of the time and your returns will be quite lucrative. In the technology world, there is a constant Boolean factor that spins like DNA, only it is not fixed data. Out of 100% of data, a solid 70% of the new, innovative and groundbreaking solutions are spinning together to create the next level of technology.
Back in 2013 I predicted that technology could create non-biased interviews; in the same White Paper I assumed that we could have a crowd-sourced medical opinion. I had no idea at the time how quickly this would happen, but looking back it is simply common sense. Today we have our first robot, Tengai the Robot (World Economic Forum, 2019/3), that can give a non-biased job interview. The reason is to create efficiency, and create a process less prone to human error. Technology that is co-existing with the human brain ultimately will be able to create anything we can dream up.
So what does this mean for your business? You have to realize that in order to survive the break-neck speed of technological innovation, you and your employees have to be poised for change at a moment’s notice. This means changing the culture at work. Are your employees satient? Too comfortable in their ways? Unable to break out of their old habits? This is a new age of regulation and technological innovations that you can’t afford to sit back and wait for someone to tell you that you need to move. The time is now to get your employees thinking and acting ahead of the curve. Change the office space to be more inviting of crowd-think. Have employees spend an hour a day learning something new about the industry and discussing it in a monthly meeting. Teach your teams to learn and share and become ready to act. You know it’s coming - are you ready?
For consultations to see how ready your team is for the next wave of technological innovations, call us at 413-648-0249. Make an appointment today.