For those of you who have been utilizing crowdsourcing for awhile, you’ll be more than familiar with the story of the “Parable of the Ox.” About a century ago a scientist named Sir Francis Galton asked 800 people to guess the weight of the prize winning ox and although no one person’s answer was correct, when the answers of the entire crowd were averaged, they were accurate within half a pound (more accurate than the guess from the actual expert, too).
This type of scenario is one of the key reasons that IdeaScale created the estimate functionality within IdeaScale where it’s possible to invite anyone (from the full crowd to the experts) to guess the value or costs of an idea. That functionality just got even more powerful with the new reporting dashboard which reports on outcomes.
If you’re not already familiar with the feature enhancements offered by the new reporting dashboard, you can read about them here. But what I wanted to point out in particular was how our estimate stage now actually links to the reported outcomes within the reporting dashboard. Now, once you’ve demarcated selected and implemented ideas in your workflow, your outcomes dashboard will report on the estimated ROI of ideas (which means the estimated value/costs of the ideas in the selected or implemented phases). Now that we have this insight at the dashboard level, it allows administrators to report on the value of the total portfolio of ideas and not just on the potential values and costs of the particular ideas. Some IdeaScale customers have started building estimate into every campaign workflow so that they can start getting a sense of the collective value of the ideas at their company.
Want to see how this might work in action? Sign up for a demo of how to report on monetary outcomes when it comes to your ideas.