Prediction markets are still relatively unknown as business tools. By bringing additional transparency to employees' feelings, prediction markets can also be a valuable part of any risk mitigation strategy. Prediction markets can be surprisingly straightforward to implement. The following are some suggestions to get started: 1. Find a vendor offering a pilot program that allows your company to quickly get a prediction marketplace up and running. 2. Identify specific questions for a pilot marketplace and determine how answers to those questions will be measured in order to cash them out and pay out your participants. 3. Recruit internal "champions" who will give their support to the pilot. 4. Identify a broad range of traders to participate according to the markets being run. Prediction markets are best known for their uncanny ability to produce more accurate forecasts, but it is the insight gained from analyzing the data generated during trading that may be the most important.
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