Crowdcast Launches Prediction Markets Platform for Enterprise Forecasting

June 25, 2009

Crowdcast Shakes Up the Forecasting Game

REDWOOD CITY, Calif., June 25 /PRNewswire/ — Crowdcast, the leader in innovative corporate forecasting software, today announced the public availability of its prediction markets platform. By giving employees a marketplace where they place bets on important corporate metrics, Crowdcast reveals information that would normally not rise to executive awareness. The resulting forecasts are cleansed of bias and politics, and are significantly more accurate than traditional forecasts.

Forecasting is a multi-million dollar problem. According to the CFO Magazine/Duke University Global Business Outlook Survey of 1,275 finance executives, the most pressing concern for finance professionals is inaccurate forecasting. Crowdcast has helped media, technology, manufacturing and healthcare companies to improve forecast accuracy by as much as 60 percent, providing actionable data that can save those firms millions of dollars.

Typical Crowdcast Prediction Market Results:

  • Media Firm – 1,200 employees predict quality, sales, and ship dates, resulting in 61% less error versus management
  • Pharmaceutical Company – panel of scientists and doctors predict regulatory decisions and new drug sales; more accurate 86% of the time

“Employees know what’s really going on in a corporation, but that information rarely reaches management’s ears. By tapping employee intelligence, Crowdcast channels this raw knowledge into actionable business intelligence,” said Mat Fogarty, Crowdcast Founder and CEO. “Crowdcast is the first enterprise-ready prediction markets platform that gives executives real-time data about progress toward specific goals so they can take action.”

An effective corporate prediction market offers users a simple interface, requires minimal interaction and allows easy communication of rich information. Crowdcast’s platform is the first prediction market designed specifically for the corporation, utilizing a cutting edge market design that moves far beyond the legacy stock-based trading systems. With Crowdcast, employees place bets on various corporate outcomes, compete with each other, and are rewarded for their accuracy.

“The Crowdcast platform leverages novel algorithms that are grounded in economic theory and experimentation, yet it is usable and engaging. The result is a best-in-class solution for enterprise crowd forecasting,” says Peter Coles, Assistant Professor at Harvard Business School.

Crowdcast recently received Series A funding from Alsop Louie Partners. For more information about Crowdcast please visit http://www.crowdcast.com, email info@crowdcast.com or call (888) 800-3862

About Crowdcast

Crowdcast transforms employee intelligence into business intelligence. Based in Redwood City, CA, Crowdcast was established in 2007, and is funded by Alsop Louie Partners. For more information, visit http://www.crowdcast.com.

    Karen To
    Sparkpr for Crowdcast
    (415) 321-1890

SOURCE Crowdcast

Source: newswire

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