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The Advantages Of Teamwork And Collective Wisdom In Business

The Advantages Of Teamwork And Collective Wisdom In Business

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Have you thought about the advantages of teamwork to your business? In this video, I talk about collective wisdom – of the crowd, of your team, and of your customers. Don’t miss out on shared expertise!

We spend our lives becoming experts in our chosen fields. While it’s true that our individual knowledge and skills are valuable to our companies, the cumulative expertise and collective wisdom that teams contribute is even better for business.

While you may think the expert knows best, in most instances, that’s just not true. The team knows better. That’s one of the biggest advantages of teamwork in an organization. Your team members bring diverse perspectives to problems. By considering the expertise of each team member, and working together toward a common goal, your team can come up with perfect solutions.

Do you listen to your customers? Who better than your customers themselves know what they want? They’re the people you work for, and they can make or break your business. When you do market research, crowdsourcing, and customer surveys, take to heart what your customers tell you – they’re right!

In my video, I give an early example of the wisdom of the crowd. Statistician Francis Galton went to a 1906 county fair where there was a contest to guess the weight of a beef animal. Around 800 people guessed the animal’s weight; the average guess was 1,197 pounds; and the actual weight of the animal was 1,198.

Galton recognized the power of the crowd. Do you seek out the collective wisdom of your team and of your customers? Become an expert at mining for the wisdom and ideas of others, and you’ll tap into the extraordinary advantages of teamwork!

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