When we make decisions individually, the results can be all over the place. We may nail some of our choices, but be unsuccessful in others due to lack of expertise or not knowing what we don’t know. According to research by neuroscientist, Mariano Sigman, during a recent TED Talk, the wisdom of the crowd can produce the results we’re looking for when autonomy is falling short. By interacting with others through the thoughtful and reasonable exchange of information, crowds collectively come up with better judgments and have a stronger ability to solve problems.
One way businesses can harness this phenomenon is by joining a Group Purchasing Organization. GPOs band companies together so that they can accomplish more than each of them could individually. Under one intellectual roof, GPO members share best practices, proficiencies in a wide range of areas, and industry connections, to foster vastly improved decision-making. The strength of the group creates an environment where business can achieve more of their goals and the most effective methods to reach them.