The wisdom of crowds, the way were working Essay

The wisdom of crowds, the way were working - Essay Example The wisdom of crowds, the way we’re working One of the key aspects that make Coca-Cola a market leader is that it allows the diversity of opinion. James argues that groups are remarkably intelligent based on the fact that each member of the group is given an opportunity to contribute. In its effort to ensure wide range of decisions, Coca-Cola initiated a strong feedback system where shareowners and the consumers can provide their own views regarding the management of the company the board. Additionally, the company has well established operating groups that ensure opinions and information from different people reach the company headquarters. Independence of the groups is another important aspect that ensures wise crowds. This means that there is no single individual who makes decision on behalf of the entire group. For example, Coca-Cola board of governors under the leadership of Muhtar Kent, ensures consultation with other heads of department especially during the launching of new products or when adopting a new technology. In this way, each of members of the team feels as part and parcel of the entire company. Decentralization is an additional aspect that results to wise crowds. For instance, to achieve the company objectives, Coca-Cola has allocated qualified marketers and engineers to oversee its bottling plants located in various countries. Through the collaboration of the various heads of departments, wise decisions are made and adequate information is obtained thus enhancing the profitability of the company.