Glossary

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Crowdsourcing

Crowdsourcing

Crowdsourcing is the practice of engaging a group of people (crowd) for a common purpose which is often related to problem-solving, efficiency, or innovation. Individuals can collectively contribute their ideas, funds, time, or expertise to a cause or a project. These individuals are linked together with a common interest to bring better results through their combined efforts.

Crowdsourcing is applied on many different levels across various industries to -

  • Share ideas
  • Co-create
  • Accelerate innovation
  • Reinvent business, work, and financial models
  • Engage customers
  • Increase efficiency
  • Save cost

Few areas where crowdsourcing has a huge impact and potential -

  • IT
  • Education
  • Finance
  • Government
  • Marketing
  • Enterprise
  • Science and Health
  • Entrepreneurship
  • Nonprofit and social enterprises

Benefits of crowdsourcing for enterprises

  • Governance - In this enterprise, the need is for the value. So, crowdsourcing, in this case, leads to equity-effective funding by the investors and executive, improves ROI, and enhances Cx and valuations.
  • Innovation - Here the product management and R&D team can fulfill their need for progress by using Crowdsourcing to get creative ideas, user-driven design, and collaborative partnering.
  • Finance - The need for Finance is optimization and crowdsourcing can help to achieve that with risk mitigation, cost reduction, and outsourcing opportunities.
  • Commercial - The need for the commercial enterprise is growth and crowdsourcing can help to achieve that by making it easier to get new leads and improve the overall customer experience.
  • Operations - The need of the Operations enterprise is to have improved service. So implementing crowdsourcing can help to take care of the supply chain efficiencies and quality.
free conversion rate optimization audit

Crowdsourcing is the practice of engaging a group of people (crowd) for a common purpose which is often related to problem-solving, efficiency, or innovation. Individuals can collectively contribute their ideas, funds, time, or expertise to a cause or a project. These individuals are linked together with a common interest to bring better results through their combined efforts.

Crowdsourcing is applied on many different levels across various industries to -

  • Share ideas
  • Co-create
  • Accelerate innovation
  • Reinvent business, work, and financial models
  • Engage customers
  • Increase efficiency
  • Save cost

Few areas where crowdsourcing has a huge impact and potential -

  • IT
  • Education
  • Finance
  • Government
  • Marketing
  • Enterprise
  • Science and Health
  • Entrepreneurship
  • Nonprofit and social enterprises

Benefits of crowdsourcing for enterprises

  • Governance - In this enterprise, the need is for the value. So, crowdsourcing, in this case, leads to equity-effective funding by the investors and executive, improves ROI, and enhances Cx and valuations.
  • Innovation - Here the product management and R&D team can fulfill their need for progress by using Crowdsourcing to get creative ideas, user-driven design, and collaborative partnering.
  • Finance - The need for Finance is optimization and crowdsourcing can help to achieve that with risk mitigation, cost reduction, and outsourcing opportunities.
  • Commercial - The need for the commercial enterprise is growth and crowdsourcing can help to achieve that by making it easier to get new leads and improve the overall customer experience.
  • Operations - The need of the Operations enterprise is to have improved service. So implementing crowdsourcing can help to take care of the supply chain efficiencies and quality.
free conversion rate optimization audit