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
- Accelerate innovation
- Reinvent business, work, and financial models
- Engage customers
- Increase efficiency
- Save cost
Few areas where crowdsourcing has a huge impact and potential -
- Science and Health
- 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.