Enterprise crowdsourcing is the new big word to watch out for, right alongside outsourcing. The trend has seen a domino effect with more and more companies applying and integrating the trend.
Why is crowdsourcing popular?
AOL and LinkedIn were featured in a wall street journal when they used crowd sourcing for problem-solving that was strategic and streamlined. Numerous industry insiders are of the opinion that the reason enterprise crowdsourcing is so favored is because of the low cost and the fast time frame it entails in comparison to hiring full-time employees or even engaging an outsourcing firm for the workers.
Increasing the brand value
Another new trend that is emerging within the trend of enterprise crowdsourcing is the increase in brand value. In order to understand this connection, it is important to understand the working of crowdsourcing.
Interbrand, considered to be one amidst the world’s leading brand consultancies recently announced a list of the top brands in the world. The brands featured in the list did not cause a stir as much as the fact that nine out of the ten companies relied on enterprise crowdsourcing. The facts about the companies relying on crowdsourcing was revealed through a blog posted via crowdsourcing.org.
The projects undertaken by these brands call for crowd labor pools for things like ideation and contests. This work is in the domain of the non-experts, so to speak. Lionbridge, a pioneer in the domain of crowdsourcing utilizes highly skilled crowd workers from across the world.
With more than a decade of experience in the crowdsourcing arena, Lionbridge can be trusted to be a pioneer of sorts in the arena. The work scope that companies like Lionbridge offers is more customized to the technological demands of the client. They source experts in fields like search relevance, accounting, testing, translation services, data verification and data classification, amidst numerous other such niche areas.
These services are rendered through software platforms. The experts convene to effectively manage and work together on a particular project in virtual space. The projects usually last anywhere between a few weeks to a few months.
A rundown on the benefits
The raison d’etre for the existence of crowdsourcing, along the line of outsourcing is the reduced labor costs. The reduction in labor costs clocks in anywhere between 20 and 40 percent. Besides that, an efficiency that is unattainable otherwise contributes to the popularity.
An on-demand work force leads to the work force achieving full potential. The efficiency and speed ensures that the clients can reach further into the niche market through new sales and a substantial increase in the revenue.
The pervasive trend
Examples of just how pervasive crowdsourcing has become is evident in companies across the world. GE launched a crowdsourcing program called “Quests” in an effort to solve longstanding problems of healthcare and air travel. The world’s prototype “Community designed PC” is currently being designed by crowds engaged by Intel and Asus. A financial institution in the US is currently using rural crowds to process mortgage applications. The review includes criteria based reviews of applications for mortgages.
The idea of crowdsourcing is not only limited to the multinationals, the big corporations or the technological institutions. The potent potential of crowdsourcing is truly limitless and boundless.
The companies that have integrated crowdsourcing report better services and products that are almost customized to the needs of the customers. This customization and better products is leading to a better brand value and a brand experience that is dramatically better than without crowdsourcing.