Crowdsourcing is a sourcing model which is targeted to a body of people to gather needed knowledge goods and services including ideas and finance. The popularity of crowdsourcing is evident as it divides up work between the participants to achieve a collective result. The word ‘crowdsourcing’ was coined in 2005. The idea of crowdsourcing has existed even before the internet where it was done offline. The history of crowdsourcing dates back to the 17th century.
Why crowdsourcing is so popular
This is a practice which is popular among the internet users. For instance, the students who are looking to write OUCET exam can crowdsource various study materials to apply. For this exam NEET 2018 is available on the official website. The different types of crowdsourcing can be classified into four types; Crowd Creation, Crowd Voting, Crowd Wisdom and Crowdfunding. You can also use Chegg Free Account for this.
Crowd Creation:
This is most popular form of crowdsourcing where people are asked to create. This can vary from filming commercials for TV, language translation, or solving problems. This type of sourcing can be used to source new writing, music, photography, etc. It can also be used to solve world problems. This is also used in top MBA colleges in Tamilnadu where students are asked to create an art project which is put together to create a bigger art installation for an exhibition or a college extracurricular event. Some of the examples for crowd creation are iStockPhoto, Linux, Threadless.com and various others.
Crowd Voting:
This is used to gain feedback from a community to categorize filter and rank like movies music etc. This is also a very popular form of crowdsourcing which generates a two-way communication in a community. With the internet, this has gotten easier because there are a lot of platforms to vote rate and compare. Threadless.com also uses crowd voting to select on a t-shirt to print and sale. Reality TV is also another good example of crowd voting where the audience votes in for their favourites least voted person out of the show.
Crowd Wisdom:
In this type of crowdsourcing, the knowledge of many people is grouped together for a bigger picture. This is also done to solve problems and predict outcomes and help strategize in a corporate setup. A study shows that highly intellectual group of people can be overpowered by the crowd wisdom as each person offers a different perspective which can cumulatively offer a larger picture.
Crowdfunding:
Again, this is a very popular type of crowdsourcing where the crowd provides funds or helps in raising funds. This is usually conducted in a corporate scenario when there is a financial obstacle. Crowdfunding is usually done when there is a solid product or work that exists. But there are also times when crowdfunding fails which, usually, occurs in developing nations and for amateur comedians. Few examples of these are Patreon, Kiva and Sellaband.
Few popular crowdfunding sites are Kickstarter, GoFundMe, EquityNet, Indiegogo, RocketHub, Fiverr, and Crowdfunder. Crowdsourcing has a lot of benefits. They are:
Cost Saving:
Crowdsourcing costs less time and money than hiring professionals for R&D or consulting. The overhead incurred is also very little. Marketing can also be done on social media like Twitter and Facebook.
Customer Loyalty:
Involving the people for crowdsourcing is beneficial for building customer loyalty as it keeps them engaged on social media.
Talent seeks you:
Hiring an employee requires the initial act of putting a word out about the vacancy whereas in crowdsourcing the talented people and organizations seek you with inputs.
There are equal detriments like questionable quality of inputs, deadweight inputs, wasted time, bad reputation, and marketing risks.
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