How Crowdsourcing Is Transforming The Way Businesses Operate

2251 words - 9 pages

Recent advancements in technology have helped change the way many businesses operate. Yet, none of these innovations is as promising as Crowdsourcing. Defined as the strategy of outsourcing high-risk, high-cost tasks to an online community known as a crowd this relatively new concept has proven to be a highly effective organizational tool. As a result, an increasing number of private and public sector organizations are incorporating it into their operations. In fact, the only thing that appears to be constraining Crowdsourcing is the speed at which the technology it utilizes advances.
The purpose of this essay is to examine how the emergence of Crowdsourcing is changing the way business operate. This current event will be examined from its conception through its inception into public organizational settings. Within this context, this paper will examine how this technological application has been used to reduce costs. It will discuss how online companies used Crowdsourcing as the foundation of their business model and how Crowdsourcing has emerged in public healthcare and government acquisitions. By advancing the understanding of Crowdsourcing, this study provides useful examples of how organizations are using this relatively new resource. Consequently, this essay serves a conduit for understanding the broad-reaching usefulness of information technology.
Crowdsourcing
Overview
Jeff Howe and Mark Robinson thought up the concept of Crowdsourcing in 2005. However, Howe was the first to write about the concept of Crowdsourcing in 2006. His coined the idea after observing a production model developed by a small group of computer programmers. The model showed that a collection of small teams could create a better product than could corporate giants like Microsoft. Using this information, Howe wrote his article titled The Rise of Crowdsourcing.
Howe credited two primary elements uniquely associated with technological advancements with making Crowdsourcing possible. First, he rationalized that rapidly advancing technology created a consumer market enabling cheaper electronic goods. With cheaper products came an explosion of technology into the homes of ordinary people. Technology allowed even the most novice of these users to perform sophisticated business activities. Howe believed the experience and knowledge gained from these activities did much to bridge the gap between expert and amateur business people. The second element Howe recognized was Cloud Computing. Cloud computing provided a virtual place where any user, regardless of their expertise, could gather and swap information instantly. Indeed, Howe believed that the sudden availability of electronics and the creation of virtual knowledge systems is what ultimately made Crowdsourcing possible.
Through Crowdsourcing, businesses and industries are able to tap into the massive knowledge base that exists from networked cloud technology. Business can use this knowledge to educate...

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