what is crowdsourcing
Crowdsourcing is
a use of public support either by using general public or targeted group on a
global scale, to contribute to a specific business project. It is used to find
solutions to things such as products, design etc. It is mainly used by large
community and creative capacity networks. There are many crowdsourcing
strategies such as crowdfunding, collaboration with e-commerce etc.
Crowdsourcing has been around since 2005, and since then more and more companies are getting comfortable with it. Different industries use crowdsourcing for different purposes. Large community networks use crowdsourcing for sales, marketing and news while creative capacity businesses use it for design, advertising and media. Big companies such as Nike, L’oreal, Microsoft and many more have boarded this crowdsourcing train and so far all is going well.
One example is crowdfunding. Crowdfunding is a type of crowdsourcing that involves finding capital through recruiting investors worldwide. It works on a project based term, where as a project/idea is launched and individuals who support the idea actually invest in the idea. This type of crowdsourcing usually is used by politicians when campaigning to get supporters.
On the other hand is the term “e-commerce”. E-commerce is a new term in our day and age where business meets internet. It uses the internet for business purposes since internet is the future. It is used to predict markets, testing purposes which go hand in hand with crowdsourcing where businesses can use the internet to find out certain things about their customers.
Crowdsourcing is the future of business and together with e-commerce it will be unstoppable. However the catch is to implement it properly e.g. providing the right resources, monitoring the projects and businesses to do their part. Then thereafter businesses can reap benefits from using the public to grow both the business and the people.
Author: Thuto Bogodile [111365]
References
http://samples.easygoessay.com/crowdsourcing-essay/
http://www.ukessays.com/essays/business/crowdsourcing-as-an-effective-e-commerce-strategy-business-essay.php
http://www.ehuub.com/sell-documents/contemporary-issues-in-marketing-research-essay@marketing.contemporary-issues-in-marketing/
http://www.networksolutions.com/education/what-is-ecommerce/
Crowdsourcing has been around since 2005, and since then more and more companies are getting comfortable with it. Different industries use crowdsourcing for different purposes. Large community networks use crowdsourcing for sales, marketing and news while creative capacity businesses use it for design, advertising and media. Big companies such as Nike, L’oreal, Microsoft and many more have boarded this crowdsourcing train and so far all is going well.
One example is crowdfunding. Crowdfunding is a type of crowdsourcing that involves finding capital through recruiting investors worldwide. It works on a project based term, where as a project/idea is launched and individuals who support the idea actually invest in the idea. This type of crowdsourcing usually is used by politicians when campaigning to get supporters.
On the other hand is the term “e-commerce”. E-commerce is a new term in our day and age where business meets internet. It uses the internet for business purposes since internet is the future. It is used to predict markets, testing purposes which go hand in hand with crowdsourcing where businesses can use the internet to find out certain things about their customers.
Crowdsourcing is the future of business and together with e-commerce it will be unstoppable. However the catch is to implement it properly e.g. providing the right resources, monitoring the projects and businesses to do their part. Then thereafter businesses can reap benefits from using the public to grow both the business and the people.
Author: Thuto Bogodile [111365]
References
http://samples.easygoessay.com/crowdsourcing-essay/
http://www.ukessays.com/essays/business/crowdsourcing-as-an-effective-e-commerce-strategy-business-essay.php
http://www.ehuub.com/sell-documents/contemporary-issues-in-marketing-research-essay@marketing.contemporary-issues-in-marketing/
http://www.networksolutions.com/education/what-is-ecommerce/
Advantages and disadvantages of crowdsourcing
Crowd
sourcing by definition is the act of outsourcing a task to the undefined
public. As with many processes in life, there are both advantages and
disadvantages associated with crowdsourcing. The most recognisable of all the
benefits from the use of crowdsourcing is the undeniable fact, that it brings
in mass intelligence to solve miscellaneous problems at an affordable price.
The most advantageous benefits from the use of crowdsourcing preside in the fact
that using an enormous amount of people to solve various problems almost
guarantees the fact that the problem will be eventually solved, if two heads
are better than one then a thousand heads must be good for something? Apart
from the affordability and creativity of the masses from the use of crowdsourcing,
another advantage is the fact that an enterprise might end up recruiting some
individuals for permanent work. This not only leads to job creation but, more
individuals will be compelled to take part in crowdsourcing. With the
realisation of incentives such as new employment and big paydays!
However with every advantage there must be an opposite and unfortunate disadvantage. The most obvious disadvantage of crowd sourcing is that nothing is private. If you can view brilliant suggestions made by individuals, chances are your competition can too. This leads to the loss of a competitive advantage. It is also difficult for collaboration between crowd members as they compete with each other in nature, no one likes losing! Managing the inextricably large crowds will ensure that most of your time is consumed doing this, rather than focusing on key areas of your business, this can lead to diminishing profit margins.
Be sure to consider both pros and cons of crowdsourcing before deciding to make use of it.
Author: Shilesh Singh [1254151]
References:
www.BizDharma.com
Definition of crowd sourcing acquired from www.urbandictionary.com
http://samples.easygoessay.com/crowdsourcing-essay/
www.hongkiat.com/blog/what-is-crowdsourcing/
However with every advantage there must be an opposite and unfortunate disadvantage. The most obvious disadvantage of crowd sourcing is that nothing is private. If you can view brilliant suggestions made by individuals, chances are your competition can too. This leads to the loss of a competitive advantage. It is also difficult for collaboration between crowd members as they compete with each other in nature, no one likes losing! Managing the inextricably large crowds will ensure that most of your time is consumed doing this, rather than focusing on key areas of your business, this can lead to diminishing profit margins.
Be sure to consider both pros and cons of crowdsourcing before deciding to make use of it.
Author: Shilesh Singh [1254151]
References:
www.BizDharma.com
Definition of crowd sourcing acquired from www.urbandictionary.com
http://samples.easygoessay.com/crowdsourcing-essay/
www.hongkiat.com/blog/what-is-crowdsourcing/
Crowdsourcing in education
There
are different forms of crowdsourcing and can be used in various fields. All of
which are fruitful for the ones who implement it. Crowdsourcing typically
starts with a person or a group of people creating a project of which needs
assistance in various forms, for example, funding, design and opinion, etc. but
how can crowdsourcing be used in education.
Crowdsourcing has been used by different people in order to help fix a problem or improve a project. An example for this would crowd be funding. Crowd funding occurs when a project is implemented that needs financial assistance. Instead of going to a bank for a loan, you could directly ask members of the community to invest in the project. |
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An example would be that of British student Emily-Rose Eastop. Eastop wanted to get her Master’s degree but was already in £20000 debts from her undergraduate degree; to help fund her fees, she posted her project (get E.R to Oxford) on Hubbub.net, a page of which members of the public either create a project (based on education and social good) or donate to one. Eastop received enough funding to study for her Masters.
Another form of crowdsourcing can also be used to generate ideas, and in this context, ideas to improve education systems. However, the way to do this effectively would be to gather relevant information and then ask for public opinion. Taking South Africa’s education as an example, institutes have determined that poor training of educators was the reason for South Africa’s low rating by the World Economic Forum. These institutions set up an open forum to get opinions and ideas from students and highly experienced educators and determined that teachers not only needed training but supervision.
Crowdsourcing is multifaceted and can be very beneficial to education as well.
Author: Mmathulo Ramolefe [783222]
References:
· www.ngopulse.org/article/education-south-africa-where-did-it-go-wrong
· https://hubbub.net/p/get-ER-to-oxford/
· www.educause.edu/crowdsourcing-higher-education-it
· www.timeshighereducation.co.uk/comment/opinion/crowdsourcing-to-fund-studies/20149430.article
Another form of crowdsourcing can also be used to generate ideas, and in this context, ideas to improve education systems. However, the way to do this effectively would be to gather relevant information and then ask for public opinion. Taking South Africa’s education as an example, institutes have determined that poor training of educators was the reason for South Africa’s low rating by the World Economic Forum. These institutions set up an open forum to get opinions and ideas from students and highly experienced educators and determined that teachers not only needed training but supervision.
Crowdsourcing is multifaceted and can be very beneficial to education as well.
Author: Mmathulo Ramolefe [783222]
References:
· www.ngopulse.org/article/education-south-africa-where-did-it-go-wrong
· https://hubbub.net/p/get-ER-to-oxford/
· www.educause.edu/crowdsourcing-higher-education-it
· www.timeshighereducation.co.uk/comment/opinion/crowdsourcing-to-fund-studies/20149430.article
Examples of crowdsourcing
1. Innovation exchange
General Mills Worldwide Innovation Network (G-WIN)
This is one of the corporations that sees the benefits of crowdsourcing as well .It is in demand of the ideas and suggestions that will take the company to the next step in order for it to grow -from ingredients to packaging to new product ideas and suggestion to upgrade technology or digital presence .The company credits G-WIN by assisting it to bring new products to the market faster .Anyone can make suggestions to General Mills on its website.
2. Picnic Green Challenge-Ideas to save the planet
Cultural differences for Entrepreneurs: Starting your (Sweden)
Initiating your own business can be difficult task to phase .Being confused on where to begin and what kind of support can you expect ?To inform aspiring sustainable entrepreneurs ,we reached out to past Green challenge participant ,Santé BEngs son from Sweden ,who shared his experience from different cultural perspective .Santé Sweden which has depended on large industrial companies for many decades ,is going through a transformation .Many of the larger multifunctional businesses are moving job opportunity outside of Sweden and the government is turning its focus towards entrepreneurs and smaller businesses .A shift is taking place, where the importance of entrepreneurs is rowing and the government is beginning to encourages and support entrepreneurs .
Reference
WE THINQ (SOCIAL SOFTWARE FOR CHANGE MAKERS)
LAST UPDATED: November 20 ,2014
General Mills Worldwide Innovation Network (G-WIN)
This is one of the corporations that sees the benefits of crowdsourcing as well .It is in demand of the ideas and suggestions that will take the company to the next step in order for it to grow -from ingredients to packaging to new product ideas and suggestion to upgrade technology or digital presence .The company credits G-WIN by assisting it to bring new products to the market faster .Anyone can make suggestions to General Mills on its website.
2. Picnic Green Challenge-Ideas to save the planet
Cultural differences for Entrepreneurs: Starting your (Sweden)
Initiating your own business can be difficult task to phase .Being confused on where to begin and what kind of support can you expect ?To inform aspiring sustainable entrepreneurs ,we reached out to past Green challenge participant ,Santé BEngs son from Sweden ,who shared his experience from different cultural perspective .Santé Sweden which has depended on large industrial companies for many decades ,is going through a transformation .Many of the larger multifunctional businesses are moving job opportunity outside of Sweden and the government is turning its focus towards entrepreneurs and smaller businesses .A shift is taking place, where the importance of entrepreneurs is rowing and the government is beginning to encourages and support entrepreneurs .
Reference
WE THINQ (SOCIAL SOFTWARE FOR CHANGE MAKERS)
LAST UPDATED: November 20 ,2014