The crowd is said to have immense power as it can exert pressure. This phenomenon can be observed in many sectors, like politics, economics, marketing, and innovation, termed Crowd Sourcing.
For some top brands of the world, crowds are now becoming the partner of choice. According to various reports, Apple turns to a large number of its users and developers scattered all over the globe to propel its growth. This is being done by creating apps and podcasts that enhance their products. Biologists at the University of Washington used crowds of external contributors to map the structure of an AIDS-related virus that had been a mystery academic and industry expert for more than 15 years.
Despite the increase in several success stories and immense potential, only a few companies harness the crowd’s power to glorify their products and services. It’s natural because for companies established around internal innovation, welcoming a group of strangers in their expanse may seem a little risky. But not utilizing the power of the crowd can be a huge opportunity cost. Moreover, in today’s cut-throat competition, competitors can always use the firm’s opportunities that are not acknowledged.
A well-coordinated and well-functioning crowd can be a crucial and dominant asset to companies aspiring to upgrade and boost their products and services by walking down the path of innovation. This is because a crowd tackles the current problems and shortcomings with diverse individuals who have varied skills, experiences, and perspectives. This can be an advantageous and efficient method of solving problems.
Crowdsourcing is a powerful tool for mapping innovations. It can also find uses as an instrument to solve innovation problems that have existed, in some form or the other, from centuries. Like most other things, Crowd Sourcing is also practiced online to make it more sophisticated yet simple to manage. By channelizing the crowd’s power correctly, a company can use the group as an elevator to reach the top amongst all its competitors.