Wednesday, 16 July 2014

Challenges and way ahead for Crowd Sourcing

Crowd Sourcing is a way to involve, collaborate and make people from all over the globe interact with one another.  This in turn helps businesses gain momentum, in the form of opinions, suggestions and feedback from potential and willing clients, which in turn brings in the high ROI every business needs. As a business owner, here are a few challenges one would face when Crowd Sourcing is concerned and along with them the best techniques to use. Please read on and be well-informed for the same.

Claim the right size

Assuming the business is into recruiting the right skills and talents, Crowd Sourcing works wonders in hiring and recruiting. Jobs can be too large a charge for anyone to handle, recruiting the right talent thus is important and the challenging feat must be thrown open to the public wisely, or else the right considerations with regard to applicants would not come through. On the other hand, some jobs maybe too small and need lesser efforts, which is why business owners need to check on the genuineness of the candidates being recruited and the certain determined spirit they bring forth. Allowing a Crowd Sourcing team to do that assures core business functions aren’t hampered, which can be utilized elsewhere for ROI on high scales.

Stay connected

It isn’t possible for business owners to stay in touch and offer thorough and timely responses always. Every individual in the crowd involving himself or herself in the Crowd Sourcing project should have the right perspectives given from the business owner. Feedback on what the individuals offer should be given and the measure tactics or parameters should be discussed too. Keeping the crowds engaged would help the business function well and the project in the long run would reap benefits too.

Let go

Giving up wanting to be in control and letting go of the harness should be the business owner’s aim. This is especially when dealing with Crowd Sourcing, since the value of the people and their viewpoint works immense wonders. 

Grow the internal resources with external help

If Crowd Sourcing is a long term plan for the business, staffing identity issues would crop up. For example, when outsourcing an idea to new clients, the R&D division should speculate on how to frame the big picture. In this case using Crowd Sourcing and not swapping the masses out there for the internal ones would be best advised. Once the Crowd Sourcing is done, rendering work would be taken care off too.

These were a few instances on the challenges business owners should think off when planning to use Crowd Sourcing. There are many more ways on how to overcome challenges of Crowd Sourcing, and many new challenges to face and deal with too. Check online and be well-informed for the same.

Friday, 11 July 2014

Key Metrics to tap for Crowd Sourcing

Recognition and feedback using crowdsourcing is one of the metrics to be tapped into. Last year there were many companies surveyed, of which more than half were said to have reviews done only once a year. Employees still felt overwhelmed nevertheless when reviews for them were made on a frequent basis and from various sources that too. The input through crowdsourcing thus brought about accuracy and effective recognition programs, and what came about were;

More than half of the companies surveyed said they used or would use social recognition which would empower internal employees to honour and recognise one another for a good job done.

Around seventy percent agreed to crowdsourcing recognition which would help bring in more transparency for performance reviews, and

Seventy four percent of the companies at the moment consider or currently use mapping recognition awards and want to do away with ratings and rankings respectively.

Frustration lowered

Another metric to tap into and which would help bring about more productivity would be recognition investment. The survey done last year spoke about the relationship between job satisfaction and productivity for an employee, and the company recognition program invested in. When there were higher budgets allocated, frustrations were lesser and productivity was more as compared to a case au contraire. Results and findings from the survey said;

More than half of the employees doubled on the productivity levels in their workplace, in comparison to companies that spent less on such recognition services

Frustration levels were fifty percent lower when such recognition services were in place, as compared to with companies that do not follow such strategies

Prize and Praises

Motivation is important or else the spirit sinks, and couple praise with a prize, companies have a happy bunch working for them.

More than eight percent of employees are motivated when praises are bestowed on them, and a reward given to them as well, as compared to companies that offer only praises sans a prize

Positive feedback say ninety percent of employees has a major impact on how employees perform, in comparison to belittling negative feedback in the garb of motivation.

With crowdsourcing performance reviews following the aforementioned metrics in place, a paradigm shift was noticed, especially in the Human Resource industry. With innovative and creative ways to use crowdsourcing, the reviews that came by were profound and one of a kind. Within and from outside the organisation, when crowdsourcing performance was done with all metrics in place, companies realised the internal employees needs better. It was a snowball effect as seen, where employees got what they wanted and were happier, which in turn brought about better productivity on the whole.

Thursday, 3 July 2014



 

ROI of Crowd Sourcing


So how does one measure the ROI of Crowd Sourcing? Interesting, let’s take a look further with what experts have to say when money is honey in the world of business, supported through crowdsourcing.

On what basis would co-creation and the concept of crowdsourcing be measured, is what everyone wants to know. Sources from the famous McKinsey Global Institute dwelt on this and did a little research to bring forth good news.


Highlights

1. With co-creation and crowdsourcing as technological advancements in this day and age, productivity would be higher by more than 25 percent says a source.

2. Investment ROI here would be high, sources say anything between $900bn to $1.3bn

3. New product developments can gain the best benefits from crowdsourcing


What can the added revenue do?

The added revenue would help;

1. The retail financial sector

2. Advanced manufacturing sector

3. Consumer packaging sector, and

4. Professional services, say sources.

It is an interesting equation brought forth by the report done by the esteemed McKinsey group, on which it is clearly shown how a company can thrive by influencing it’s consumers. This report also shows how much gains can be made and expected using co-creation and collaborative technologies in the long run.


Crowdsourcing ways to use

1. Market research, analysis and prediction

2. Innovation for business and product

3. Research and brand collaboration

When one does research and analysis, prediction of the market behaviours can be forecasted! Traditional ways of doing so isn’t advised, and one needs to have the masses involved for accurate data and information collation.

Product innovation should use crowdsourcing; this would be asking the masses to let the business know what they want around before the launch happens. In doing so, life gets easier for the manufacturers and the consumers; it is a win-win love story situation for the two. Let the masses through crowdsourcing pitch in their ideas, and this is to be used by the business owners, which brings in high ROI in the bargain.

Finally, research and collaboration is a must for high ROI to come in, and this step would bring in the answers much needed. Crowdsourcing can help ventures and businesses with the same, especially when traditional ways of market research and collaboration fail to bring in what is needed. With the help of brand collaboration, creativity flows and new inputs come in, which makes it ideal for the businesses to thrive since they would be catering to the “needs” of the end client. The end client would also have their ideas improvised upon, due credits given as well.

Hence, the ROI Of crowdsourcing explained and what makes it happen the right way too. It would be wise to speak with experts and to find a great deal of more information for the same.


The applicability of Crowd Sourcing



Data in this day and age needs to be rapidly exchanged, or else maintaining balance with the fierce competition around wouldn’t be possible. With the help of Crowdsourcing, strategic issues can be solved, tasks get completed sooner, contributors from across the globe can be roped in for help on a voluntary and“open to all” participation, and the designated problem would thus find a solution without a sword hanging over the head, namely overhead costs.

Having said that, here are a few examples of companies that applied Crowdsourcing to the best, hence please read on and be well-informed;

Unilever


A highly and well-recognised company across the globe, with immense facilities and high staffing of it’s own, Unilever realised how important it was to have innovative partners and collaboration, not within the firm but from outside. The company sought help from everyone around the world and took feedback on various projects they worked on.



Anheuser-Busch (AB)


As one of the leading breweries in the world, Anheuser- Bush (AB) made great inroads using Crowdsourcing. In the US, Budweiser at that time was on the top as one of the most wanted beers being sold. AB went one step ahead and sought feedback from real users in the market and brought about a brand which resonated with the choices of millions across the nation. Black Crown thus was born, and the golden amber beverage made a splash, thanks to Crowdsourcing

Coca-Cola


Crowdsourcing worked miracles for the soft drink giant, whose formula yet is unknown and is a mystery. The company now has a very open model for business and prominently talks about using Crowdsourcing, which according to them helps shape better futures for many, creates challenging ventures for the youth, brings about more employment and jobs across many nations, provides funding for educational projects and also cares for the environment too. Coke has sought the help of Crowdsourcing, using online feedback and suggestions to help market it’s products seamlessly and with lesser costs and efforts too.

Nokia


Crowdsourcing didn’t stop at certain niches of the market, it went full throttle and one example of that would be with the mobile phone giant, Nokia. Nokia’s Ideas project was meant to be a global conglomerate of ideas and innovations, open to all and voluntary for people to use. The main aim of the company was to be consumer driven and derived, across all the nations it served. Such an idea was of high value since it worked on the needs of the consumer, took feedback seriously and newer ideas were generated, enabling Nokia to come out with one of a kind products and services.

In this day and age, one would find many such examples of how big and small companies have used Crowdsourcing to make it big. It would be wise to read more and learn how the companies used the innovations to their merit.