Crowdsourcing is not only used for relatively simple tasks


Question: Crowdsourcing is not only used for relatively simple tasks such as designing a Web site or designing a case for a smartphone. Today, it is increasingly being used in more complex designs as well. Precyse Technolo-gies provides supply-chain products and solutions that assist organizations in tracking their inventories using RFID technology. It was having difficulty improving the performance and battery life of a particular RFID device; there were not adequate internal resources to tackle the problem. So, Precyse asked InnoCentive, a crowdsourcing provider, for assistance, believing that crowdsourcing would provide quick access to a worldwide talent pool and a higher return on investment (ROI). Ultimately, the company received more than 300 ideas from global experts for solving its problem. It narrowed the pool down to three finalists, from which a winner was chosen. The whole process took approximately four months, and Precyse estimated that it saved the company $250,000.26

Answer the following questions:

1. What are some typical applications of crowdsourcing?

2. What are some advantages of crowdsourcing?

3. How could crowdsourcing reduce the systems design cost?

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Crowdsourcing is not only used for relatively simple tasks
Reference No:- TGS02758983

Expected delivery within 24 Hours