+ 44 20 8144 3706Introduction:
Crowd sourcing is commonly used by the business firms in today time period to get technical and non technical done from skilled and unskilled people at low cost. There are many types of crowd sourcing like crowd wisdom, creation, funding and crowd voting (Morschheuser, 2016). In case of crowd wisdom advice or task is get done from the group of technicians or domain experts. On other hand, in case of crowd creation creative task is delegated to number of people and they are rewarded if companies like their work. In case of crowd voting information related to public thought is gathered. In case of crowd funding firm is raised from the online platform. At end, case of crowd funding is evaluated and its positive and negative sides are evaluated.
What is crowdsourcing?
In the business numbers of types of expenditures are made by the business firm and all of these expenses cover specific portion of the total sales revenue. HR cost is the one of the expense that covers at least 30% of total revenue of every company. Share of HR expense may be more in the total sales revenue. This is the reason due to which most of the business firms now a day’s give due importance to the control of HR expenses in the business. In current time period there are alternatives that are available to the business firms in this regard. Some of these alternatives are outsourcing and crowd sourcing (Van Dusen, and Wise, 2016).
There is difference between both terms. One of the main differences between both is that in case of outsourcing company outsources its task to any other company that is located in other nation of the world at cheaper cost. On other hand, in case crowd sourcing company outsource its specific task online and those who have capability, work on that task online and get paid. Other main difference between crowd sourcing and outsource is that in outsource tasks that require moderate or no intellectual capability are given to the specific company. On other hand, in crowd sourcing only a particular task where company is facing problem is delegated online to individual or group of people. Hence, it can be said that to some extent there is difference between crowd source and outsource in terms of nature of work outsource (Poblet, and Casanovas, 2018).
Conclusion:
On basis of above discussion it is concluded that there is significant importance of the crowd funding platform for the business firms because through it in easy way required amount of fund can be raised by the firm. It is also concluded that there are multiple types of crowd sources and firms according to their requirement must choose relevant one so that best quality work can be obtained on time and at low cost. By making use of crowd sourcing effective use of HR can be done at the workplace.
References:
Books and Journals
Alves, M.R.R., 2019. Crowd Voting: Impacts on Product Sales in Marketplaces. International Journal of Business Administration. 10(3).
Cumming, D.J., and et.al., 2020. Disentangling crowdfunding from fraud funding. Max Planck Institute for Innovation & competition research paper. (16-09).
Lee, B., 2018. Financing Public Education via Crowdfunding: K-12 Teachers as Social Entrepreneurs.
Morschheuser, B., Hamari, J. and Koivisto, J., 2016. January. Gamification in crowdsourcing: a review. In 2016 49th Hawaii International Conference on System Sciences (HICSS) (pp. 4375-4384). IEEE.
Poblet, M., García-Cuesta, E. and Casanovas, P., 2018. Crowdsourcing roles, methods and tools for data-intensive disaster management. Information Systems Frontiers. 20(6). pp.1363-1379.
Prelec, D., Seung, H.S. and McCoy, J., 2017. A solution to the single-question crowd wisdom problem. Nature. 541(7638). pp.532-535.
Seguin, M.J., 2017. Digging Online: Crowdfunding for Archaeology (Master’s thesis, University of Waterloo).
Stol, K.J., LaToza, T.D. and Bird, C., 2017. Crowdsourcing for software engineering. IEEE software. 34(2). pp.30-36.
Van Dusen, D.A. and Wise, J.A., LOCI, 2016. System and method for fuzzy concept mapping, voting ontology crowdsourcing, and technology prediction. U.S. Patent 9,461,876.
Williams, B.P., and et.al, 2017. Crowd-sourced creation and updating of area description file for mobile device localization. U.S. Patent 9,811,734.
Online
How an independent news site in EI Salvador raised $ 27000 in crowdfunding., 2019. [Online] Accessed through: <https://ijnet.org/en/story/how-independent-news-site-el-salvador-raised-27000-crowdfunding>
Here, at archlite assignment help, we provide various academic assignment assistance including Physics assignment help | Geometry assignment help & many more.
