Welcome to the Investors Trading Academy talking glossary of financial terms and events.
Our word of the day is “Crowdsourcing” Crowdsourcing is a business model or function
that relies on a large group of users as third parties for outsourcing certain tasks.
The popular use of the internet makes communication and coordination progressively cheap: tasks
that would have been impossible to communicate and coordinate before have become extremely
easy to set up and coordinate.
Crowdsourcing can add significant value to a product or service, and can also generate
valuable connections between the users and the company.
Crowdsourcing is the practice of engaging a ‘crowd’ or group for a common goal — often
innovation, problem solving, or efficiency.
Crowdsourcing can take place on many different levels and across various industries.
Thanks to our growing connectivity, it is now easier than ever for individuals to collectively
contribute — whether with ideas, time, expertise, or funds — to a project or cause.
This collective mobilization is crowdsourcing.
This phenomenon can provide organizations with access to new ideas and solutions, deeper
consumer engagement, opportunities for co-creation, optimization of tasks, and reduced costs.
The Internet and social media have brought organizations closer to their stakeholders,
laying the groundwork for new ways of collaborating and creating value together like never before.
Crowdsourcing touches across all social and business interactions.
It is changing the way we work, hire, research, make and market.
Governments are applying crowdsourcing to empower citizens and give a greater voice
to the people.
In science and health care, crowdsourcing can democratize problem solving and accelerate
innovation.
With education, it has the potential to revolutionize the system, just as crowdfunding is currently
challenging traditional banking and investing processes