Harnessing the crowdsourcing power of social media for solving Business challenges
With lacs of websites, apps and other platforms available for people to communicate these days, this is probably the era of social media. Youngsters are among the top users of social media platforms. With the arrival of internet and online relationship, things like organizational frontiers, intellectual property and the exploring of fresh markets has become a much more community, unrestricted and shared experience. The boundaries that once separated different disciplines, organizations (even competitors) began to dissolve and innovation opened up to become a much more collaborative process. Whether it’s about updating a Facebook status, writing comment into 140 characters or uploading a picture of a coffee, everyone is on the Internet. Social media has become a part of our culture.
There’s no denying of the fact that social media is thriving worldwide and is impacting the way we think.
Social media is undoubtedly the most powerful form of tool, marketing and market research the world has ever seen. But it cannot bring overnight business success or lead to transformation suddenly. It’s a platform which require real work. With last decade Crowdsourcing is a buzzing topic and it has received prodigious attention from both industry and scholar’s .It overlays with original contemporary notions such as open innovation and user innovation. Crowdsourcing can not only be used a powerful driving force but also a great way to reach out to audiences and drive towards obtaining innovative solutions.
The research project “Harnessing the crowdsourcing power of social media for solving Business challenges “is based on study of organizations currently employing crowdsourcing strategy, study of recent paper on crowdsourcing and theories published. The project will look into the dimensions of crowdsourcing, some of its type and concern associated with it.
3. Literature reading
Innovation can maintain the competitiveness of the organization and it is important to know how to leverage crowdsourcing
Term “Crowdsourcing” as defined by Jeff Howe and Mark Robinson in 2005 describes how businesses are using the Internet to “outsource their work to the outside crowd” which quickly led to the portmanteau “crowdsourcing.” Howe had first published a definition for the term crowdsourcing in a companion blog post to his June 2006 Wired article, “The Rise of Crowdsourcing”, which came out few days later.
As quoted in Explore the feasibility of adopting crowdsourcing for innovative problem solving by C.K.M. Lee, CY Chan, Sophie Ho, KL Choy, WH Ip,
Dimensions of crowdsourcing can be discussed in following 2 way:
3.1 Crowdsourcing for open innovation
Crowdsourcing is linked to the concept of open innovation (e.g. Schenk and Guittard,011; Marjanovic et al., 2012). Open innovation can be attained as firms harness outside ideas and resources to enhance their technology, capability and innovation (Chesbrough, 2003). Furthermore, individuals can involve themselves in open innovation via online contests or platforms, managed by firms or sponsors.
3.2 Task design of crowdsourcing
In any business or crowdsourcing industry, firms can look for innovative ideas from outside & solutions to boost business. For them to get optimal solution and that too from crowdsourcing participants, contests firms need to communicate the tasks efficiently and motivate the contest solvers’ contribution through task design (Zheng et al.,2011).
eYeka (a major crowdsourcing platform ) prepared a report about the crowdsourcing activities done by 10 major FMCG companies on four top crowdsourcing platforms in 2013 and 2014 as well as for the activities done by the 100 Best Global Brands since 2004.Some of the major findings of the report include:
· 85% of the 2014 top Global Brands have used crowdsourcing in last one decade.
· The Best Global Brands were three times more likely to use crowdsourcing platforms as compared to websites and social media for their crowdsourcing efforts.
· Fast Moving Consumer Goods majors have increased the investment by 49% in 2014 compared to 2013.
· Out of those 10 companies, the top 3 crowdsourcing in 2014 were Procter & Gamble, trailed by Unilever and Nestle?.
· The most crowdsourced content by the Best Brands was video content followed by ideas .
· Classification of crowdsourcing based on crowd ,Motivation factor and application function
· To study how crowdsourcing can be used in social media for brand building.
· Understanding crowdsourcing as a marketing strategy and solving complex business problems.
· Derivation of framework to quantify and classify the ideas for achieving end result.
· To derive the benefits of crowdsourcing a task and challenges associated with it.
The research project will cover study of organization from ITES, FMCG and manufacturing who have utilized Internet crowdsourcing .Along with the established origination crowdsourcing is being utilized by upcoming startup and small organization .The project will cover two such startup in areas of Energy and FMCG.
6. RESEARCH Methodology:
Major portion of the project research is based on the secondary data available on web. The data is in form of research papers, journals, case study, and blogs and write up by various author and institutions.
Primary research is based on directly interacting and obtaining survey from 2 start-up.
How to START?
Once you have decided to crowdsource, you have to define a series of goal and the steps that would help you get suggestion, ideas, and solution to reach to the expected product or goal. While for any task the steps may vary I have tried to generalize the major steps that is basic framework to prepare any job to crowdsource and collect the final work product.
1. Designing of the Task and segmentation of target labor.
2. Writing down clear and simple instructions.
3. Choosing a web based platform to function as crowd market.
4. Release the task (job) in market.
5. Gathering information i.e. Listening to crowd