What is Crowdsourcing and Why Should You Care?

What is Crowdsourcing and Why Should You Care?


What is Crowdsourcing?

Crowdsourcing is a scalable process of solving problems by engaging a network of individual contributors (either digitally or physically) to complete a series of tasks or projects, solve an impending business problem, or gather, organize and analyze vast amounts of crucial business data for strategic implementation.

Types of Crowdsourcing

While there is a bevy of crowdsourcing models in operation today, there are three, ultra-popular models commonly used to efficiently and cost-effectively generate data for both small scale and large-scale projects through a robust online network of verified Contributors: user-generated content, microtasking and crowdfunding.

User-Generated Content

User-Generated Content (UGC) is the most popular and widely accepted form of crowdsourcing. The simplest definition of UGC is the generation of usable content from a large quantity of contributors.

An example of a UGC business model is Yotpo Ltd., an enterprise platform that uses Artificial Intelligence (AI) to collect verified customer content like reviews, ratings and Q&A to increase sales conversions.

Microtasking

Microtasking is the process of slicing a robust project into small, digestible task initiatives, which are then assigned to a large network of widespread contributors for execution. Premise, for example, assigns targeted microtasks to a network of local citizens incentivizing Contributors with micropayments to complete tasks more quickly and ensure higher quality submissions.

Crowdfunding

Crowdfunding is another crowdsourcing model made popular through platforms like gofundme and Kickstarter, which allow individuals or entities to request funds from the community, often to achieve a pre-established fundraising goal.

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Why Do You Need Crowdsourcing?

Intelligent crowdsourcing has monumental potential for businesses of all sizes allowing for the proper regulation of data through the collection of real-time, unbiased information from diverse, reliable Contributors. Here are three reasons why crowdsourcing is right for your business:

1.   You Need Reliable Data

Crowdsourced data is more reliable than data collected from an enumerator, a surveyor or a data collector as a result of the sheer volume of data collected. Data collected from an individual Contributor may exemplify bias or lack of statistical probability while data collected from two or more individuals ensures data quality by reducing individual bias and establishing statistical reliability as reports reveal patterns or similarities.

2.   Your Data Potential is Largely Untapped

Finding timely, reliable data sources at a sufficiently high volume and the resources to organize and analyze said data is a massive feat; one that is most often left untouched from data overwhelm. Crowdsourcing is an effective solution for quality data collection at a mass scale, in real-time, with accompanying actionable analytics.

3.   You Like Low Risk and High Reward Opportunities

Crowdsourcing is low-risk with key quality control and fraudulent detection initiatives found among quality crowdsourcing platforms. In the case of crowdsourcing, low risk breeds high reward with solutions offering diverse, bias-free data large in scale at a low cost of entry within an efficient timeline.

Get Started with Crowdsourcing

Crowdsourcing data for your business is attainable and scalable, making it a reliable solution to improve data quality and actionable insights for your business.

Premise is the perfect introduction to crowdsourcing with a massive network of real people crowdsourcing real-time data worldwide, giving you access to a whole new world of data.

Are you interested in learning more about how Premise can fill-in the gaps of your data collection and analytics efforts? Visit www.premise.com/solutions/ or email info@premise.com. We can’t wait to help you become more data-driven.