What Are The Risks?
While crowd-sourcing is emerging as a favourable trend, there are a number of challenges that organizations have to face in order to develop an efficient crowd-sourcing platform. The primary challenge faced by organizations these days is to recruit and to retain the users or participants for crowd-sourcing. Also, the type, nature and overall value of contributions and how they may aid in problem solving are a challenge. Lastly, the evaluation of the overall contributions in relation to a target problem is a challenge as well. Other than this, there are also a host of risks associated with crowd-sourcing. These include the risks of lost control, deterioration in the internal knowledge base and( in) consideration of legal conditions.
What Are The Benefits?
Despite these risks the benefits of outsourcing are abundant and plenty. Through efficient management, an organization can easily exploit the cost cutting potential of this activity. In addition, it allows businesses to connect with their customers and increase brand loyalty. It would be safe to conclude that the added flexibility to processes and the lesser time-to-market have encouraged businesses to further explore crowd-sourcing despite the associated risks.
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