Infs1602 Assignment: Analysis of Crowdsourcing Phenomenon and Trends

Table of Contents

1.        Executive Summary        

2.        Introduction        

3.        Crowdsourcing Platforms        

Mechanical Turk (Amazon) – An example of Microtasks        

Crowdfynd – An example of Crowdsearching        

oDesk – An example of Crowdworking        

4.        Business Model        

5.        Opportunities/Threats and Recommendation        

6.        Conclusion        

References        

1. Executive Summary

The purpose of this report is to provide an analysis of crowdsourcing phenomenon and trends in the rapidly evolving market. The concept of crowdsourcing had attracted interests from numerous companies and businesses across the world since its release. This was because Web 2.0 implementation improves the collaboration among internet users and businesses through the internet. The introduction of crowdsourcing was brought out through the practice of outsourcing by businesses who wished to reduce cost and focus on their core processes and businesses. The concept of crowdsourcing offers a huge range of diverse resources and innovation with precious opinions, feedback and solutions by the public. The ‘crowd’ individuals can give different views and promotes innovation. Organisations can see the potential of crowdsourcing and quickly assimilated it into their business. However, while the benefits are persuasive and attractive, there are risks involved. Depending on the task provided, risks include the poor quality of work and failure to appeal the public. Organisations require a firm understanding of the values and capability of crowdsourcing. Analysis on crowdsourcing platforms such as Mechanical Turk, Crowdfynd and oDesk has illustrated their attempts on crowdsourcing and their general target market.

1. Introduction

Crowdsourcing refers to the collection of information or revenue, typically online, from a crowd of people. Web 2.0 technologies can expand the potential of this practice by providing enhanced enterprise framework, social interaction and community. This also improves user participation and overall experience, allowing dynamic ideas and association. Crowdsourcing encourages companies and businesses to evolve their business operations and processes in order to assimilate new technologies to meet organisational goals and sustain against competitors.