Question

advantages of cowrdsourning

Answer 1

Crowdsourcing:- The word Crowd itself denotes Gathering.

Crowdsourcing involves seeking knowledge, goods, or services from a large body of people.

in Finance terminology Crowdsourcing is one of the way for arranging fund requirement of Busineess and now in the currently global economy it is one of the best way of resoucing funds.

It is similar to shares trading on Stock exchanges, For Companies not listed on stock exchanges crowdsoucing provide opportunity to raise funds

Below are some of the advantages of Crowsourcing

1.The most significant benefit of using crowdsourcing is the ability to find unexpected solutions because of larger database

2.Putting a wider pool of people to work can also unlock a greater diversity of thinking, as well as unexpected ideas, Diversity will make the company to work more effectively.

3.When businesses innovate internally, there’s often a significant management burden placed on whoever is leading making them to take descision

4.Engaging public spectacle, crowdsourcing can be a great source of marketing buzz, In crowd sourcing where end user of the product is involved.

5.By inviting a wider pool of people to participate in the process, companies can get great ideas in a far shorter timeframe.