Crowdsourcing Corporate Innovation

The prominence that crowdsourcing now takes in our everyday lives is a testament to how effective it is at aligning services with consumer needs. Whether you’re ordering an Uber, or browsing Wikipedia, we all now benefit from the “crowd economy” in one way or another. However, many decision-makers still do not realise how valuable crowdsourcing can be when applied within their own organizations.

Corporate Crowdsourcing
and its Key Challenges

As the name suggests, crowdsourcing means ‘outsourcing to the crowds’ and leveraging their wealth of knowledge to achieve business objectives.Crowdsourcing projects can target both internal and external participants via questionnaires, competitions, and other methods. While crowdsourcing has many applications, large organizations are now applying it to generate ideas for cost reduction, NPD, innovation, and more!

One of the primary aspects that makes crowdsourcing so effective is that it allows companies to draw on the individual experiences and insights of thousands of people. This eliminates the need for companies to rely on a few select groups to understand all the issues facing the company – a practice that can result in a substantial loss of time and money. Finally, crowdsourcing serves as a great way to engage stakeholders and let them know their opinions are valued.

Engaging & incentivizing a large audience to tackle your unique challenges

Facilitating effective collaboration and idea development for your audience

Ensuring the most valuable submissions are identified & implemented

Protecting intellectual property & maintaining confidentiality during crowdsourcing initiatives

What The Experts Say...

"Crowdsourcing can help brands that need a new approach to solve a business problem when traditional tools are too slow or team thinking is blocked with 'traditional' solutions."

"Senior executives almost unanimously (94%) say that people and corporate culture are the most important drivers of innovation."

“Organizations must actively mine and manage the collective wisdom and experiences in the firm’s ecosystem to thrive in an increasingly competitive market.”

"Nothing will propel a company further than a culture of innovation: An atmosphere that inspires employees, every hour they're at work, to seek out innovative opportunities."

"In many organizations, there is an explicit goal of innovating in a way that is culturally inclusive to engage employees as well as benefit from their collective brainpower."

Achieve Your Strategic Business Goals
With Corporate Crowdsourcing

Realizing that your company needs to launch a major innovation initiative is one thing. Getting a clear picture of what initiative will achieve the highest ROI is quite another. You’ll need to gain input from wide-ranging sources to discover groundbreaking ideas and areas where improvements can be made. Failing to do so could alienate your customers and staff, and put your company at risk of disruption.

This is where crowdsourcing comes to the rescue. With crowdsourcing tools, you can channel expertise from multiple sources, and allow participants to pose creative solutions to your innovation challenges. Using a crowdsourcing platform is also a great way to reach out to employees, customers, and other key stakeholders, and let them know that their opinions are valued. 

Employee Suggestion Box

By establishing your crowdsourcing platform as a suggestion box, you can enable employees to contribute concepts for new products and services, as well as process improvements.

Crowdsourced Co-Creation

Involve clients, partners, and other external stakeholders in your product & services R&D planning. This can be achieved via crowdsourcing initiatives where these stakeholders take part in co-creation engagements.

Continuous Improvement

By using crowdsourcing tools, you can reveal efficient new ways to cut costs, boost performance levels, and streamline workflow processes company wide.

CROWDSOURCE

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Resounding Accolades

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Read Gartner’s 2016 Market Guide for Innovation Management Solutions

Read Forrester Wave™: Innovation Management Solutions, 2016

Read MWD Advisors' report on Qmarkets’ packaged approach to innovation, 2018

Read the Info-Tech vendor landscape “Innovation Management Solutions” report

Employing Innovation...

Discover how Swiss Post generated 15,000 idea and $9.5 Million with the help of Qmarkets software. Download this free case study to get the full scoop.

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