How Crowdsourcing Improves Business Strategy

Although crowdsourcing isn't a new topic, the concept is steadily moving into the mainstream of business. According to consulting firm McKinsey and Co., organizations such as 3M, Dutch insurer AEGON, global IT services provider HCL Technologies, software producer Red Hat and defense contractor Rite-Solutions have all turned to crowdsourcing to address key business issues.

McKinsey consultants Arne Gast and Michele Zanini say the concept can dramatically boost organizational alignment and the quality of strategy “by pulling in diverse and detailed frontline perspectives that are typically overlooked.” At the same time, the approach helps build “enthusiasm and alignment behind a company’s strategic direction—a critical component of long-term organizational health, effective execution and strong financial performance.”

Read full article »…