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10 August 2021
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Turning to the crowd for solutions

Businesses have a limited capacity in comprehending and discovering solutions for their difficulties. The cumulative internal knowledge bases often cannot satisfy the needs of organizations. Traditionally, the R&D department’s duty was to absorb new knowledge from outside and translate it, then integrate it into their operations. However, R&D departments also have their own bounded capability to acquire new knowledge.

Given the ubiquitous digital platforms, the flow of knowledge can be easier transferred into organizations. Hence, managers can employ knowledge from varied domains through crowdsourcing digital platforms.

Thus, it would be wise for the managers to shift their innovation strategies toward a more decentralized approach and acquire the utmost dynamic and novel information from the crowd.