Crowdsourcing is going through the paces when you get auditing firms 😉 discussing the merit of such a phenomena. Look at this entry by PwC. The concept of “crowd behaviour”, “crowd wisdom”, “crowd sourcing” concepts are discussed in the same way as “market behaviour”, “market wisdom”, and “market segmentation” of late. The biggest difference is that the value of the individual is amplified in the modern business. This goes for employees and consumers/customers/clients alike.
We feel we have the right to better product, the right to customize, the right to select freely, and the right to participate with the supplier of services and products during the delivery (and making of goods and services) phases. So, co-production and crowdsourcing are now integrated into most propositions of the modern business. The advent of automated and integrated social networking technologies have caused this shift towards crowd power to accelerate. And it doesn’t matter what industry you are in; your life will change over the next few years as you expect more from the worlds top providers. The spill-over of finding new competitive frontiers will hit the companies that think they can compete by doing the basics right.
The basics have shifted, and you need to figure out what those are. My take on some of the new basics:
1. Real-time enabled strategic capabilities and not core competencies
2. Crowdsourcing and crowd wisdom based analysis and not market segmentation
3. Configurable business value creation configurations and not the hierarchy through command and control only
4. Dematerialized value statements and not vision statements
5. Offerings as propositions to customers and not products and services
6. Open and transparent value networks and not closed value- and supply-chains
7. Energizing the shadow organization through champions and not appointed change agents
Is this the time to redefine the basics? Could the basics for you and me be different?