PBM Strategic Insights

Crowdsourcing: A different way of doing business

July 18, 2017

When companies crowdsource, they use an external group of people (a crowd) to obtain a needed service or idea. Different than outsourcing, crowdsourced work comes from an undefined public rather than a specific group. While first officially coined in a 2006 article by Wired magazine, the earliest example can be argued back to the mid-1800s with the collection of words for the Oxford English Dictionary when a group known as the Philological Society contracted more than 800 volunteer readers to collect words from all available books and document their usages. Click here to get complete details.