Crowdsourcing

By Jennifer Ng

Many companies and consumers are now adopting crowdsourcing to cut down on costs. Yahoo Finance states, “Crowdsourcing, as it's called, allows you to post a project or task online so several people may bid for the work. The cost to do so is often a fraction of the regular price.” Companies are using this as an alternative to outsourcing. Consumers are discovering the usefulness and inexpensiveness of the concept. Yahoo Finance names five tasks crowdsourcing can help you save money in.

1. Research: Working on a project that you have little knowledge of
2. Custom–design projects : If you have no artistic or graphic design skills and are looking for designers
3. Personal Assistants: Looking for help on administrative work such as managing personal calendars, organizing files, transcribing notes, etc.
4. Financial Advice: Help with preparing your personal taxes for just $8 an hour; a similar service at H&R ranges from $150-$200
5. Specialized Help: Searching for a personal shopper, professional chefs, dance instructors

Some popular freelance sites include AskSunday.com, GetFriday.com, Craiglist.com, Redbutler.com, Guru.com, and Elance.com.

Sources:
http://finance.yahoo.com/family-home/article/106550/5-Personal-Tasks-You-Can-Outsource-Cheap
http://www.fin24.com/articles/default/display_article.aspx?ArticleId=2443713
http://www.netbanker.com/2006/06/crowdsourcing-finance.html