How do you measure the value of co-creation and crowdsourcing? That’s exactly what The McKinsey Global Institute did in its latest report, “The social economy: Unlocking value and productivity through social technologies.”
Here are the highlights:
- Crowdsourcing and co-creation technologies could improve knowledge worker productivity by as much as 25%
- The ROI of this investment would be between $900 billion and $1.3 trillion
- The main benefit of crowdsourcing is in the area of new product development
This added revenue primarily benefits the following four industries:
- Retail financial services
- Advanced manufacturing
- Consumer packaged goods
- Professional services
The report carefully develops an interesting equation. The degree to which a company depends on influencing customers will impact on how much they expect to gain by using these collaborative and co-creation technologies.
If you are in any of the four industries mentioned in the report, I recommend downloading it and reading. If you still have any lingering doubts about the value of this approach, it should be erased by the projected increase in knowledge worker productivity alone. And if that does not do it, then the ROI, ranging from billions to trillions, will really open your eyes.
Source: “The social economy: Unlocking value and productivity through social technologies,” McKinsey Global Institute, July 2012
Source: “What is crowdsourcing’s ROI? McKinsey Global Institute reports,” Co-Creation Forum, 07/30/12