Crowdsourcing

Question

Crowdsourcing is not only used for relatively simple tasks such as designing a web site or designing a case for a smartphone. Today, it is increasingly being used in more complex designs as well. Precyse Technology provides supply-chain products and solutions that assist organizations in tracking their inventories using RFID technology It was having difficulty improving the performance and battery life of a particular RFID device; there were not adequate internal resources to tackle the problem. So, Precyse asked Innocentive, a crowdsourcing provider, for assistance, believing that crowdsourcing would provide quick access to a worldwide talent pool and a higher return on investment (ROI). Ultimately, the company received more than 300 ideas from global experts for solving its problem. It narrowed the pool down to 3 finalists, from which a winner was chosen. The whole process took approximately 4 months, and Precyse estimated that it saved the company $250,000

Answer the following questions

What are some typical applications of crowdsourcing?
What are some advantages of crowdsourcing?
How could crowdsourcing reduce the system design cost?

Requirements
APA format
Times new Roman 12pt
double space
at least one reference