Keeping a close eye on the books and looking to the future are key in business. As technology advances, the way businesses draw up budgets and forecasts is evolving. One of the most recent developments is the use of crowdsourcing, a technique, which involves gathering information from a large group of people, usually online. The infographic below showcases the potential benefits of crowdsourcing for companies and accountancy firms, providing an overview of a research study conducted by the University of Alabama at Birmingham. Crowdsourcing is a relatively new form of forecasting, which utilizes a pool of people, rather than traditional methods. Popular examples include Wikipedia and Waze. For the study…
