CrowdComputing Systems Upends the BPO Model with SaaS Workforce Solution for Financial Services

WorkFusion™ crowd computing SaaS platform increases speed of work by 10x, improves accuracy by 30% for 95% less cost than traditional outsourcing

Sep 04, 2013, 08:35 ET from CrowdComputing Systems

NEW YORK, Sept. 4, 2013 /PRNewswire/ -- CrowdComputing Systems' (CCS) takes on the $200 billion business process outsourcing (BPO) industry with its software-as-a-service (SaaS) crowd computing solution built specifically for financial services. In head-to-head customer comparisons, CCS's WorkFusion™ platform completed work 30 percent better and ten times faster for 95 percent less cost than large BPO providers. CCS has already proven its solution with nine of the top 15 financial information providers, creating workflows that automate common tasks such as new content generation, exception resolution, and fact gathering.

WorkFusion serves as a middle manager, organizing complex workflows into discrete microtasks. It automates repetitive tasks, cost-effectively manages and quality controls crowdsourced workers to complete microtasks that require human judgment, and learns over time to automate additional work through pattern recognition. CCS's worker interface, CrowdVirtualizer™, functions like a digital HR department – qualifying, hiring and categorizing workers at massive scale from public talent markets such as Amazon Mechanical Turk, Elance and oDesk. It enables integration of employees and outsourced workers into the crowd, creating an on-demand, hybrid workforce. By combining crowdsourcing with machine learning and automation, valuable in-house subject matter experts are freed from low-level, high-volume work to focus on higher-value responsibilities. 

CCS has qualified and employed more than 20 million crowd workers to date, making it the world's largest aggregated workforce. Forthcoming partnerships will more than double that number over the next year. 

"We are doing to work what Amazon did to technology infrastructure and Salesforce did to software: turning it into a lightweight, on-demand, cloud service," said Max Yankelevich, CCS co-founder and CEO. "The financial industry runs on accurate, efficient, timely information. Legacy methods of work and infrastructures cannot handle the surging volume, variety and velocity of data. Machines alone aren't smart enough, and a human workforce isn't fast or cost-effective enough. CrowdComputing's WorkFusion SaaS platform brings together the best of both."

In addition to optimizing productivity, CCS is used by financial information providers as a new product innovation engine. 

"Financial information providers need new insights and cutting-edge products to be competitive, but the human resources and capital required to focus on innovation are scarce and cost-prohibitive," said Peter Marney, Head of Professional Services and Financial Vertical for CCS. "By bringing a combination of crowd workers and the best automation tools to the enterprise, CCS fosters innovation and puts long-tail knowledge products – which previously weren't economically viable – within reach."

CCS released its first crowd management product in 2011 and full enterprise workforce platform WorkFusion in 2012. The company recently announced $5MM Series B funding from iNovia Capital.  

About CrowdComputing Systems
CrowdComputing Systems (CCS) provides the leading crowd computing platform. The company's SaaS solution meets the on-demand, elastic workforce needs of financial services, retail and media businesses by combining the power of machine learning, crowdsourcing and automation. CCS's CrowdVirtualizer creates a crowd workforce of 20 million virtual workers drawn from online talent exchanges. CCS's WorkFusion™ uses machine learning to create and manage workflows, automate repetitive tasks, and optimize the quality, cost-effectiveness and speed of work. The human-machine hybrid solution delivers quality, efficiency, speed and scale impossible solely with in-house or outsourced workforces. Born out of MIT research in 2010, CCS is a privately held company headquartered in New York City.

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SOURCE CrowdComputing Systems