The ability to continuously innovate is crucial for business growth – and often necessary for survival. Leaders in an uncertain and fast-paced global business regularly seek innovation to revitalise rigid business models and processes. However, they are aware that ‘innovation is hard’ and fraught with uncertainty. I contend that Big Data Analytics – in addition to its many other business benefits – can guide the innovation process to make it more efficient, effective and predictable.
Big Data Analytics promotes the application of a data-driven mindset that ‘listens to the data’ for new insights and disrupts entrenched thinking that hinders innovation. It applies what-if analysis to assess impact of new ideas on key business metrics and uses evidence-based business performance analysis to track the impact of innovation. Integrating Big Data Analytics into the business planning and operational processes provides valuable feedback loops and enables an adaptive innovation process.
In short, Big Data Analytics can spark innovation, guide its refinement and adoption processes and sustain its ongoing implementation.