This article proposes a new IT-based framework for innovation that involves using data and analytics tools to create new value. It discusses innovation as the intersection of invention and insight leading to social and economic value. The article identifies five pillars of innovation: augmenting products to generate data, digitalizing assets, combining data within and across industries, trading data, and codifying a distinctive service capability. It provides tips for inventing new values by assessing available and potential data sources. The key point for managers is to realize the importance of innovation by implementing the five pillars to ensure innovation and answering questions to create new business values.

1. BY JAYESH DOSI
Institute of Engineering and Technology (IET), DAVV
THE NEW PATTERN
OF
INNOVATION

2. OVERVIEW
This article proposes adding a new IT-based framework. It involves asking
the following question:
HOW CAN DATA AND ANALYTIC
TOOLS BE USED TO CREATE NEW
VALUE?

3. WHAT IS
INNOVATION?

4. The intersection of Invention and Insight
leading to the creation of social and
economic value.
INNOVATION IS A
CHANGE THAT
UNLOCKS NEW
VALUES

5. WHY
INNOVATION ?

6. It creates growth.1
COLOR
It increases productivity and
economic wealth.
2
Provides for better services.3

7. but the question
arises...
HOW TO INNOVATE EFFICIENTLY?

8. The answer is....
FIVE PILLARS OF
INNOVATION

9. 1.
AUGMENTING
PRODUCTS TO
GENERATE
DATA

10. 2.
DIGITALIZING
ASSETS

11. 3.
COMBINING
DATA WITHIN &
ACROSS
INDUSTRIES

12. 4.
TRADING
DATA

13. 5.
CODIFYING A
DISTINCTIVE
SERVICE
CAPABILITY

14. TIPS TO INVENT NEW VALUES
3.
2.
1.
4.
5.
What data
do we have ?
What data can we access that
we are not yet capturing ?
What data could we create from
our products and operations ?
What data do others have that we
could use in a joint Initiative ?
What data could get from others?

15. NOW, SO
WHAT’S FOR THE
MANAGER?

16. MANAGERIAL
RELEVANCE
He must realize the importance of
innovation and hence should ensure
proper implementation of the five
patterns that ensure innovation in any
organization.
In addition to these, he must answer the
question to create new business values
and to prosper

17. jd131296@gmail.com
THANK YOU