Week 4 Day 2 task for the Data Analytics internship under Prof. Sameer Mathur, IIM Lucknow

1. The New Patterns of Innovation-
Analysis and Managerial Relevance

2. First Insight

3. The search for new business
ideas and new business
models is very important for
all organizations. Managers
are supposed to tackle
business innovation
systematically rather than
hoping that people will get
creative on the fly. The most
recent approach of searching
for ideas is based on
opportunities generated by
Big Data and Data Analytics

4. This approach poses the question: How can we
create value for customers using data and
analytic tools we own or we could have access
to?

5. Advances in IT
industries have lead to
the search for new
business values in five
different patterns,
examining which the
managers can conceive
solid ideas for new
businesses.

6. 1. Augmenting products to generate data

7. 2. Digitizing Assets-
As more assets become digitized, we expect
Digitization typically slashes distribution costs and
makes the ability to move physical inventory
efficiently or secure favourable store locations less
critical. But you can expect that offering customers
more choices and more tailored service will become
increasingly important

8. 3. Combining data within and across industries-
How can our data be combined with data held
by others to create new values?

9. 3.Trading Data-
The ability to combine disparate data sets allows
companies to develop a variety of new offerings
for adjacent businesses.

10. 4.Codifying a distinctive service capability-
IT systems help in automate business processes.
Any process that is best-in-class—but not
central to a company’s competitive advantage—
can thus be turned into a profitable business

11. Second Insight

12. The five patterns are a helpful way to
structure new business ideas but actual
initiatives encompass two or more of these
patterns. When we try to uncover new
business ideas, we describe the five patterns
and uncover the raw materials i.e. the data
out of which new business values can be
carved. Armed with questions the team then
further explores the possibility to apply the
business patterns.

13. The various ideas are then collated and
prioritized. Subgroups are then charges with
fleshing out the ideas in more detail. They
develop a scenario in which the idea creates a
new business value. the five patterns hold for
their businesses, companies can find ways to
engage more fully with the digital economy—
and cash in on its promise

14. Managerial Relevance

15. In India, managers are expected to
manage a huge workforce. This
huge workforce may consist of
people with loads of out-of-the-
box ideas but these ideas are not
implemented due to the lack of
strategies for implementing them
in a defined direction.
Brainstorming ideas is a good
activity, but managers cannot
expect creative spree from their
employees by creative jam
exercises.

16. The manager must keep in mind
all the four approaches that are
needed to conceive solid ideas for
new businesses, as actual
initiatives encompass more than
one of the approaches. What
begins as a rarely simple business
idea grows up to be a whole new
business.

17. For some years now IT
industry has been expanding
to reducing the operational
and managerial costs. It is
now becoming a strong force
in the quest of finding new
businesses. The managers
carefully take up the
systematic approach to
examine these advances and
consider how much their
companies can benefit from
them.

18. A presentation by-
Jyotsana Manglani
UCER, Allahabad