This document outlines new patterns of innovation driven by data and analytical tools. It identifies five key patterns: 1) augmenting products to generate data, 2) digitizing physical assets, 3) combining data within and across industries, 4) trading data, and 5) codifying distinctive service capabilities. It also discusses factors for success, including a strong technology presence, input from external parties, talented data scientists, motivated leadership, and ecosystems to support startups. The overall message is that data and analytical tools can be leveraged to create new forms of value and drive business growth through innovation.