Managers should systematically approach business innovation by leveraging big data and analytics to create customer value. Advances in technology enable the collection and analysis of vast amounts of data, leading to improved operations and the development of new services or business models. In India, managers face the challenge of harnessing employees' out-of-the-box ideas, necessitating strategic direction and collaboration to cultivate innovative business initiatives.

2. 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

3. 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 ?

4. 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. Because of advances in sensors,
wireless communications, and big
data, it’s now feasible to gather and
crunch enormous amounts of data
in a variety of contexts—from wind
turbines to kitchen appliances to
intelligent scalpels.

7. Those data can be used to
improve the design,
operation, maintenance,
and repair of assets or to
enhance how an activity is
carried out. Such
capabilities , in turn, can
become the basis of new
services or new business
models.

9. As mobile technologies continue to
fuel this trend, more creative
businesses are tapping into it and
generating their own enhanced
services or new business models.
Digitized versions of physical assets
are transforming the way people
operate in other industries as well.

11. The science of big
data, along with new
IT standards that
allow enhanced data
integration, makes it
possible to coordinate
information across
industries or
sectors in new ways.

13. .

16. Combining the Patterns
The five patterns are a helpful way to structure a
conversation about new business idea

17. MANAGERIAL
RELEVANCE

18. 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.

19. 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.

20. PRESENTED BY:
POOJA KESERWANI
UCER,ALLAHABAD