The document discusses new patterns of innovation in business using data and analytics. It identifies five key patterns: 1) augmenting products to generate data, 2) digitizing assets, 3) combining data within and across industries, 4) trading data, and 5) codifying distinctive service capabilities. For companies to successfully innovate, managers must involve experts in transformation efforts, challenge time and budget management skills, and involve customers in changes.

1. THE NEW
PATTERNS OF
INNOVATION

2. INNOVATION
•Innovation is a lengthy process of creating,
delivering and managing a product or service
which takes years of dedication from teams in
companies.

3. INNOVATION
With the advent of Big
Data and IoT, the
demand to innovate is
more than ever before,
but companies face major
challenges such as:
•Finding means to do it
while being mindful of
it’s present structure.

4. THE QUESTIONS FOR INNOVATION
While most teams ask three questions for new
ideas:
• How can we build on the capabilities and assets
already make us distinctive to enter new
and markets?
• What does a close study of customers’ behaviour
us about their tacit, unmet needs?
• If we follow “megatrends” or other shifts to their
logical conclusion, what future business
opportunities will become clear?

5. THE QUESTIONS FOR INNOVATION
But the crucial question for the new age
innovation is:
How can we create value for customers using
data and analytic tools we own or could have
access to?

6. INSIGHTS
The article takes us through each of the five
patterns for innovation in business:
• Augmenting Products to Generate Data
• Digitizing Assets
• Combining Data Within and Across Industries
• Trading Data
• Codifying a Distinctive Service Capability

7. INSIGHTS
Augmenting Products to Generate Data
•Data is one of the core assets for an enterprise,
making data management essential. Hence,
data augmentation is crucial for innovation.
•Data augmentation adds value to base data by
adding information derived from internal and
external sources within an enterprise.

8. INSIGHTS
Augmenting Products to Generate Data
•Data augmentation can be applied to any form
of data, where additional information can help
provide more in-depth insight.
•Data Augmentation can be helpful in
innovation, but the company needs a good for
Data warehousing to handle the massive
amounts of data generated.

9. INSIGHTS
Augmenting Products to generate Data
•Massive raw
unprocessed data
can be a
nightmare to
process
irrespective of it
being
unstructured,
semi-structured, SOURCE:
http://www.informit.com/articles/article.aspx?p=2264832&seqNum=3

10. INSIGHTS
Digitizing Assets
•Digitization is the process of creating electronic
resources from your physical assets, and has
rapidly evolved into one of the most
forms of organizational efficiency for
today, and tomorrow.

11. INSIGHTS
Digitizing Assets

12. INSIGHTS
Digitizing Assets
•It is crucial to remember that asset
is a business transformation and needs it’s
business leaders to be involved without
completely handing it over to their IT leaders.

13. INSIGHTS
Combining Data Within and Across Industries
•Data integration involves combining data from
several disparate sources, which are stored
using various technologies and provide a
unified view of the data.
•Data integration has become increasingly
important in case of merging systems of two
companies.

14. INSIGHTS
Combining Data Within and Across Industries
•Analysis of requirements of each department
the companies will be a constant challenge for
the management, while being mindful of the
business requirements.

15. INSIGHTS
Combining Data Within and Across Industries

16. INSIGHTS
Trading Data
•Data-sharing is not only crucial for innovation
two companies but an important way to
increase the ability of researchers, scientists
policy-makers to analyse and translate data
meaningful reports and knowledge.

17. INSIGHTS
Trading Data
•Data trading will be a difficult deal to strike
because most companies are not open to
sharing data. Hence, striking the right data
sharing agreement is crucial for companies.
•Without it, there is a good chance of
miscommunication between both the
companies.

18. INSIGHTS
Codifying a Distinctive Service Capability
• Distinctive Service Capability is a business
strategy concept in which a successful
achieves a competitive advantage that other
firms can not replicate by establishing a
distinctive character in the service it provides
it’s consumer base.

19. INSIGHTS
Codifying a Distinctive Service Capability
•Innovation is the only factor that is benefitted
from Distinctive Capability, Reputation also
plays a crucial factor.
•Various exclusive methods of marketing and
data gathered from it supports Distinctive
Service Capability of a company.

20. MANAGERIAL RELEVANCE
•An Indian manager must keep in mind to
involve the experts into the process of
transformation for a smooth journey.
•This journey requires remarkable amount of
patience along with challenging management of
time and money, hence, putting the manager’s
skills to test.

21. MANAGERIAL RELEVANCE
•The manager shouldn’t forget to involve the
consumers into this change for innovation
otherwise company will miss the bus.