"The New Patterns of Innovation" by Rashik Parmar, Ian Mackenzie, David Cohn and David Gann
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This document discusses 5 patterns for leveraging data assets to create business value: 1. Augmenting products by analyzing product usage data to develop insights. 2. Digitizing physical assets to improve their value by utilizing their digital aspects. 3. Combining internal and external data through improved integration to create new value across industries. 4. Trading analyzed data by structuring it for higher value information that can benefit customers or other industries. 5. Codifying best-in-class capabilities into digital services that can be standardized and sold to other companies.
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"The New Patterns of Innovation" by Rashik Parmar, Ian Mackenzie, David Cohn and David Gann
- 1. by RashikParmar, Ian Mackenzie, David Cohn and David Gann
- 3. Using data that physical data now generates(or could generate) to improve a product or service or create new business value.
- 4. DIGITALIZING ASSETS Over the past 2 decades the digitalization of music, books and video has famously upended entertainment industries and more
- 5. Combining Data within andAcross Industries 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.
- 6. TRADING DATA The ability to combine disparate data sets allows companies to develop a variety of new offerings for adjacent businesses
- 7. Codifying a DistinctiveService Capability It allows a company to take any process in which it is best-in-class-managing travel expenses, for instance and sell it to other companies, using cloud computing
- 9. 1. Augmenting Products -Which of the data relate to our products and their use -Which do we now keep and which could we start keeping? -What insights could be developed from the data?
- 10. 2. Digitizing assets -Which of our assets are either wholly or essentially digital? -How can we use their digital nature to improve or augment their value? -Do we have physical assets that could be turns into digital assets?
- 11. 3. Combining Data -How might our data be combined with data held by others to create new value? -Who would benefit from this integrating and what business model would make it attractive to us and our collaborators
- 12. 4. Trading Data How could our data be structured and analyzed to yield higher value information. Is there value in this data to us internally, to our current customers, to potential new customers, or to another industry?
- 13. 5. Codifyinga capability -Do we posses a distinctive capability that others would value? -Is there a way to standardise this capability ?? -Can we deliver this capability as a digital service
- 15. Pattern choosing Managers should choose which pattern to follow from the five patterns that we discussed.
- 16. Asking the right question: Managers should ask the right questions from the particular pattern for which they follow.
- 17. Thank you