The document outlines 5 ways that companies can innovate using data and IT: 1. Augment products to generate data using sensors and analytics to improve design and operations. 2. Digitize assets to reduce costs and enable efficient inventory management, with digitization itself becoming a new business. 3. Combine data within and across industries using big data integration to cut costs up to 30%. 4. Trade unused data that could be valuable to other businesses. 5. Codify distinctive processes into cloud-based services to standardize and sell capabilities to other parties.

1. TOP 5
WAYS TO INNOVATE

2. Getting Started
The advent of Big Data and IT has
changed the way business is done.
It has lead to a lot of innovations, some
have provided incremental changes
but most have completely
revolutionized the business and have
developed new opportunities

3. Augmenting
Products
To Generate Data

4. ▸ Because of advances in
sensors, wireless
communications, and big data,
it’s now feasible to gather and
crunch enormous amounts of
data which can be used to
improve the design, operation,
maintenance, and repair of
assets or to enhance how an
activity is carried out
4

5. Digitizing
Assets

6. ▸ Digitization typically slashes
distribution costs and makes
the ability to move physical
inventory efficiently
▸ Management of digitization
is in itself a new business as
many industries need a long-
term, secure way to store
their digital assets
6

7. Combining Data
Within and
Across Industries

8. ▸ Data across supply chains
and allied industries has
been uncoordinated
▸ Science of big data, along
with new IT standards that
allow enhanced data
integration
▸ Data integration has helped
cut costs up to 30%
8

9. Trading Data

10. ▸ The ability to combine
disparate data sets allows
companies to develop a
variety of new offerings for
adjacent businesses.
▸ Seemingly useless data
could be a Gold mine for
some other Business.
10

11. Codifying a
Distinctive Service
Capability

12. ▸ IT System have provided a
way to take the processes
they’ve perfected,
standardize them, and sell
them to other parties.
▸ Any Best in class process
can be turned into a
successful business using
cloud computing
12

13. IT and Big Data is
driving innovation
The presence of
data from various
parts of the
business can be
monetized by
trading it with allied
businesses
Manegerial
Insights
Data can save costs
Buying cloud based
optimization
solutions or using
data for an efficient
supply chain can
help reduce cost
and thus increase
profits drastically.

14. THANKS!
Any questions?
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▸ varadlahoti97@gmail.com