• Certificate Program in Data Science and Machine Learning
  • POST GRADUATE DIPLOMA IN MANAGEMENT
    Co-created with BIMTECH
    4.8 out of 6071 learners
    2x industry demand
  • PROFESSIONAL CERTIFICATION IN SUPPLY CHAIN MANAGEMENT AND ANALYTICS
    Co-created with IIT Roorkee
    4.8 out of 5 by 469 learners
    4x
  • CERTIFICATION IN ARTIFICIAL INTELLIGENCE and MACHINE LEARNING
    Co-created with E&ICT Academy, IIT Guwahati
    4.8 out of 5 by 621 learners
    4x industry demand
  • Post Graduate Program for Agile Business Analyst
    4.5 out of 5 by 2187 Learners
    3X industry demand
  • POST GRADUATE PROGRAM IN DATA ANALYTICS and MACHINE LEARNING
    4.8 out of 5 by 3278 learners
    14 X industry demand
  • Data Science Prodegree
    Co-created with KPMG in India
    4.7 out of 5 by 6233 learners
    16 X industry demand

What is meant by data-driven innovation?

Do you know why almost 40 per cent of business models fail every year? The reason behind them is not using data analytics or data-driven innovation. 

Let's understand what data-driven innovation is.

It is a concept where we use data and analytics to achieve the organisational goal by revamping the process, product and business module etc.  As per Gartner hype cycle 2021, data-driven innovation is the most crucial technique for business growth. Not just for organisations, but data-driven innovation is helpful in the education, social media, healthcare sectors etc. 

What is the role of data analytics in data-driven innovation?

Without analysing the data, data innovation is not possible. So, both data analytics and data innovation go hand in hand. Data-driven innovation can be done after we club and analyse the data.

There are a few types of data innovation. We will name a few here.

Business model data innovation

If your business is not doing up to the mark or you want to grow your organisation, business model data innovation can play a pivotal role. This technique collects the data and analyses it. Businesses then take the necessary information and innovate the business model to improve and raise their growth bars.

Data-driven innovation for products 

Companies can revamp their products after analysing the data from the past. Data analytics is used to interpret the information about the merits or demerits of the products, and then changes can be made accordingly. Specifically, product-based industries or solution design companies can experience the wonders of data-driven innovation. 

Process innovation

Sometimes, everything in the product is good, but the profits are not looking appreciable in the reports. That's when data is analysed, and data-driven innovation improves the process. These scenarios are prevalent in consumer-centric industries. Their customers like the products but sales were not reaching the targeted numbers. Data-driven innovation comes into the picture here. Data helps to know the leaders where the process is lagging and creating hurdles for the profits. Then, necessary actions can be taken to add or delete the steps in the process, and the problem can be addressed effectively. 

Either company can hire professionals who are good at data analytics to interpret the data and do data innovation, or existing employees can opt for data science and artificial intelligence courses. 

Data-driven innovation is doing wonders in the education sector too. The most popular data-driven strategy is used to add value to the students in the education sector.  

Let's look at the benefits of data innovation in the education sector.

Customised learning

Students can benefit from artificial intelligence and data science by getting customised learning courses. There are education tech companies that design courses as per the learning needs of the students. Students can take different courses per their learning needs and opt for their desired careers. 

Support teachers and growth of students

Student's detail can be captured efficiently. Data like the number of lectures, attendance, lesson plan etc., can be recorded and shared with the students and other stakeholders. Students can work on the lagging areas and know their strengths and weaknesses. Data innovation will increase the student's interest in studies and raise the performance graph.

So, we have understood what data-driven innovation is. How it benefits various sectors, including the educational domain. Therefore our courses in Data Science and Machine learning might interest you. You can learn data science and drill complete information from the data. Remember, data is the new fuel; you can only fill this fuel in the growth by interpreting it to the fullest. 

For Online Course Enquiries
About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
Related course
  • certification
    Certificate Program in Data Science and Machine Learning
    Course duration(months)
    5
    Upcoming batches
    1
    Organizations enrolled
    20
    Upcoming Batches
    Date Location Schedule
    Date Location Schedule
  • Finance
    POST GRADUATE DIPLOMA IN MANAGEMENT
    Co-created with BIMTECH
    Course duration(Months)
    24
    Upcoming batches
    1
    Organizations enrolled
    20
    4.8 out of 6071 learners
    2x industry demand
    Upcoming Batches
    Date Location Schedule
    3rd August Live Instructor - Led Training Online
    Date Location Schedule
  • Analytics
    PROFESSIONAL CERTIFICATION IN SUPPLY CHAIN MANAGEMENT AND ANALYTICS
    Co-created with IIT Roorkee
    Course duration()
    Upcoming batches
    1
    Organizations enrolled
    20
    4.8 out of 5 by 469 learners
    4x
    Upcoming Batches
    Date Location Schedule
    21st November ONLINE Online
    Date Location Schedule
  • Placement Assistance
    CERTIFICATION IN ARTIFICIAL INTELLIGENCE and MACHINE LEARNING
    Co-created with E&ICT Academy, IIT Guwahati
    Course duration(Months)
    8
    Upcoming batches
    1
    Organizations enrolled
    20
    4.8 out of 5 by 621 learners
    4x industry demand
    Upcoming Batches
    Date Location Schedule
    23rd October ONLINE Online
    Date Location Schedule
  • Post Graduate
    Post Graduate Program for Agile Business Analyst
    Course duration(6)
    Upcoming batches
    1
    Organizations enrolled
    20
    4.5 out of 5 by 2187 Learners
    3X industry demand
    Upcoming Batches
    Date Location Schedule
    25th July BANGALORE-KORAMANGALA Weekend
    Date Location Schedule
  • Post Graduation
    POST GRADUATE PROGRAM IN DATA ANALYTICS and MACHINE LEARNING
    Course duration(Months)
    5
    Upcoming batches
    1
    Organizations enrolled
    20
    4.8 out of 5 by 3278 learners
    14 X industry demand
    Upcoming Batches
    Date Location Schedule
    30th October CHENNAI Weekend
    Date Location Schedule
  • Prodegree
    Data Science Prodegree
    Co-created with KPMG in India
    Course duration(Months)
    2-4
    Upcoming batches
    1
    Organizations enrolled
    20
    4.7 out of 5 by 6233 learners
    16 X industry demand
    Upcoming Batches
    Date Location Schedule
    9th October ANDHERI Weekend
    Date Location Schedule