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.
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.
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.