Data technologies are changing the business world at a fast pace. From entertainment to healthcare it’s evident that data innovations are revolutionizing the way businesses operate. How are they doing it? Let’s look at some real-world examples.
Big data is used in the operation of hundreds of innovative products and also to optimise many processes and systems. It’s important to differentiate between platforms built on data correlations that can be observed, and those that innovate.
For example the nappies and beer story is it is a great example of optimisation based on data but is not truly innovative. The most significant innovation is the creation of a new platform that enables a product to be sold in a different way. Crayola’s choice to sell face masks during the COVID-19 outbreak was also an innovative response. It wasn’t just a change in positioning.
In order to gain information and value from data, organizations must also encourage a culture that encourages innovation. They should make it easy for employees to utilize data to create solutions, products, and services. This includes allowing employees to access data that was previously stored in the company’s information silos.
They must also establish a secure environment where it is safe to share and keep data, as well being able to defend data from malicious attack. This can be achieved through implementing secure encryption and by using an information storage system that can be easily adjusted to https://rachel-lyles.com/the-power-of-data-why-innovative-solutions-are-critical-for-managing-modern-business-processes meet the ever-changing requirements of an organization.
