Innovation Analytics and Big Data for Innovation Success
Innovation analytics is an integral part of the entire innovation lifecycle to make smarter decisions and optimize innovation and business performance by:
Analyzing data for your competitive advantage.
Synthesizing data from multiple internal and external sources into intelligence.
Transforming data into insights and actionable events.
Providing the means to make faster and better fact-based decisions.
Proactively respond to exceptions and issues before they become a major problem.
The power and scope of innovation analytics and new product development (NPD) analytics has greatly expanded with the advent of ‘big data’, which is a collection of structured and unstructured data from multiple sources inside and outside your company that is used for discovery and analysis. As the amount of data inside organizations grows and more data becomes available from external sources, big data and analytics will become a key basis for your innovation and competitive success.
Innovation analytics and NPD analytics information are delivered in a variety of formats including:
Reports with data analysis
Personalized corporate, departmental and individual dashboards
Via different media and devices
Alerts via emails or text messages
And many more...
During the innovation and NPD lifecycle, you will typically encounter the need for answers to many different questions using multiple types of innovation analytics:
Descriptive – what happened and why did it happen as it did?
Situational – what is happening now and why is it happening?
Predictive – what is likely to happen and what should we do about it?
Prescriptive – if we do this, what is the best action to take?
Evaluative – what are the risks of doing something, or not?