What is Meant By Data-Driven Innovation?

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. 

Executive Workshop on Business Analysis

Business analysis provides a solid foundation for almost every type of change in an organization. Business analysts investigate the work of the business to locate both the problems to be corrected and recommend solutions to improve business processes. Business analysis is not a single competency, but rather a combination of modelling, systemic thinking, innovating, communicating, process analysis, persuasion and several other analytical skills.
Business Analysts are increasingly required to extend themselves beyond their traditional role of developing and maintaining IT systems. They need the capability to understand the business strategy, use proven techniques to analyse the business area, and identify changes to business processes needed to meet internal and external challenges.
Imarticus Learning is conducting an exclusive 2 day power workshop on Business Analysis on 7th and 8th December in Mumbai. This exclusive, 2-day workshop on Business Analysis is designed for the budding Business Analyst and offers an overview of key Business Analysis frameworks, tools and techniques along with industry best practices through a practical case study-based learning methodology. The program is endorsed by IIBA ensuring that the course material, teaching methodology and faculty have met the highest standards globally.
Learning Methodology
Our 2-day workshop offers comprehensive coverage of key Business Analysis topics such as Enterprise Management, Requirements Elicitation, Solution Design, Strategy Analysis and Stakeholder Management. You will gain exposure to various IIBA (International Institute of Business Analysis, Canada) recommended tools and techniques for effective and practical learning outcomes, along with faculty-driven industry best practices.
Being an IIBA endorsed training provider, Imarticus has successfully trained over 2000 candidates on Business Analysis. Come join us and experience the difference!


Written by Zenobia Sethna