the power of data innovative solutions
The business world is changing at an ever-increasing rate thanks to the technologies which make it possible. From healthcare to entertainment it’s evident that technological advancements in data are revolutionizing how businesses operate. What is their strategy? Let’s look at some instances.
A myriad of innovative products make use of big data for their functions and many other processes and systems are optimised by it. But it’s essential to differentiate between those that arise from observable data correlations and those that truly innovate.
The story of the beer and nappies, though a great example for data-driven optimisation, is not true innovation. The real innovation is creating an entirely new platform for selling a product in a different way. Crayola’s decision to sell face masks during the COVID-19 outbreak was also a novel response. It was more than just a repositioning.
In order to gain the value and intelligence from data, companies should also encourage a mindset that is apposed to innovation. They should make it easy for employees to use data to create solutions, products, and services. This includes allowing employees to access information which was previously locked in the company’s information silos.
They should also create an environment that is secure and is safe to share and store data, as in ensuring that they secure data from malicious attack. This can be accomplished by implementing secure encryption and using a flexible data storage system that is able to adapt to the ever-changing needs of the organization.