Why use Big Data in an innovation strategy?

The disruption of the Internet and its emerging technologies in the business industry is generating an exaggerated amount of information in real-time. The amount of data that is now available and the competitiveness in the market are factors that are now accelerating the decision-making process. An effective strategy to improve the decision-making process is the combination of an innovation strategy and big data. The Big Data strategy duo, recent as it is, is being successful in transforming the way companies are managed.

Benefits of including Big Data as a business innovation strategy:

In a completely digital environment there are three factors that companies must consider: information, big data and an innovation strategy, the combination of these better known as big data strategy. It must also always be noted that the current market is changing at a rapid rate and there are several ways to work to generate value. This development is forcing companies to integrate an innovation strategy to create added value.

Creativity and added value are both composed of a physical component (tasks needed to carry out a specific activity) and a component of information processing that includes the collection and processing of information.  This is where big data comes into play as the data collector, and finally analyses and executes the information using a pertaining technique (big data strategy).

Fortunately, there are sectors such as marketing, sports (especially e-sports and soccer) or health where companies are seeing the real importance of big data in the development of their strategies. In the advertising world, new narratives are being applied to accommodate these new audiences.

By being connected directly with customers and users, marketing and health companies adapt at a faster rate than other companies. Therefore, their transformation process is faster, and in this process, they have found the combination of an innovation strategy and big data.

The perks that these companies have obtained are the following:

• Automation of processes and orders.
• Reduction of time and money costs.
• Flexibility in systems and design thanks to software
• Special treatment to specific customers, thanks to target differentiation and the ability to target even further.
• New relationships and access to international markets when creating new products.

Big data and a well applied innovation strategy generate activities with return and synergies in businesses by allowing access to different markets and areas.

Source:

E&N

Forbes

Directivos y Gerentes