Applying Big data to product, service, and process innovation will be challenging if data remains segregated in various departmental, systems or channel silos. To create a complete picture the data needs to come together. For example, the customer service department and marketing department might each uncover information that together would provide deep insights about possible new products & services. However, in the absence of a single source of truth, both departments might have incompatible metrics so they don’t know how to pool their knowledge in an actionable manner.
A Modern Data Management Platform moves organizations beyond swamps of segregated data sources and disconnected business processes to a single platform for data convergence and collaborative curation. This helps break down data & communication silos across departments and foster all kind of innovations - be it incremental, radical or disruptive. Progressive companies build data-driven applications to disseminate information to relevant people on the ground who make decisions such as identifying product gaps earlier in the production cycle, eliminating features that customers don’t want or adding features they want to pay a premium for!
By nature, innovation tends to cross organizational boundaries. To only see innovation as “a product” would be myopic.
New services, processes, alliances, and business models equally contribute toward making a meaningful innovation ecosystem. Yet, many companies are buried in their internal data and systems, and fail to capture the value of externally available data.
A Modern Data Management Platform allows businesses to integrate their internal data with third-party data as well as public and social data. Mining the right data sources fundamentally enables companies to gain a competitive advantage and create next-gen products relevant to future market demands.
