Using Data Analytics to drive Innovation

Incorporating innovation in your business is essential to get the competitive advantage. Implementing new ideas and improving the business can be achieved through innovation which acts like a catalyst for growth and success.

Innovation should be an integral part of the business strategy. Successful innovation results in efficient work processes and productivity.

In today’s data driven world, all organisations are flooded with lot of data on customers preference, behavior, usage patterns etc through social media and other channels. This data can be mined and analysed to find valuable insights that can drive meaningful and successful innovations.

This will not only help to fuel growth in your organisation but is absolutely essential in the highly competitive markets!

Learn how to Innovate using data for creating an innovation oriented mindset in your organisation.

Understanding what is Innovation

  • Define innovation
  • Understand what innovation is and is not
  • Traditional vs current approaches for innovation
  • Identify prevailing Innovation Cultures
  • Understand what innovation culture is
  • Understand barriers to creating a culture of innovation
  • How to create the culture within the organization which supports innovation

The Innovation Process

  • Identify the drivers for innovation.
  • Need for Innovation
  • Innovation in terms of ideas and visions
  • Identify any restraining forces for innovation
  • Identify areas for innovation
  • Product, process and strategic

Use Data to drive Innovation

  • Identify the sources of useful data
  • Learn to interpret and analyse it for Innovation
  • Identify outliers, gaps and niches in data
  • Use statistical tests to correlate and find links and relationships
  • Use estimating and forecasting to qualify the identified niches & gaps
  • Match qualified Niches and Gaps to potential innovation areas

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Techniques for generating ideas

  • Brainstorming
  • Questioning Assumptions
  • Opportunity redefinition
  • Wishing
  • Picture prompts
  • Group Brain-walking

Structuring the Ideas for Innovation

  • Recording ideas through various brainstorming techniques
  • Discuss and expand the recorded ideas
  • Group ideas and visions as per business process and requirements
  • Create accurate statement to represent each group of visions and ideas
  • Identify all stakeholders impacted by each idea group
  • Review and finalize the innovation statements

Develop the Strategic Innovation Plan

  • Identify benefits of each innovation statement for various stakeholders
  • Categorize the qualitative and quantitative benefits of the idea statement
  • Estimate the business potential for each innovation statement
  • Identify blockages to Innovation
  • Overcome barriers toInnovation by identifying and developing options/solutions to overcome these barriers to the innovations
  • Measure the impact of going with the final decision or not going with it
  • Prioritize the innovations to ensure those with the highest impact are realized first.

Develop the Business Effectiveness Strategy for innovation implementation

  • Identify all the requirements for innovation implementation
  • Identify the action steps and resources required to ensure the innovations are successfully implemented
  • Estimate the time required to implement each innovation
  • Finalize the cost-benefit analysis of the innovations

Innovation for Effective Business Strategy Training Course Schedule

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