Data continues to grow exponentially. As big data becomes evermore ubiquitous, organizations worldwide are seeking ways to capitalize on the plethora of information in today’s digital world.
Across industries, organizations are realizing the power of big data and analytics to solve business challenges. For example, retailers are using big data solutions to more accurately forecast product demand and optimize pricing, while healthcare providers have applied predictive analytics solutions to large volumes of electronic health records to help improve patient outcomes and lower costs.
Not only are big data solutions adding value for diverse organizations, but they are being used for a variety of innovative purposes. In fact, big data and analytics have become crucial for organizations seeking to innovate, according to data from the 2014 innovation survey of more than 1,000 business leaders conducted by the IBM Institute for Business Value (IBV) in collaboration with the Economist Intelligence Unit. Business innovation today is about more than simply introducing new things or methods. Innovation is now a critical business process – and technology is at its core.
Leading organizations are investing in innovation that leverages the ever-growing opportunities to collect new data, combine external and internal data, and apply big data and analytics to outperform competitors. For example, today’s most successful companies understand the potential for technological capabilities to help them predict and better meet customer needs, and they are using those capabilities to create a competitive advantage.
Data from our innovation survey revealed a group of Leaders that are using innovation infused with big data and analytics to drive outperformance. These leaders don’t just embrace analytics and actionable insights; they take them to the next level, integrating analytics and insights with innovation. Leaders have adopted some distinct strategies that enable them to succeed. They pursue innovation more effectively – with enhanced data quality and accessibility, superior skills and tools, and a more innovative culture.
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