Data Innovations in Business

As data becomes more readily available and accessible, business leaders must create new products and services based on this data. This is known as data-driven innovation.

Integrating design and data disciplines is the best method to achieve this. Companies that have successfully achieved this find that their teams work together more efficiently and fluidly. The most important factor is, however, that the business leaders that lead these initiatives are committed to relying on data and have the courage to stand by their decisions. The companies that have made this work well have adopted three growth-catalyzing practices:

One bank, for instance, brought its design and data teams together to resolve an issue that was simple: Tellers spent too much time handing out customers paper statements that were looking up their balances. This was consuming tens of thousands of hours of tellers’ time and taking them away from relationship-building activities. The combination of design and data on the same team resulted in an improvement: the bank could utilize its existing digital platform to show balances, which allowed tellers to spend more time focusing on other, more productive activities.

Wind energy companies also use data on weather conditions to determine the optimal location of their turbines. These and other examples demonstrate that big data can be utilized to increase efficiency, identify new business models, or even innovate.