NEW PATTERNS IN INNOVATION
- 2. This presentation is based on an article by Rashik Parmar, Ian Mackenzie, David Cohn and David Gann
- 4. To tackle this we must first think… How can we create valuable solutions for customers using data analytics tools we own?
- 5. Let us explore a few patterns that occur in businesses
- 6. PATTERN 1: AUGMENTING DATA • It’s now feasible to gather and crunch enormous amounts of data in a variety of contexts
- 7. PATTERN 2: DIGITIZING ASSETS • As mobile technologies continue to fuel this trend, more creative businesses are tapping into it and generating their own enhanced services or new business models
- 8. • The management of digitization itself could be a new business. Many industries need a long- term, secure way to store their digital assets.
- 9. Pattern 3: Combining Data Within and Across Industries • The science of big data, along with new IT standards that allow enhanced data integration, makes it possible to coordinate information across industries or sectors in new ways.
- 10. PATTERN 4: TRADING DATA • The ability to combine disparate data sets allows companies to develop a variety of new offerings for adjacent businesses
- 11. PATTERN 5: CODIFYING A DISTINCTIVE SERVICE CAPABILITY • companies have a practical way to take the processes they’ve perfected, standardize them, and sell them to other parties
- 13. 1. Augmenting Products Which of the data relate to our products and their use? Which do we now keep and which could we start keeping? What insights could be developed from the data? How could those insights provide new value to us, our customers, our suppliers, our competitors, or players in another industry?
- 14. 2. Digitizing Assets Which of our assets are either wholly or essentially digital? How can we use their digital nature to improve or augment their value? Do we have physical assets that could be turned into digital assets?
- 15. 3. Combining data How might our data be combined with data held by others to create new value? Could we act as the catalyst for value creation by integrating data held by other players? Who would benefit from this integration and what business model would make it attractive to us and our collaborators?
- 16. 4. Trading Data How could our data be structured and analyzed to yield higher-value information? Is there value in this data to us internally, to our current customers, to potential new customers, or to another industry?
- 17. 5. Codifying a Capability Do we possess a distinctive capability that others would value? Is there a way to standardize this capability so that it could be broadly useful? Who in our industry or other industries would find this attractive?