Data Innovations in Business

Business leaders must design innovative products and services using data as it becomes more readily available. This is called data-driven innovation.

The best way to achieve that is to combine the disciplines of design and data. Companies that have succeeded in doing this have found that their teams function more fluidly and efficiently. The most important element is, however, that the business leaders who oversee these projects are committed to relying on data and are able to stand by their decisions. Three growth-catalyzing strategies are being implemented by companies that have succeeded in this pursuit:

One bank, for example, put its data and design teams together to address a simple issue: Tellers were spending too much time providing customer statements on paper to those who were checking their balances. This was consuming tens of thousands of hours of tellers’ time and taking them away from relationship-building activities. Combining design and data on the same team resulted in an improvement that allowed the bank to utilize its existing digital platform to show balances, which allowed tellers to focus on other, more productive tasks.

Similar to this, the U.S. Securities and Exchange Commission looked into data from suspicious financial filings to enhance its fraud detection capabilities. Wind energy companies make use of weather data to optimize the locations of their turbines. These and other examples demonstrate that leveraging big data can aid companies improve their efficiency, find new business models, or even invent entirely.