March 2018
Intermediate to advanced
432 pages
10h 7m
English
Content preview from Unstructured Data Analytics
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CHAPTER 9The Power of UDA in Product and Service Development
Success is a science; if you have the conditions you get the results.
—Oscar Wilde
WHY SHOULD YOU CARE ABOUT UDA FOR PRODUCT AND SERVICE DEVELOPMENT?
Today, the pace of technology development and Big Data analytics is creating disruptive mind-sets across all spectrums of industry. According to the GE Global Innovation Barometer 2016, 61 percent of executives are using Big Data and analytics to improve decisions, and 86 percent of executives believe advanced manufacturing (the use of innovative technology to improve products or processes) will radically transform the industrial sector.1 Big Data analytics provides us with the opportunity to capture, store, process, and analyze unprecedented amounts of data from internal and external sources. The outcome of these analytics is enabling businesses to seize new data-driven innovation opportunities. Data analytics has definitely changed the way we live and do business. It has changed the way organizations operate, governments and communities function, and companies assess their disruptive ideas and develop new innovative services and products.
For some leading companies the power of Big Data insights is now their key differentiator for creating innovative products. Others who choose to ignore it will be lagging behind and playing catchup.
Several statistics remind us of some challenges companies face when trying to be disruptive: According to the Harvard Business Review ...