O'Reilly logo

Win with Advanced Business Analytics: Creating Business Value from Your Data by Jesse Harriott, Jean Paul Isson

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

INTERSECTION BETWEEN ANALYTICS AND INNOVATION

We outlined in the previous sections that to innovate, companies need to understand what to subtract or what to add to the existing product, services, and customer channel strategies. We also recalled the promise of analytics and the fundamental business questions it seeks to address. In Exhibit 17.1, we illustrate factors that make up the intersection between analytics and innovation.

Exhibit 17.1 Analytics and Innovation Intersection

image

Analytics’ main objectives typically revolve around addressing the key questions of what happened, what is happening, and what will happen. Once you apply these questions to your product, service, or channel strategy and compare yourself to the competition, innovative ideas are likely to result, as you spot what to “add” or “subtract” in order to differentiate your company from the competition.

We believe the most important areas where analytics can intersect with innovation is in understanding

  • The customer base
  • The product
  • The service
  • The technology
  • The market
  • The competition

Getting a deep understanding of the aforementioned topics can be achieved only via the use of advanced analytics.

The execution of creative ideas can take place only if we understand what is happening in the market, what is missing, and what would appeal to customers. Analytics creates a blueprint to innovation by providing the ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required