This summarizes Vettd’s white paper titled “Achieve Advantage 2.0 through Data Innovation.” The basic premise of this white paper is that Data Innovation is one of the best ways to achieve Advantage 2.0.
Data Innovation is not a new concept but has not become mainstream in the corporate world. Using your data to innovate isn’t business-as-usual because the three pillars of Data Innovation are rarely embraced by enterprises, and artificial intelligence is just coming out of the lab. The pillars are:
1. Data-Driven Enterprise Culture
2. Custom-built Data Ecosystems
3. Data-First Applications
Data Innovation depends on visionary use cases that take advantage of custom-built Data Ecosystems created from data you already have, data that is readily available online and data in cloud accessible repositories. Inventing and executing these use cases depends on a commitment to the culture of a Data-Driven enterprise and using Data-First applications.
A key technology enabler for Data Innovation is the use of Artificial Intelligence (AI) tools and techniques. That’s because AI enables data processing at the scale and pace that delivering Data Innovation requires.
Data Innovation assumes that innovation derives not from acquiring and optimizing applications(such as ERP, CRM, BI, etc., which are still necessary best practices) but from taking advantage of data you own and can access in ways that are meaningful specifically to your organization and to your Data Innovation use cases.
In other words, innovating around your data, in your way.
But as your people, deal, or customer data changes to reflect changing realities, your Data Innovation solutions must also flex to adapt to these changes via continuous improvement.