We have been saying for some time now that use of analytics and data has potential to drive innovation within organisations. We are now starting to see that potential being delivered in more and more places. Across SAS, experts are reporting on success stories. They are also, however, starting to identify some issues that may either support or prevent data-driven innovation from taking hold. If you're thinking about analytics-driven innovation, here are 12 articles that will help you to think through the issues and solve some of the emerging problems.
When it comes to innovation, shareholders expect more than just a press release with a few buzzwords, according to a study commissioned by Sydney-based software firm Terem Technologies. In its latest report [PDF], Talk is Cheap: How the sharemarket lost faith in innovation, Terem Technologies analysed Australia's top 100 publicly listed companies to establish whether claims of innovation are more than just lip-service. Looking into Australian Stock Exchange (ASX)-listed companies and their public innovation infrastructure, Terem Technologies found that less than 41 percent have publicly announced an innovation lab, only 23 percent have a venture fund, and 69 percent account in some way for innovation. Additionally, over the past five years, mining giant Rio Tinto has used the buzzword "innovation" 657 times in issued press releases, and the Commonwealth Bank 599 times. The report says the innovation trappings, including an innovation lab, a venture fund, and an innovation-related budget ring-fenced on the balance sheet are not being rewarded by the share market.
Today, many businesses have entered the "innovation imperative" -- an executive mandate for the company to launch the next wave of innovation in their industry, all while maintaining and improving business with their current customers. I work on a team at Epsilon tasked with corporate innovation within our agency services discipline. Across the agency, our innovation team is charged with leveraging research and data in all its shapes, sizes and types to figure out what makes consumers tick so we can help our clients connect with them through smarter marketing and more effective creative. For example, we've recently introduced machine learning as a new accelerant to our data-infused creative process. Innovation really is key for any company seeking to proactively thwart disruption to their business model, operations or products.
Innovation is among the key factors driving a country's economic and social growth. But what are the factors that make a country innovative? How do they differ across different parts of the world and different stages of development? In this work done in collaboration with the World Economic Forum (WEF), we analyze the scores obtained through executive opinion surveys that constitute the WEF's Global Competitiveness Index in conjunction with other country-level metrics and indicators to identify actionable levers of innovation. The findings can help country leaders and organizations shape the policies to drive developmental activities and increase the capacity of innovation.