Data Innovations in Business

As data becomes increasingly available and accessible, business leaders must create new products and services based on this data. This is what we call data-driven innovation.

The best way to achieve that is to combine the disciplines of design and data. The teams of companies who have successfully done this work together more efficiently and more fluidly. The most important thing is that the people in charge of these projects have the courage to make decisions in the light of the data. Three growth-promoting strategies have been adopted by businesses who have check out the post right here succeeded in this endeavor:

For instance, one institution placed its data and design teams on the same team to solve a simple problem: Tellers were spending way too long distributing paper statements to customers seeking their balances. This was consuming tens of thousands of hours of tellers’ time and taking them away from relationship-building activities. The bank was able utilize its existing digital platform for balances by combining data and design together. This allowed the tellers to focus on more productive tasks.

In the same way, the U.S. Securities and Exchange Commission analyzed data on suspicious financial filings to increase its fraud detection capabilities. Additionally, wind energy companies make use of data from the weather to optimize locations of their turbines. These and other examples illustrate how using big data can aid companies increase efficiency, discover new business models, or even invent entirely.

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