Using Data Analytics to drive Innovation

Incorporating innovation in your business is essential to get the competitive advantage. Implementing new ideas and improving the business can be achieved through innovation which acts like a catalyst for growth and success.

Innovation should be an integral part of the business strategy. Successful innovation results in efficient work processes and productivity.

In today’s data driven world, all organisations are flooded with lot of data on customers preference, behavior, usage patterns etc through social media and other channels. This data can be mined and analysed to find valuable insights that can drive meaningful and successful innovations.

This will not only help to fuel growth in your organisation but is absolutely essential in the highly competitive markets!

Learn how to Innovate using data for creating an innovation oriented mindset in your organisation.

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Understanding what is Innovation

Define innovation
Understand what innovation is and is not
Traditional vs current approaches for innovation
Identify prevailing Innovation Cultures
Understand what innovation culture is
Understand barriers to creating a culture of innovation
How to create the culture within the organization which supports innovation

The Innovation Process

Identify the drivers for innovation.
Need for Innovation
Innovation in terms of ideas and visions
Identify any restraining forces for innovation
Identify areas for innovation
Product, process and strategic

Use Data to drive Innovation

Identify the sources of useful data
Learn to interpret and analyse it for Innovation
Identify outliers, gaps and niches in data
Use statistical tests to correlate and find links and relationships
Use estimating and forecasting to qualify the identified niches & gaps
Match qualified Niches and Gaps to potential innovation areas

Check out other courses!

Market Research Training

Mystery Shopping Training

Marketing Strategy & Planning

Project Management

Business Process Management and Reenginerring

Business Process and Work Flows

Negotiation Skills

Decision Making & Delegation Skills

Leadership Skills

Entrepreneurship Training

Techniques for generating ideas

Brainstorming
Questioning Assumptions
Opportunity redefinition
Wishing
Picture prompts
Group Brain-walking

Structuring the Ideas for Innovation

Recording ideas through various brainstorming techniques
Discuss and expand the recorded ideas
Group ideas and visions as per business process and requirements
Create accurate statement to represent each group of visions and ideas
Identify all stakeholders impacted by each idea group
Review and finalize the innovation statements

Develop the Strategic Innovation Plan

Identify benefits of each innovation statement for various stakeholders
Categorize the qualitative and quantitative benefits of the idea statement
Estimate the business potential for each innovation statement
Identify blockages to Innovation
Overcome barriers toInnovation by identifying and developing options/solutions to overcome these barriers to the innovations
Measure the impact of going with the final decision or not going with it
Prioritize the innovations to ensure those with the highest impact are realized first.

Develop the Business Effectiveness Strategy for innovation implementation

Identify all the requirements for innovation implementation
Identify the action steps and resources required to ensure the innovations are successfully implemented
Estimate the time required to implement each innovation
Finalize the cost-benefit analysis of the innovations

Innovation for Effective Business Strategy Training Course Schedule

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