In my opinion, innovation is required to be competitive today and tomorrow. Managing that expectation and deliverable is critical for sustainable growth to occur. In thinking about sustainable growth, I spoke with Kevin Wells, Executive Vice President, Global Market Development for Reach Analytics. Kevin’s comments were quite telling when discussing how to predict innovation for growth purposes. How do you predict innovation, and also leverage predictive analytics so that your business can use that information to create growth?
Predicting innovation has always been part science, part black magic and part luck. The world of data gives us the ability to maybe leverage the science and luck parts of that equation a little more. We are a predictive analytics firm so we have to eat our own dog food so to speak. We look at the trends the data uncovers and then we look at the variables that are more difficult to quantify. And then we make what we think are good business decisions. But they are based on facts more than gut. Big data uncovers things humans would overlook — if you know how to look for them.
The Future Is Not Like The Past
It’s no longer the speed of business that creates challenges. It’s the speed of disruption that is permeating our business models in seemingly every possible way that is causing businesses to rethink how they operate. The speed of disruption is also the trigger that is causing entire industries to think about how to re-purpose what they have, and redefine a new sense of the brand. They are realizing their current model may not be sustainable. Welcome to the new business paradigm. Welcome to innovation management.