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big data and innovation

Big Data Analytics and Innovation

Data has been at the forefront as far back as one can remember, dominating every piece of human existence and transforming the way organizations innovate. Now, with the growth of information, Big Data analytics has taken center stage in most business circles. 

Big Data—basically a term for large, complex data sets that go beyond traditional processing approaches—is growing at a compound annual growth rate (CAGR) of 42 percent. When it comes to adding business value with Big Data, almost 75 percent of organizations are keen on including it into the scheme of things.

With the uncertainty and complexity of today’s scenarios, an organization’s ability to make sense of the data will be a key differentiator. Product life cycles are diminishing rapidly, which calls for getting the new product not only right the first time but also faster to market. So how can Big Data help organizations innovate competitive and desirable products and services faster? The answer lies in looking at customer needs holistically.