Cycles of Innovation Are Becoming Shorter
- A LARGE ENTERPRISE CAN FORGO INNOVATION FOR A LONG TIME, BUT CYCLES OF INNOVATION ARE BECOMING SHORTER, WHICH PUTS THE NONINNOVATING COMPANY AT A DISADVANTAGE.
- TO REMAIN A MAJOR PLAYER IN ITS GIVEN INDUSTRY, A COMPANY NEEDS TO DEVELOP NEW BUSINESS MODELS BASED ON BIG DATA–DRIVEN ENGAGEMENT.
“Traditional approaches to the kinds of disruptive change that big data analytics enables, such as resisting the change and protecting the franchise, are not so effective in a digital economy.”
I have been involved in applying big data to business strategy for most of my career—a career that goes back long before “big data” became the popular technology idea it is today. Over the years, I have seen how technical innovations have changed the way businesses operate, but I have also seen how those new technologies often take much longer to work their way into the business process than enthusiasts imagine they will. Even so, it is clear that modern data analytics tools are changing the pace of innovation. It is also true that traditional approaches to the kinds of disruptive change big data analytics enables, such as resisting the change and protecting the franchise, are not so effective in a digital economy.