Tuesday, September 22, 2020

Orchestrate Digital Innovation based on Business Intelligence

Information is useless if it is not being used to refine business intelligence, generate ideas, and achieve the business purpose.

Information is the lifeblood of digital business nowadays, the digital era upon us is about algorism, raw data from machines needs to be processed into information that is further refined into intelligence. And the quality of intelligence depends greatly on the quality of information. 

In specific, the abundant information can be refined into business foresight and customer insight that provide the very clue to connect wider dots to stimulate great ideas, build the updated competency model, and take a transformative journey from running a reactive business to shaping a real-time highly intelligent organization.

Business intelligence allows enterprises to interpret their past to better plan their future for enforcing a growth cycle: Information is growing exponentially, it is the aggregation of information and the assessment of that information that creates the intelligence required to forecast the future of the business and define the rules that drive the business transformation. From an innovation management perspective, identify how information is associated with the valued tangibles of businesses; products, and resources; how it triggers novel ideas, looking deeply into the future based on predictive analytics can have a profound effect on where you go, and how you get there to build business innovation competency.

Business leadership needs to be further-looking, apply business intelligence tools to shape a clear vision and a broad range of business perspectives. Information can be used to create the intelligence that shapes innovation strategy; as well as to test the results of strategy execution. To improve the innovation success rate, it’s important to build an information-woven innovation navigation system that involves tapping the organization's ecosystem for "smelling" the right idea at the right time and place, make it tangible, and achieve their business values. Also, develop digital innovation principles, methodologies, practices, and manage a balanced portfolio of innovations.to achieve progressive business performance..

Business intelligence allows in prioritizing business problems or opportunities and solving them innovatively: There is no way to create a definitive prioritized list without more business context. The quality of information assists in prioritizing business problems or opportunities. In practice, there is no way to create a definitive prioritized list without more business context. Information -based prioritization brings transparency and creates internal competition among new ideas. It helps businesses focus on crucial business problems and solve them in the right way.

Information confluence means breaking down functional silos or geographical borders to streamline information flow and idea flow. It's important to build business innovation strengths and capabilities by prioritizing resources and managing risks. Set up an intelligence-based prioritization process to remove bad projects quickly and channel good ones onto platforms that are easier to maintain. Leverage information to ask thought-provoking questions. The use of open questions is very powerful to collective constructive feedback. It’s important to extract information from the right data, to answer the right questions, with the right perspective in approaching the right problems, and solve them in an innovative way.

Business intelligence provides information on a user digestible and understandable level to generate fresh ideas: The information system as the backbone of innovation management helps to optimize the usage of information, enable users to visualize data, and create novel ideas. That means the analytics doesn’t just serve up pretty charts and graphs. look for insights, leverage imagination, but make validation and predictability, grasp opportunities to innovate products and services offerings, and create new business models continually.

The disruptive nature of emerging digital information technology is highly likely to have implications for business innovation. Information brings about business ideas; business ideas generate lots of information. Digital organizations as the information hub can become the hotbed to nurture and incubate great ideas. They can work toward an information ecosystem view that incorporates the virtual aspects of the knowledge system, innovation, and intuitive behavior.

Information is useless if it is not being used to refine business intelligence, generate ideas, and achieve the business purpose. There are some critical pieces of information needed for connecting wider dots to spur innovation and accelerate idea validation such as facts about business ideas. So the management can explore how the idea aligns with the organization's vision and key strategies, and manage a balanced innovation portfolio to achieve high business value.


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