Monday, December 26, 2022

Information & Innovation

Information is the most invaluable business asset and information savvy business has high potential to achieve innovation excellence.

nformation is the most invaluable asset of the organization, and creativity is one of the most desired professional qualities. In fact, information is one of the most time intensive puzzle pieces of innovation. Information analysis is one of the significant processes in innovation management.

Regardless of how big or complex data is, it does not make sense if it is not converted into usable information for decision making to identify, analyze and solve issues for the better of the company and its stakeholders including customers. To produce value from information, users really need the ability to change enterprise-wide inputs to "what-if" future outcomes; organizations must turn information into knowledge, insight, and innovation.

Information-driven time-to-insight is increasingly becoming critical and often plays an instrumental role in innovation management: As things become more complex and thus, you need analytics tools to cope with complexity. Organizations need to get crucial information faster, and yet improve decision making effectiveness. It's vital to harness the data’s actionable power as it enters the pipeline for refining data into fresh insight to solve problems effectively.

With rising customer expectations, the need for speed is actually more important than ever before. Data driven real time "what-if" analysis immediately to determine future outcomes. Critical thinking is essential for making decisions based on comprehensive analysis while creative thinking "creates" new possibilities. Both analysis and creativity are critical to solve complex problems alternatively. In fact, creativity and logic are actually the “hybrid truth”; requiring logical analysis to understand multiple opinions and emotions which trigger creativity to improve innovation excellence.

information analysis and creativity are both crucial to refine quality knowledge: You will never be able to automate true knowledge discovery completely. Refining data and capturing fresh insight requires a lot of experimenting, creative analysis & synthesis. A growing number of tools attempt to provide increasingly indicators on quality results; help to explore the data as quickly as possible, and visualize tools to make better business insight and potentially reveal a way forward.

Automation is part of the solution in knowledge refinement, but not everything can be automated, there is lots of creativity needed to reimagine what is possible, capture new knowledge, and fresh insight. What you can automate is the input into such a creative discovery process that results from feature selection. The creative human interpretation process is needed to tell a most likely story about the data-based analysis results for either leading talent development or business growth structurally.

Organizations need to investigate areas where they can have "quick wins" or discover innovation hot spots with creative analysis
: We will never have the universe of data to interpret. We are lucky to have much larger samples now. but we still have to understand how quantitative data is a subset of reality. Use data to understand past, present performance and unleash potential; make predictive analysis of past performance to predict the future; make prescriptive analysis – focusing primarily on optimization -identification of best alternatives to achieve high performance.

Keep in mind, what happened yesterday will not be a perfect image of today or tomorrow. The advanced analysis is not just about capturing hindsight of business, but focusing on improving accuracy of prediction and effectiveness of prescription. Information savvy organizations are designed to transform unevaluated information (raw data) into information whose accuracy and authenticity are verified, and then information is transformed to knowledge to debunk innovation puzzles. So advanced analysis enables the business to not only make profitability, but also discover hot spots of innovation to ensure long term prosperity.

Information is the most invaluable business asset and information savvy business has high potential to achieve innovation excellence. Now with analytical intelligence capabilities combined with social pulse, the organization has more visibility of people's sentiments and can work to build a motivating environment for increasing employee values; optimizing employee experiences, delighting customers and generating multifaceted business value.


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