Data Driven Innovation - MIT ID Innovation - PowerPoint PPT Presentation

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Data Driven Innovation - MIT ID Innovation

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Data Driven innovation is used in almost every company for Growth of the Company. It also encourages creative thinking at work. – PowerPoint PPT presentation

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Title: Data Driven Innovation - MIT ID Innovation


1
Data Driven Innovation For The Growth and
Well-Being of The Company MITID Innovation
2
The term data-driven is used to describe a
business state that uses data in power
decision-making and performs activities
efficiently. Basically, it is a whole round
approach involving the recognition of data that
must be managed efficiently, and in a way, it
improves your overall business tactics. 
3
Data-driven innovation is a key part of any
business model this year. It enables the major as
well as minor businesses to thrive in the market
and have a stronghold in their field. Mainly the
reduction in the cost of data storage, collection
and processing has resulted in a collection of
large volumes of data. It is also commonly
referred to as big data. 
4
The proper integration of data, technology and
customers successfully establishes the concept
of innovation and creativity at work. Data
innovation is used in almost every company,
namely, supply chain, research and development,
target marketing, new goods and services,
management, and operations. It also encourages
creative thinking at work.
5
Role and Importance of Data-Driven Information
Large data sets are becoming an important factor
in the development of the economy, fostering new
industries, processes and products and
increasing creative thinking for innovation. Its
major function involves providing a competitive
edge in the market to maintain the reputation,
stronghold and majority of trade shares.
6
  • To explain more how data driven innovation for
    the growth well-being of the company, we have
    mentioned the following points
  • Data-Driven information involves using smart-grid
    technologies that aim to generate large volumes
    of data with the minimum expenditure of resources
    possible. It involves choosing a resource
    consumption pattern that improves energy
    efficiency to a greater extent.

7
  • Apart from that, the ability to bring innovation
    and creativity at work is greatly coordinated
    with the tendency and skill to analyze and
    interpret data in an economically useful way.
    Most importantly, it emphasizes optimizing the
    global supply chain on its own, increases overall
    value and promotes global manufacturing.

8
  • Data-Driven information is also used as a
    substitute for older models and helps to eye out
    the frauds and threats occurring during logistics
    or overall operations. 
  • They can be used to identify top-up and payment
    fraud just by analyzing the data pattern and
    composure. It also helps to forecast the risk
    involved in investing in any business and the
    associated financial concerns beforehand.

9
  • Another possible scenario includes the use of
    Data-Driven information systems to create a more
    personalized shopping experience. This involves
    using chatbots, allowing the customer to decide
    upon their best suitable budget and pan out their
    purchases and services cost accordingly.
    This digital transformation could help the
    business, and the customers enjoy a more
    meaningful, organic and cost-effective
    relationship.

10
  • Data-Driven information is not limited to one
    particular field or asset. It has become a whole
    round concept than a small business strategy. 
  • It would help you optimize your various work
    operations, forecast the risks associated with
    any business plan or strategy, and identify the
    potential bugs or anomalies in the record-keeping
    system.

11
Therefore, it won't be wrong to say that
data-driven information helps in organizing your
business plans strategically and economically
beneficially. Data-Driven information plays an
important role, from forecasting the risks
involved in financial transactions to actually
finding a potential fraud or threat. It can also
help in boosting innovation and creativity at
work.
12
However, it is a complex process. Therefore, to
understand, one needs an expert who can break
down the complexity into simple terms that could
be easily understood theoretically and
practically. If you are looking for one such
expert, MIT ID is amongst the top choice of
aspirants who plan to have a bright future. 
13
Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses and Design Thinking.
14
Wed love to hear
from you.
  • MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
    Pune-412201
  • 91-7038982225 / 91 9834092369
  • innovation_at_mitid.edu.in
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