Our friends over at Splunk, along with researchers at the Enterprise Strategy Group, set out to measure data innovation, surveying 1,250 senior IT and business decision-makers worldwide, across industries, at larger organizations to assess their data practices, their innovation infrastructure, and their results. This report, “The State of Data Innovation 2021” summarizes the findings.
The project started with a definition: Data innovation is the reinvention or fundamental transformation of business processes through the use of new types of data analysis or the analysis of new data sources. The thesis was that organizations with the best data capabilities should be using that data to generate more innovation — and having more meaningful impact on their businesses.
Key Recommendations
Innovation is not a discrete muscle that you develop. It’s more of a full-body workout. Put differently, organizations that want to fire up their innovation engine need to look holistically at just what makes that engine work. How do we encourage employees to think and bring forward new ideas? How do we give them both the time to develop those ideas and the cross-team collaborative support to vet, test and deploy them? How do we use data to improve both the quality of experimentation and the speed of execution? How do we measure not only the success of a deployed innovation, but the success of our efforts to be more innovative?
The most innovative organizations focus on these questions as much as the end products and make continual improvements. Download the report for important key steps to follow.
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