Data driven business innovation

Who could imagine a few years ago that you would order a cab while mobile, see where it is and when it arrives, pay it electronically and rate the driver’s capability and courtesy afterwards? By the way, the before mentioned company does not own a single cab! They do own data, technology, creativity and means. Today there are many more examples, enabled by connected devices and data analytics. These exciting innovations are disrupting traditional markets which has put digital innovation high on the management agenda of most firms.

Changing business models

A common misunderstanding when discussing Digital is that people just think in zeros and ones or hardware and software. If it were that simple. We live in a digital age with unprecedented pace of innovation. Industries are now recognizing the opportunities in capturing value from data emerging from the ever growing connected society. Clever use of this data can generate a variety of new revenue streams. Strong propositions are conceived as part of customer-driven business formats where new business models can emerge.

Know-how in digital innovation

At Philips Innovation Services we have accrued hands-on know-how from many digital innovation projects, in which data is increasingly driving business value. We have learned that four things are important for business innovation:

  • Have a data driven business approach and mindset from the start.
  • Determine your role in a digital ecosystem allowing new revenue streams and other business models. How to do that? See the article about the Value Modeling tool: mapping uncharted ecosystems.
  • Co-create with key market players to turn customer problems into strong solutions and
  • Develop a compelling business model by learning from running fast (Lean Startup) experiments in the market.

Philips has already launched a host of digital innovations. Some examples are the smart air purifier utilizing environmental data; Hue connected lighting system for the home and recently the mobile app-based ultrasound solution. Digital as driver for future business is here to stay.

We can help

Industry Consulting offers a unique digital business innovation approach with hands-on facilitation in multi-disciplinary innovation teams to turn ideas into viable business opportunities. Just take a short time-out and challenge us how we could assist you accelerating your digital innovation business. Contact us by email if you want to know more.

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