Data and innovation

Many companies primarily use data to drive their decisions. Such companies will struggle to innovate.

Innovation is revolutionary changes in solutions for existing problems.

If a company uses data to make decisions, it can only improve existing solutions. This is because data can only give insight into existing solutions.

If a company uses intuition to make decisions, it can look at problems at a fundamental level. It can come up with completely new solutions. It can innovate.

For example, DVD rental companies in the 1990s solved the problem of in-home entertainment. A data driven rental company can improve the solution with better location of rental stores. An Intuition driven rental company can innovate by moving to an internet streaming model.

This website sets no cookies.