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When businesses attempt to tackle innovation, they tend to turn to one of three traditional, tested ways of finding ideas. They will look for new ideas by further exploring their competencies, customers, and changes in their business environment. While these can work, the authors of this Harvard Business Review article propose a fourth approach that lets IT take center stage: Data.
In "The New Patters of Innovation," the authors say that companies should turn to data and analytics to identify ways to expand old businesses or build new ones. "These opportunities exist because of the explosion in digital data, analytic tools, and cloud computing."
The authors say that this explosion is creating a new pattern of innovation, one that lets IT create value for the business. In the article, the authors outline how IT can lead the search for new business value by following five patterns.
Download "The New Patters of Innovation" to learn more about these five patterns. The article also outlines questions you can use to help you figure out how the five patterns can work for you.