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Are you able to scale the innovation of your data-driven decisioning? And can you make this part of your corporate DNA? 

TIBCO Vice President Analytic Strategy Shawn Rogers posed these questions to viewers at the recent Scaling Innovation webinar. Presented jointly with Bruno Trimouille, Vice President of Portfolio Marketing, during TIBCO Innovation Day 2022, the pair explore the “game-changing” analytics and data technologies that CIOs are most concerned with and how these align with actual spending. The pair then analyze the key metrics that companies in retail, communications, and healthcare are using to assess the success of their data-driven innovations and create new revenue streams. 

Watch the webinar here.

Follow the Money on Game-changing Technologies

A recent survey of 1,800 CIOs revealed which “game-changing” technologies this group says matter most to their organization:

• 25 percent list AI and Machine Learning
• 22 percent list Business Intelligence (BI) and Analytics
• 13 percent say the Cloud

Rogers looks deeper into the numbers and asks: are they actually investing in these technologies? In fact, 26 percent are increasing their spending overall on these innovations, while a whopping 53 percent are increasing spending on BI and analytics. CIOs understand that creating a foundation of analytics and data management leads to significant returns. 

Gaining Boardroom Approval for Data Efforts

Based on industry research, today’s most innovative organizations leverage data analytics and data management to automate and optimize processes and rapidly create new products and services. Bonus: this effort also reduces risk. As the webinar reveals, a few leaders are taking it to another level. Examples include:

1. Creating “ultra-personal experiences.” Using analytics to reach out and interact with customers wherever and whenever the interaction occurs. It may be at the Point of Sale. It may be at the shop floor thermostat. 
2. Empowering customers and users to “build their own” product. Rogers uses the example of Coke, which leveraged transactional data from fountain dispensaries to create a new product—one based on its customers’ preference for “mixing and matching” flavors.

Rogers examines these and other case studies to help analytics leaders gain corporate buy-in to scale their data analytics efforts. For example, it may be easy to discuss the importance of data science, but showing the board what’s required to scale from 10 data science models to thousands requires precise numbers and trusted data sources. 

Trust Your Data, Build Your Business Case

Admittedly, it may not always be exciting to talk to the board about “data management” or unifying data. Still, these are “foundational” to making the organization truly data-driven and, thus, innovative.  

Before making your case, Rogers notes you must be able to answer these questions satisfactorily: 

• Is your data trusted?
• Is it too complex to understand?
• Are you democratizing analytic insights—getting the data to the right people?

If the answer to any of these is no, you can’t yet maximize innovation.

Tapping the Power of Data

In the second half of the webinar, Trimouille provides examples of organizations that made radical jumps in innovation thanks to data analytics and data management. 

He reviews success stories across industries and reveals how “the best data allows you to go faster, smarter.” When your flight gets canceled, but the airline calls you to let you know they have already re-booked you and got your luggage on the correct flight—that’s data-driven innovation. 

Additional use cases offer specific numbers around cost savings. And just as pressing, show how scaling data-driven decisions can enable massive new opportunities.

“Innovation can be hard, but the risk of not innovating is higher,” Trimouille notes. Vast and unstructured data is at your disposal, but how do you use modern techniques to make sense of it all? How do you make data and analytics part of your organization’s DNA? Trimouille details the steps to overcome the barriers. 

Watch the entire webinar here.