The opportunity to embed software and technology directly into products and services is evolving how organizations deliver value, enabling new business models and disrupting established markets. Businesses can investigate how the data they’re collecting can become a key asset for a new business opportunity.
By making customers your business partner, you can try to understand where your business interests intersect with your customers in a digital-first world. This can help find opportunities that increase your access to new markets while decreasing technology and security risk.
Every company is becoming a data company. We need to create connected services and generate insights to see what can be monetized to unlock new business models. For this, we need to focus on:
- Connecting people to enable seamless idea sharing.
- Gaining insights from product sentiment and market tends to drive roadmap decisions.
- Using data from in-market products, social networks, and analytics to uncover new opportunities.
Some of the business benefits include:
- Reduce product development cost
- Boost knowledge sharing
- Increase employee productivity
- Enhance market insight into ideation
- Accelerate innovation
- Increase revenue from innovative first-to-market services
- Drive higher return on innovation investment
- Lower cost of prototyping, physical modeling, and testing.