Abstract:

In the digital information age, big data-driven innovation has become one of the major engines of growth in many respects. This paper studies the prospects of applying data-driven innovations to boost business efficiency and agility. The modern competitive world reckons information as the new oil. To business world, data is the inestimable source of insights which facilitates business expansion through precise forecasting and decision making. The aim of this paper is to figure out the potential applications of data driven innovation in enterprises and to develop a general framework that enables data driven innovation possible within them. With the advent of big data analytics, enterprises are now able to use the enormous amounts of data at their disposal to frame and optimise their business strategies. A data-driven digital transformation would help the enterprises to deal with the existing business impediments and to explore novel business ideas and opportunities. Big data analytics also helps in unveiling the imperceptible trends, patterns and correlations which are too subtle to be discried. This paper throws light on how big data drives innovation in enterprises and the challenges faced by enterprises in making the most use of big data.