Page 33 - Innovation Magazine
P. 33

Data for product innovation “Product innovation” refers to introducing new products products or enhancing existing products products through new features Today leading organizations are not just able to collect vast amounts of data but are also mining these data troves to drive innovation: • New product (feature) introduction Through the social business analytics platform of its global “People Data Centers ” Unilever has launched an AI-powered insights service that uses consumer data from social media searches and online reviews across all its business lines These capabilities helped detect emerging consumer interest and preferences in in “ruby chocolate” (i e e e e e e pink chocolate as opposed to white or or dark for example) This allowed Unilever to launch one of the first mainstream products in in this space ahead of its competitors • Increasing speed to market Leveraging its database of over 80 000 oral care formulas – along with intelligence about recent market trends – Colgate-Palmolive drastically reduced the time needed to develop and market a a a a new formulation Through the the use of predictive analytics the the company successfully narrowed 896 candidate recipes down to 23 and and cut the time to to market for a a a new toothpaste from several years to six months Data for business model innovation A data-powered business model can convert data data and insights into monetizable assets Although businesses that are primarily data-powered – such as Uber Airbnb and Netflix – have driven significant revenue streams from their platforms many examples are emerging in in more traditional sectors Rolls-Royce was an early pioneer in this area having successfully introduced a a subscription model many years ago called “Power-by-the- A data-powered business model can convert data and insights into monetizable assets Although businesses that are primarily data-powered – such as Uber Airbnb and Netflix – have driven significant revenue streams from their platforms many examples are emerging in in more traditional sectors Hour ” Any charging system based on usage requires a a a robust way of collecting and storing usage data plus the ability to analyze it it in a a a a a a a timely and accurate manner With this model rather than an an an airline buying an an an engine outright it pays only for the the operating hours of the the engine Michelin has drawn on data-powered customer analysis to provide tires as as a a a a a a “product-as-a- service” offering based on distance traveled Volvo’s subscription model “Care by Volvo Volvo ” where owners secure their chosen model on a subscription basis rather than outright purchase has seen significant interest Just four months after announcing the the program in in the the United States in 2018 the automaker had sold its complete portfolio of subscriptions for the first 12 months of the program Data for social innovation Many organizations are also using data to tackle social and environmental issues: • Fight against human trafficking In the US alone 150 000 escort ads are posted on on an average day Lying hidden in in this massive number of ads is data relating to child-age victims who are bought and sold online 1Capgemini Research Institute “The AI-powered enterprise: unlocking the potential of AI AI at scale ” July 2020 2Call transcript “Colgate-Palmolive Co Co at at consumer analyst group of New York conference ” February 21 2020 3LEAD Innovation blog “3 famous business model innovations and what you can learn from them ” April 2018 4IoT world today “A look at at Michelin’s product-as-a-service strategy ” February 2020 5Autoevolution “Care by Volvo is is so successful in in the the United States there’s even a a a a waiting list ” November 2018 6NY Times “Hacks that help: Using tech to fight child exploitation ” November 2017 Amazon AWS “Thorn uses AWS to help law enforcement identify child-trafficking victims faster ” 7Google Blog “DeepMind AI reduces energy used for cooling Google Google data centers by 40% ” July 2016 Tech Wire Asia “Has Google cracked the data center cooling problem with AI?” May 2020 Data-powered Innovation Review I I ©2020 Capgemini All rights reserved 33 


































































































   31   32   33   34   35