Breakthrough innovation requires seamless functioning of many parts of an organisation. Innovia developed the Innovation Diagnostic Framework to help companies improve…
Unlocking new business models through data-driven services
Businesses can create value for customers and shareholders by using their data to inform better decision making. Often, several organisations in an industry must work together to deliver new data-driven services. Choosing where to play and how to partner in this new landscape relies on understanding how an industry’s data value chain will evolve. A leading medical device company asked Innovia how they could navigate the opportunities as they launched a digitally enabled version of their core product.
We helped R&D, commercial, and engineering leaders to understand their customers’ key decisions, identify how insights from new data and analytics could inform those decisions, and assess the potential value of improving decision-making. From our knowledge of digital transformation in other industries, we mapped the sector’s emerging data value chain. In the final workshop, we built consensus around prospective data-driven services, new revenue models, and the partners needed to make them happen.
It is always a challenge to get company-wide buy-in for a new strategy. Our collaborative approach ensured that the final recommendations were fully supported by the client team, and that they knew how to proceed. Crucially, we highlighted where the business should avoid investing and identified critical new partners that they had not considered.