Recipe for a Great Strategy of Technology Business: Data-driven Innovation in Four Easy Steps
Technological innovation in your business can be real. What can you do? What are your options? How can you proceed? This newsletter tells you how you can approach to innovation. Don't worry, we will get through this innovative journey together. ??
At first, some of these points can look like a “Captain Obvious”, but we believe truly great strategy is actually simple and can be put into the following four straightforward steps:?
So, let’s look at each of them together and see what they mean.
?? IDEA: Problem statement
The very first thing is to define the problem we face. It’s sometimes harder than it looks like. We don’t want to innovate simply to innovate right? We want our products or services to solve real problems and these problems need clear names and descriptions. So, take a moment and try to define what the problem is (and don’t hesitate to go to the bones), the better we understand what we need to solve, the better the solution is going to be.?
?? BRAINSTORM: Heads together?
If the solution needs technologies beyond your know-how, look for a consultation. You don't have to rush to it. Just take advantage of the vast amount of information that’s out there. Has anyone dealt with similar problems before? What’s the state of the art? What have others achieved in the same or similar domain? There are plenty of questions and if the solution needs AI, dig deeper into what, how, and why. AI is a tool that can help but should not be used just to be fancy and to follow the herd.?
?? TEAMWORK: Hands on?
After the problem is well understood and you have a prototype in mind, let’s make it. What’s important here is not to jump on developing the final solution. That’s a trap that people can easily fall into. We want everything right away because we already see how great and useful our solution is going to be. But let’s not fall into it, let’s phase it. Develop a prototype and get as much feedback as possible. Then continue with a minimum viable solution and again, feedback is the king. Don’t be afraid to make changes, it doesn’t have to be perfect on the first try.
?? INNOVATION: Take off
At some point, you’ll iterate to a working solution that your early adopters are happy about. Now is the time to test it properly and make it production-ready. What’s important here is not to keep still. There is already a need for the version two. Innovation is an iterative process. Let’s gather more data, let’s try to improve the output, and let’s basically try to be ahead of the competition. Innovation never stops and once you start, just keep it going. :)
At Scicake, we can help you with these steps. We can help you to formulate the problem statement, to do proper research and to propose a data-driven solution, to develop a prototype and a minimum viable product all the way until your desired innovation is ready to take off.?
Make your business a piece of cake! ??
Do you have a need for data-driven innovation? Make your business a piece of cake with Scicake. ??
?? At Scicake we bake data science projects. Using the right ingredients we empower your business with creative and responsible artificial intelligence.?
Have you found our services useful? Great! Trigger the first contact and we can schedule the Strategy day where we will meet with you and do an intensive session defining the problem statement and the possibilities based on your business domain, goals, and data.
Contact us and let’s see our data science recipe:
+420 735 068 518 | [email protected]?
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