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This is the first of these posts looking at the development, thinking and design of innovation from 1999 to today 2024, twenty-five years. Data-driven innovation enables organizations to make informed decisions, identify new opportunities, and optimize productdevelopment. I find it interesting and reaffirming.
For example, AI can be used to analyze customer data to identify potential new products or services, and ML can be used to optimize productdevelopment processes. Internet of Things (IoT): The IoT is connecting devices and systems in real time, creating a wealth of data that can be used to inform innovation.
IDC predicts that by 2024 , half of the manufacturers will have networked linked product and asset digital twins into digital twin ecosystems for a systems-level view of their business and a 5% reduction in quality expenses. Reduced productiondevelopment costs. Shorter innovation cycles.
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