Any company can create intelligent services for customers
As you can see, smart services have already revolutionized many markets and industry areas. Indeed, it is difficult to imagine a business or consumer services area that would not be affected by the rise of AI and big data on the scene.
Thinking about the business opportunity associated with a networking product is a highly creative process. To find your opportunities, start by looking at your product life cycle. What actions does the customer take to acquire, own, use and dispose of it? Then check the adjacency. For each of these activities, what else is the client near or in contact with while performing this activity? Finally, after examining the opportunities offered by these different activities and neighbours, combine the most economically attractive elements into a common opportunity. Each of these steps requires further explanation.
Similarly, there are two possibilities when you look at the opportunities available to your company. Opportunities can be pursued on their own, as most elements of an opportunity can be directly related to the product life cycle. Or you need to partner with someone else, as the opportunity may be primarily adjacent. The direction you take will help you determine the type of business model you should adopt after connecting your product.
This all means that today’s innovation capabilities are the main difference between businesses and competitors when it comes to leveraging data and new technologies. In many cases, access to budget and technical skills and infrastructure is no longer an issue. This means more equal competition and more opportunities for good ideas to reach the world. This is great news for businesses and consumers!
. . .
Did you like this post? Check this article that explains how data science is applied in the energy industry.