Faced with a rising tide of data, business leaders need the right platforms to enable innovation and collaboration. Productive use of data is critical for companies to compete. This is the subject of a new report from Aberdeen Strategy & Research, “The Four Building Blocks to Unleashing Continuous Innovation,” which explores the role of digital twins in powering productive data use, improved decision-making and better outcomes.
This post contains excerpts from the fourth building block: continuous improvement and exploring new opportunities. You can also read excerpts from the first three blocks:
As the building blocks of continuous innovation build upon one another – businesses maximize data and innovation discovery and apply AI, science-based modeling and simulation – trust and confidence in the virtual twin grow.
By the fourth stage, organizations should be leveraging science, AI and their virtual twins to not only understand their own businesses, but to better understand their customers and partners, as well. They can anticipate the needs of customers, partners and employees and identify new products and services to meet and exceed them.
Among the business advantages to virtual twin organizations leveraging AI compared to non-users:
29% greater increase in employee retention
20% higher increase in customer satisfaction
19% greater increase in operating margins9% higher increase in revenue
By unifying data and visualizing customer requests through their virtual twins, companies can quickly test the feasibility of new ideas – even ones that come directly from the customer. Having the right data and connecting it to virtual twins and predictive AI models affords businesses the ability to estimate risks and deliver the best customer experiences while rolling out new offerings. Overall, the agility and foresight provided by AI-powered virtual twins helps organizations better prepare to meet customer needs and gives them a competitive advantage.
Continuous innovation
It’d be easy to drown in data. Engineers, analysts and executives – they’re all surrounded by exponentially larger amounts of disparate data. Virtual twins, AI and embedded analytics offer a key to leveraging an abundance of data and contextualizing it for purposeful, responsible and strategic decision-making.
Together, the four building blocks for continuous innovation are more than a life raft in a sea of data – they’re a vehicle for lasting business benefits. Leveraging virtual twins with these building blocks takes it a step further. Companies that have maximized the value of their virtual twins with the building blocks are better positioned to improve customer satisfaction, meet corporate social responsibility objectives and exceed the increasing pace of innovation.
Additional Resources
- Get the full “The Four Building Blocks to Unleashing Continuous Innovation” report
- Learn more about NETVIBES solutions that enable organizations to gain insights from their exponential data in order to make better informed business decisions
- Building Block 1: Enabling data consumption
- Building Block 2: Contribution with purpose
- Building Block 3: Predictions and automation