Data-Driven Innovation (DDI) in New Product Development: An Opportunity in the Emerging Market

Today massive data is used as a resource for the firms. Due to the technological advancement, the significance usage of data for innovation and value creation has been steadily and dramatically increasing in the last couple of years. Digital transformation in industry takes place with full forces and supports. In fact, this paper aims to describe the concept of data-driven innovation along with key features, significance and challenges. This study is based on secondary data analysis and previous literature to find out the scope of the DDI and its challenges. IT has been observed that today DDI offers the new business opportunities especially for the telecommunication industry in the emerging digital market. Based on the previous researches, it has been found that DDI forms a key pillar in the 21st century as sources of growth and development for the industry. Moreover, large data sets act as heart of the economy which ultimately foster new industries, processes and create competitive advantages in the marketplace and market space. In addition, Big data can unveil plenty of new business opportunities and deliver more operational and financial values. In order to utilize these business opportunities, companies are devoting their resources, skills and efforts to gain greater results by leveraging Big data. Therefore, companies operating in the telecommunication industry are the building block of digital revolution that is the engine for the exploitation of data. Although, there exists businesses opportunities of data, at the same time, there has been a growing understanding of the challenges associated with the exploitation of big data in the current society.