According to a 2018 NewVantage Partners survey, executives now see a direct correlation between big data capabilities and AI initiatives. For the first time, large corporations report having direct access to meaningful volumes and sources of data that can feed AI algorithms to produce a range of business benefits from real-time consumer credit approval to new product offers.

Digital transformation is top of mind for many organizations. But many flounder by focusing more on developing the next technology breakthrough — when a core component of a winning digital transformation strategy is cultivating the talent who will lead the effort.

In an interview with MIT SMR, Cardinal Health’s Brent Stutz describes how the company’s three-year-old innovation center, Fuse, uses a “fail fast and often” mindset toward innovation. “Our innovation process has three phases: explore, experiment, and then pilot. We have an opportunity to pull the plug at any time… I’m not afraid to try 42 things and only have six make it out the other end,” Stutz says.

On March 15, 2017, MIT SMR held a webinar to share insights from our report, “Analytics as a Source of Business Innovation.” Many participants asked questions during the webinar that we didn’t have time for, so we decided to answer them in blog format instead. This post is the second set of responses.

On March 15, 2017, MIT SMR held a webinar to share insights from our report, “Analytics as a Source of Business Innovation,” which summarizes our findings about the increased ability to innovate with analytics and its benefits across industries. Many participants asked questions during the webinar that we didn’t have time for, so we’ll answer some of them in blog format instead.

In business, it’s costly to try something new, especially if it doesn’t work out. But in the digital era, technology can be deployed to augment the creative abilities of people and organizations. Today’s digital technologies have reached a level of maturation that enables cheap and rapid iteration to make new, invaluable forms of innovation possible.