Synthetic Data for Innovation Managers
The Innovation Manager acts as the enabler of data-driven innovation within the organization. While achieving this goal, the Innovation Manager typically faces various pains that could potentially be solved with Synthetic Data. This blog describes the role of an innovation manager, indicates typical pains together with the gains that could be achieved with Synthetic Data.
The Innovation Managers job includes
Scout new ideas and opportunities for (future) innovation
Select and evaluate innovative ideas and opportunities
Facilitate and implement new ideas and opportunities (typically via a pilot or PoC)
Shape (3th pary) collaborations
Establish a culture for innovation
Handle the project funding process
Typical pains that Innovation Managers face
Many promising initiatives falter due to (privacy and risk) roadblocks, resulting in unrealized innoation opportunities
Time consuming (legal & risk) trajectories result in a long time-to-market
Minimal allowance to incorporate customer data in the (strategic) decision making process
Budget wasted on risk assessments from the legal & compliance department
Loss of energy from all involved parties
How could Innovation Managers gain from using Synthetic Data?
Realize data-driven innovation (for example with big data, AI, ML etc.) fast(er)
Previously untouched valuable datasets can now be transformed into valuable insights
Reduced (legal and risk) overhead costs results in more budget for actual innovations
Provide the organization with solutions to realize data-driven innovation in a privacy preservative manner
Accelerate impactful collaborations with cross-functional teams and third party vendors