Open Innovation: New Product Development Essentials from the PDMA

11 BOOSTING OPEN INNOVATION BY LEVERAGING BIG DATA

Gerhard Drexler

Mondi UFP

Andrej Duh

University of Maribor

Andreas Kornherr

Mondi UFP

Dean Korošak

University of Maribor

11.1 Open Innovation and Big Data

Big Data refers to mostly unstructured datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyze. Emergence of the ability to gather and analyze this massive amount of data is one of the major shifts caused by Big Data. This chapter will provide insight into this shift and offer a set of approaches toward utilization of Big Data in terms of strategic foresight.

In today's world of widely distributed knowledge, innovative companies can no longer afford to base their development solely on their own knowledge and research. Especially, Open Innovation (OI) requires intuitive tools that integrate data into day-to-day processes and translate them into tangible business actions. In order to combine internal and external resources, ideas, and technologies, organizations often face difficulties in identifying external knowledge. Open Innovation depends largely on the ability to scan, interpret, and incorporate both external knowledge and partners. Companies have started to look for new ways to increase the efficiency and effectiveness of their innovation processes. For instance, innovation activities may be fostered through an active search for new technologies and ideas outside of the firm, but also through cooperation with ...