Data in the world of innovation decision making

Innovation Talks

This week, I discuss the critical role of data in innovation and decision-making. We explore the significance of data hygiene and its vital role in driving accurate and trustworthy decision-making in innovation. Drawing attention to the importance of data cleansing, I address how bad data can significantly impair good decision-making and discuss strategies to ensure data accuracy and trustworthiness.

Paul Heller is a recognized authority in innovation management, specializing in methodologies that streamline and enhance the innovation process. With a wealth of experience working with databases and innovating various processes, Paul is deeply passionate about the intersection of data accuracy and innovation. He is currently driving thought leadership at Sopheon, focusing on improving portfolio management and innovation efficiencies for organizations worldwide.

"Automate your data flow to maintain accuracy. Consistency in data entry ensures reliability and builds credibility in your innovation portfolio." ~ Paul Heller

Today on Innovation Talks:

· The Evolution of Data Hygiene: The shift from calling it data cleansing to data hygiene reflects the growing importance of maintaining clean and accurate data in today’s tech-driven world.

· AI and Data Accuracy: AI's growing role in decision-making makes data hygiene even more critical to ensuring accurate and reliable outputs.

· Defining Terminology: Establish clear definitions for all data-related terms to avoid misunderstandings and ensure consistent team communication.

· Verified Data in Governance: Incorporate data verification steps into your governance process to maintain data accuracy and trust.

· Ownership of Data: Identifying and assigning ownership of specific data points ensures responsibility and accuracy in reporting.

· Process Verification: Regularly verify data at various stages of your process to prevent errors and maintain quality.

· Integration with Portfolio Management: Flow verified data straight into portfolio management systems to ensure consistency and reliability in decision-making.

· Awareness of Synthetic Data: Stay vigilant about synthetic data and its impact on your innovation and decision-making processes.

Resources Mentioned:

Ramesh Kolipera, CTO of Kalinova

StageGate: Methodology for structured decision-making processes

Lean Six Sigma: Methodologies for optimizing processes

Digital Twins: Virtual replicas for testing and optimization

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