The impact of big data on innovation management

With the exponential growth of data, big data has become an essential tool for businesses to make more educated decisions, develop better products, provide a personalized customer experience, reduce costs, and early recognition of trends. Big data is defined by volume, velocity, variety, value, and veracity, and it can be utilized with new technological approaches in terms of storage, processing, analyzing, and usage. Utilizing big data analytics in innovation management will provide a more precise and accurate reporting and decision-making process, resulting in a more educated and agile innovation process.