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AI-Driven Innovation: Leveraging Big Data Analytics for Innovation

In: Innovation Analytics Tools for Competitive Advantage

Author

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  • Aniekan Essien

Abstract

Technological advancement and data ubiquity have resulted in the rapid and continuous development of data computing and processing tools, hardware, and software, which have impacted all facets of human endeavor. Artificial Intelligence (AI) is increasingly being applied in non-routine tasks that were earlier performed by humans alone. Despite the wave of AI in automation felt in other industries, the innovation sector is yet to feel a widespread adoption of AI in the innovation process. This chapter builds on existing literature to conceptualize the application of innovation analytics — referring to the application of AI-enabled, data-driven insights, algorithms, and visualizations within the innovation process. It is argued that AI has the potential to play a vital role in fostering innovation by driving key aspects within the innovation process. Using a hypothetical example of a tech start-up, we show an example of how infusing AI/big data analytics can serve as key enablers/triggers in the overall innovation process. Further, the chapter explicates the benefits and limitations of using AI in innovation and concludes by providing some implications of applying this technique in the innovation process.

Suggested Citation

  • Aniekan Essien, 2023. "AI-Driven Innovation: Leveraging Big Data Analytics for Innovation," World Scientific Book Chapters, in: Nachiappan Subramanian & S G Ponnambalam & Mukund Janardhanan (ed.), Innovation Analytics Tools for Competitive Advantage, chapter 6, pages 119-137, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781786349989_0006
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    More about this item

    Keywords

    Innovation; Analytics; Business Management; Product Development; Process Innovation;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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