Big Data and Product Development
What is the main purpose of using Big Data in new product development?
To better understand customer needs and improve product decisions
According to Sheen, what is the main goal of digital transformation?
To reshape the organization around customer experience, value and continuous change
What is the main issue Redman identifies in organizations regarding data?
A lack of trust in data (credibility)
In which early stage of product development is Big Data used to identify new ideas from social media and trends?
Idea generation stage
What does Sheen mean by "products are no longer just widgets"?
Products are now services with ongoing customer relationships
Approximately how much time do knowledge workers spend dealing with bad data?
What is the role of predictive models (like Bass or Assessor) in product development?
To forecast demand, sales, or profitability of new products
What is the new KPI that has jumped to the forefront in product development?
Relationship management
Better management and communication
How does Big Data improve the "idea screening" phase of product development?
By filtering out weak ideas based on customer demand and competition data
How do tools like 3D printing or virtual twins affect product development?
They significantly reduce development time and speed up iteration
What does the "zero-error" metric mean?
If one value in a data record is wrong, the entire record is considered unreliable
Why might managers still reject data-driven insights even when Big Data analysis is available?
Because they may not trust the data or find the results counterintuitive
Why must digital products be updated frequently in a transformed organization?
Because competition is faster and products must stay relevant and compatible with evolving platforms
Why is fixing data at the point of creation more effective than cleaning it later?
Because errors spread and become harder to detect and correct downstream