Opportunities of data-driven decision making during the product innovation process

Successful product innovation is a crucial element for companies to stay competitive. Nevertheless, 50-90% of new product development initiatives fail. One of the reasons is the lack of accurate information that decisions are based on during the new product development process. This study investigates by means of a systematic literature review the variety of data and data analytics that can be applied as well as the decisions that can be driven by data during the product innovation process. The results suggest that there are various opportunities for applying data-driven decision making during the product innovation process. Nevertheless, the results indicate that there is untapped potential of using unstructured data as well as applying prescriptive analytics during the product innovation process. However, the results point out that this topic still needs to be further researched, especially in the field of data-driven development and testing.