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Businesses in every sector are under pressure to innovate to stay ahead of the competition. ''Open innovation'' is a term that has come to describe innovation which extends beyond the traditional R&D department of a business and embraces a broader pool of talent and ideas within the whole business and frequently also extends to an external partnership with a third party collaborator to assist with and accelerate the process.
In our second publication Data issues in innovation and collaborations, following on from our Open Innovation: Collaborate To Innovate report, we take a more detailed look at how data frequently plays a central role in the drive towards ''open'' innovation and the significant value attached to it. Data can be used to generate new products or services and revenue streams, to identify efficiencies within an organisation and reduce costs, and to inform strategic decision-making.
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