Application of Statistical Analysis Tools and Concepts to Big Data and Predictive Analytics to New Product Development

Application of Statistical Analysis Tools and Concepts to Big Data and Predictive Analytics to New Product Development

Brian J. Galli (Department of Engineering, Hofstra University, Hempstead, USA)
Copyright: © 2020 |Pages: 19
DOI: 10.4018/IJoSE.2020010102

Abstract

In today's fiercely competitive environment, most companies face the pressure of shorter product life cycles. Therefore, if companies want to maintain a competitive advantage in the market, they need to keep innovating and developing new products. If not, then they will face difficulties in developing and expanding markets and may go out of business. New product development is the key content of enterprise research and development, and it is also one of the strategic cores for enterprise survival and development. The success of new product development plays a decisive role both in the development of the company and in maintaining a competitive advantage in the industry. Since the beginning of the 21st century, with the continuous innovation and development of Internet technology, the era of big data has arrived. In the era of big data, enterprises' decision-making for new product development no longer solely relies on the experience of decision-makers; it is based on the results of big data analysis for more accurate and effective decisions. In this thesis, the case analysis is mainly carried out with Company A as an example. Also, it mainly introduces the decision made by Company A in the actual operation of new product development, which is based on the results of big data analysis from decision-making to decision-making innovation. The choice of decision-making is described in detail. Through the introduction of the case, the impact of big data on the decision-making process for new product development was explored. In the era of big data, it provides a new theoretical approach to new product development decision-making.
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Introduction

With the rapid development of the Internet, computers, and smart devices, the recorded data generated by human activities has exploded, and data has become an important resource. Since researchers proposed the concept of big data from storage and computing, respectively, with the deepening of understanding, people's understanding of big data has been developing, but others proposed “3V” (Volume, Velocity, Variety) and later expanding to “4V” (increasing the Value). However, Andersen (2014); Burnes (2014); Arumugam (2016); Zhan et al. (2018) proposed “5V” by adding the Veracity.

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