Impact of data analysis on product development
Author(s):
Vaibhav P Jain, Aditi , Aaditya Raj Bhandari, Sejal S, Simeon Raj Sivakumar, Saritha S R, Sunitha B K
Keywords:
Data, Analysis Big data, Product development, Product design, Data mining, Visualization.
Abstract
Data analysis is becoming a popular term nowadays, being used by almost everyone who wishes to extract useful insights from already available data, but very few studies have investigated how this process of data analysis can impact product development in a firm. The aim of this study is to investigate and examine the impact of data analysis on product development. Through a comprehensive literature review, this paper sheds lights on how data mining, visualization and lastly data analysis can improve product development including product conceptualization and design. This paper also sheds light on the power of big data analysis, that is increasingly gaining popularity as vast amounts of data is getting generated in real time. Moreover, this paper highlights how various data mining techniques, data visualization and text mining can be used in the process of new product development. Ultimately this paper concludes by proposing whether data analysis proves to be beneficial for an organization and whether it drives a business to success with products that have been developed with the help of data analysis.
Article Details
Unique Paper ID: 162863

Publication Volume & Issue: Volume 10, Issue 11

Page(s): 227 - 236
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