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An Innovation is which Creates New Value

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An Innovation is which Creates New Value

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An innovation doesn’t have to be disruptive or headline-grabbing. It must simply create new value. “It can be an invention or a piece of technology,”. “It can be a new operating model, a new business model – many, many different things. But it does not become true innovation unless it creates new value and it has impact.”

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The Formula of Coca-Cola remains a secret

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The Formula of Coca-Cola remains a secret

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Coca-Cola is a carbonated found soft drink. It is often known in its abbreviated form Coke.The Coca-Cola Company is a Fortune 100 company with over $48 billion in sales
revenue and $9 billion in profit. Coca-Cola has more than 500 brands and having consumers in 206 countries.

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1) Enterprise Data Management: Having huge Decentralized data making big issue for company.
2) Favorable customer
experiences: Understand the mind of customers and provide services based on the needs.
3) Create Decision model: Huge data is present and utilised historical data to make decisions

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Coca-Cola had 74 unique databases, many of them
used different software to store and analyze data. Dealing
with incompatible databases and reporting systems remained a problem, due to large number of Decentralized databases it is difficult to manage and those are causing lacking in the system.

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The disparate data sources caused long delays in getting analytics reports from IT to sales teams. The company decided to replace the legacy software at each bottling facility and standardize them on a new BI system, a combination of
MicroStrategy and Microsoft BI products. Data are managed in a centralized database. Data warehousing, big data, analytics, data modeling, and social media are used to respond to competitors’ activity, market changes, and consumer preferences.

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Innovation For Favourable customer experience:

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Innovation For Favourable customer experience:

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To connect with customers and get the customers feedback and views and create the customer favourable market, company used social media and encouraged the consumers to participate. Also company has encouraged the consumers who very active on social media who engage with their friends by sharing photo and posts on Facebook, Twitter etc. What’s more is that Coca-Cola made these consumers as creative directors of the brand inducing them to promote the brand.

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Coca-Cola takes a strategic approach instead of a tactical approach with big data. The company is far advanced in the use of big data to manage its products, sales revenue, and customer experiences in near real time and to reduce costs. For example, it cut overtime costs almost in half by analyzing the service center data.
Big data help Coca-Cola relate to its 70 million Facebook followers—many of them bolster the Coke brand.

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To deal with the complexity, an orange juice decision model was developed, the Black Book model. A decision model quantifies the relationship between variables, which reduces uncertainty. Black Book combines detailed data on the
600 flavors that make up an orange, weather, customer preferences, expected crop yields, cost pressures, regional consumer preferences, and acidity or sweetness rate. The model specifies how to blend the orange juice to create a consistent taste. Coke’s Black Book juice model is considered to be one of the most complex
business analytics apps.
With the power of big data and decision models, Coca-Cola is prepared for disruptions in supply far in advance.