If you’re not tracking VR analytics, how do you know what works and what doesn’t? How do you prove ROI?

Utilizing quantitative and qualitative data can put you ahead of your competitors.  After all, without analyzing your data within VR is just guess work.

Doing this gives businesses the ability to track users in a 3D space instead of 2D screens. Traditional 2D tracking metrics such as clicks, swipes, scrolls or taps are certainly not the best ways to capture the depth of data available in these 3D environments.

VR specific metrics include Eye tracking to see what draws their attention, user interaction with specific objects, tracking 3D spatial data and biometrics to measure the emotional state of users to name a few.

These metrics are used by businesses to develop better products, train employees effectively and more efficiently and to understand customer buying behaviour.

Read more at: https://www.tobiipro.com/blog/why-vr-analytics-eye-tracking/

Nowadays, social media is much more than a marketing tool and most businesses are beginning to realize the power of integrating social media teams into their business. Social media marketers are the first points of contact with customers. They have conversations and audience data that can be used to create a better consumer experience. Author Dhariana Lozano writes in her article about some ways to use social media beyond marketing. They are - Product development, Feedback, Extend the Life of Content, and Testing & Borrowing Content for Offline Initiatives. Read more at: http://www.business2community.com/social-media/4-ways-use-social-media-beyond-marketing-01503766#1C1P7ukIEJ7h66ir.97

Enterprise resource planning (ERP) uses specialized software to automate certain business functions, such as supply chain management and payroll, while taking into account business operations, such as product development, marketing and manufacturing. It's a complex system that requires a dedicated team to manage all aspects of the software. ERP is changing as technology and digital trends are always evolving. Businesses should be aware of trends that can affect the future of ERP to reap the benefits of future ERP implementations. To know more about the future trends, follow: http://it.toolbox.com/blogs/inside-erp/the-future-is-here-how-technology-will-improve-erp-systems-70622

Here are a few tips on how to bridge that gap between big data and the real world. New product development is a field full of quantifiable unknowns. While working on a new concept, the decisions are based on evidence that proves that their idea outmatches the other alternatives. Identifying connections between the data on social media and online communities and the comparison of this with their competitors’ development policies then become their groundwork for smarter solutions. Visualization of data quickly converts the data is understandable forms. This speeds up the decision process. It is important to note that more data doesn’t always mean smarter data. The motive should be to capture relevant Read more at: http://www.innovationexcellence.com/blog/2015/06/29/actionable-ways-big-data-analytics-can-actually-improve-innovation/

According to Mike Dalton (Industry Week), innovation requires risk and the goal of a firewall is to identify that risk. The firewall block projects that score low on five feasibilities i.e. commercial, technical, manufacturability, regulatory and intellectual property. At the project charter stage, it is useful to identify all of the stakeholders and solicit their input on all the potential ways the project could fail and what the impact would be. A study of the telephony industry (Ogawa & Ketner, 1997) showed that bottom 80% performers cancelled nearly 30% of their projects late in the process and about top 20% top companies cancelled the same percentage of projects early. Read more at: http://www.industryweek.com/product-development/obstacles-new-product-growth

From a napkin to a 3D model every product development starts with an idea. Time, money and expertise is required to bring that idea to a marketable product. With the fantastic renaissance of innovation creating professional looking design with a little help is now easier and cheaper. Knowing your product inside out is very necessary. Putting initial pieces together gives you an idea about manufacturing details and also about speaking with professionals’ investors. It takes a little time to build and master the software but costs are less than that of a development firm. 

A number of companies have spawned and acquired hacker collectives as well. Thingiverse.com  even feature their homemade designs on their site which includes toy cars to salt and pepper shakers to robotic arms, with more ease and collaboration DIY modelling today acts almost as a natural prelude to prototyping. To know more about this aspect, follow this link:  http://www.inc.com/guides/2010/12/how-to-develop-a-prototype.html