Companies can become more innovative and profitable by analyzing external sources of information such as social media, a new survey from Arthur D. Little says.
Using external data helps companies develop fresher ideas for products and services, said Rick Eager a partner at the firm. “Businesses get used to operating and thinking in a certain way and data gets filtered through the patterns of how we always do things,” Mr. Eager said. “When you always use the same channels for business intelligence, like internal sales figures, you are limited in what you can come up with.”