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B2B Innovation as a Driver of Success

B2B innovation can be used to improve business performance in the market setting by producing products that will meet the needs and expectations of consumers. Lilien (2016) claims that B2B firms can leverage innovation to attain success in the marketplace. However, innovation presents various challenges for B2B organizations because such business enterprises have traditionally lacked consumer data, a factor that limits their ability to anticipate changes in consumer demands. Lilien (2016) states that some B2B organizations are overcoming this challenge by employing cloud-based analytics service providers. These service providers use inside data sources such as marketing automation data and internal CRM and outside information sources company events, social media activity, and press releases to identify new areas for innovation. Wright et al. (2019) make similar claims concerning the importance of big data in B2B innovation. Wright et al. (2019) suggest that B2B organizations must invest in technology that enable them to collect big data to make innovation decisions that improve business performance. Abrell et al. (2016) agree that B2B organizations should innovate to stay competitive in the business setting. According to Abrell et al. (2016), customers and users play different roles with regard to B2B innovation. The knowledge of professional customers or resellers in the B2B market provides short-term direction for digital innovation processes.

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