Unveiling the Power of Living Databases in Open Innovation
Words by Carlos Pichardo
In today’s dynamic business landscape, staying ahead is essential. As companies increasingly rely on external expertise and solutions, reliable databases are indispensable. Traditional databases fail to address the dynamic nature of innovation challenges. Enter the concept of “living databases” – a game-changer in Open Innovation.
The Challenge of Traditional Databases
Traditional databases have significant downsides in the realm of Open Innovation. Often, they are large collections of general, high-level information. However, because they lack organization, insight, and case-specific designs, they fail to address the nuanced problems that arise in Open Innovation. If they don’t solve the problems you have, even an enormous database is useless. Without use, these databases are not worth the time and personnel dedicated to compiling them. Luckily, there’s an alternative…
Understanding yet2’s Living Databases
Living databases are living in three ways: (1) they’re constantly growing, (2) they’re malleable, and (3) they’re purposeful. yet2 team members are constantly scouting, following up with companies on tech innovations, looking for R&D breakthroughs, keeping up with patents, and so much more to keep living databases truly alive. Living databases are malleable because they can change to be best suited for their function. Finally, living databases are purposeful because yet2 designs each one with deep care and insight into our clients’ needs.
yet2’s databases are:
Expertly Designed – Living databases are handcrafted to be filterable, comprehensible, and built for our client’s needs streamlining effective decision-making
Up-to-Date – Living databases are constantly updated by yet2’s scouts to reflect the real-time landscape
Always Available – Living databases are there whenever needed, easing our clients’ minds about time-sensitive issues.
However, to really feel the power of living databases, let’s look at some case studies.
Case Studies:
An Information Care Package…
A client seeking innovative sustainable materials approached yet2 with four spreadsheets containing over 2000 raw data points on various technologies and opportunities. However, the databases were complex and confusing, making them useless for the technical team.
The client tasked us with making sense of and consolidating the four spreadsheets into one single source of truth, with a new design that enables the R&D team to quickly review and identify the best technology solution for the problem at hand.
yet2 takes pride in its databases like a painter does their painting. We believe that for databases, beauty is in utility. Consolidating the spreadsheets was just the first step. The crucial point was designing the database to be useful for the client. Through multiple conversations with the client’s R&D team, yet2 discovered the key technologies, knowledge, and characteristics critical to our client’s decision-making (which were not obvious even to our client).
yet2’s design highlighted those features and fully automated the database to be quickly searchable/filterable. Anyone seeking something specific can have their answers in seconds. And if they didn’t know what they needed, the database made it obvious what to search for.
However, even a dead database can be beautifully designed. yet2’s living databases are unique because they are constantly refreshed. Every day new material is emerging. Companies are born. Companies die. Companies pivot, or they don’t. yet2’s living database sees all that and offers our clients a finger on the pulse. We know our client is confident if there is a technology for their need, they’ll know where to look for it.
Beyond the Varnish…
A long-time consumer healthcare client approached yet2 seeking new manufacturers for oral care products. After extensive scouting efforts, yet2 compiled a comprehensive database of CMOs that showed their manufacturing, packaging, and shipping capabilities, as well as regulatory status and other key information related to 5 key products of interest.
Using the database, our client happily fulfilled their need for their first product of interest. Knowing our client was likely to continue to have requests for manufacturing partners for various kinds of products, we suggested a living database.
One day, nine months later, the client approached yet2 with a new ask. They sought manufacturers of a 2nd unique product of interest with very particular features. Amazingly, that same day our client left with a list of 3 prime candidates they felt ready to move forward with direct discussions around an RFT. These were not random candidates.
Rather, since our client had invested in their living database, they instantly and easily accessed a comprehensive list of verified oral care manufacturers. With the power to filter for key factors like registrations, volume capacities, analytical and packaging services, and more, our client was in the perfect position for decisive action. Such speed was possible because the database was designed to fit their use-case and contained up-to-date information as the yet2 team kept it “living” beyond solving the initial search.
That’s the power of a living database. A great database puts you at the cutting edge. A living database keeps you at it.
So, if you want to be kept at the cutting edge in your field, contact us and we’ll bring life to your data.
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