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Fast changes in global and local markets make innovation management an important factor for companies to stay competitive. Nowadays, a large amount of data is available which holds all the information we need—but the information that is crucial first needs to be identified by filtering these vast amounts of data. The authors show the results of a study on challenges that companies face with Innovation Management and present a concept on how big data analytics can be used to improve the efficiency of Innovation Management. State-of-the-art machine learning and other mathematical algorithms can automate and optimize the procedure tremendously. In a case study, the usage of an environmental scanning system for the detection of trends is demonstrated in a practical example on two data sets. Finally, it is discussed how a data-based approach to innovation management can help small and medium …