The Challenge
Tracking innovations and trends can be a frustrating experience due to the vastness of sources to be tracked, and the constant race against time. Having a reactive approach to trend analysis will keep companies one step behind, since the general life cycle of trends is around 3 years. In many cases, this can prove to be a roadblock for organizations and their ability to capitalize on trends. This is what a global personal care giant was grapping with, since their internal set-up only provided them with fragmented insights on the market that was paired with ever-changing consumer needs. As a result, they were unable to keep-up with key competitors and were losing significant market share.
The Evalueserve team was tasked with finding a way to proactively track and analyze the industry trends and innovations. Utilizing the Insightsfirst platform led to a proactive approach to trend analysis, enabling the client to plan and act ahead of competitors.
Our Solution
With the Insightsfirst platform, the client was not only able to track, monitor and analyze recent trends, but were also able to foresee changes, prepare and plan for threats, and capitalize on new opportunities. With the combined power of our domain expertise and advanced technology, custom insights were delivered in a timely manner through a highly dynamic and visual platform.
Smart algorithms captured relevant innovations and trend information by using a multitude of structured and unstructured sources. Insightsfirst’s AI and machine-learning elements helped facilitate an easy and comprehensive data gathering process, enabling real-time insights from 10 geographic locations across the globe to be gathered. The Insightsfirst solution provided the client with a complete overview of industry trends and innovations using:
Innovation Board
This element highlighted the latest innovations, technologies, processes and ingredients within a desired category. The client was able to gather an idea on the changing and challenging current trends.
Trend Analysis Landscape
Trends were deconstructed and analyzed, enabling the client to understand and make plans around them. The main drivers of the trends were also identified, allowing the client to understand the full impact and significance that drivers have on trends.
Key Innovators
Identifying key innovators provided the client with detailed insights into positioning, strategy, technology focus, research, collaborations, launches, funding details, etc. This allowed the client to identify possible threats and plan for possible partnership opportunities.
Innovation Insights
Looking at customized analytical frameworks and analysis provided insights into market dynamics, which helped the client anticipate possible activities related to a trend. This also helped the client understand which trends would be stronger than others, providing guidance when selecting a trend to respond to.
Business Impact
The Insights platform enabled the client to monitor innovative technologies, products, and ingredient trends. This information was then utilized to restructure their innovative pipeline, enabling the client to plan and reshape their product launch strategies. The activity helped to identify early signs of threats and category killers that could negatively impact the client’s innovation pipeline and product plans.
Quick reponse to threats
Daily updates and constant monitoring provided the client with accurate insights, which they can quickly implement.
Impactful product planning
By providing holistic and detailed insights on innovations, trends and key innovators enabled the client to understand consumer needs, and helped them plan better strategies for new product development and launch.
Ramping-up innovation pipeline
Having a proactive stance on trend analysis allows the client to ramp-up their innovation pipeline with projects are are future-facing.
Talk to One of Our Experts
Get in touch today to find out about how Evalueserve can help you improve your processes, making you better, faster and more efficient.