Any innovation is simply a stop in the journey towards maximizing functional, environmental, and economical benefits. Therefore it is predictable - Colin Hare, SVP, Growth Solutions
Deerfield, IL (PRWEB) November 13, 2013
In two presentations given today at the Marketing Analytics and Insights Conference in San Francisco, 4i Inc.’sColin Hare, SVP of Growth Solutions explained how to use predictive analytics to identify the next big thing, the next great innovation. Yes, innovation itself, is susceptible to the relentless mathematics of predictive analysis. 4i is a boutique management consulting firm headquartered in Chicago that utilizes predictive and foresight analytics to drive smarter business decision making. In a second presentation, Hare discussed how predictive analytics can be used to identify growth markets that might be overlooked.
For more than 14 years, Hare has been a recognized industry thought leader in analytic consulting, advising senior clients in the areas of growth strategy, innovation, and marketing / sales capability development across numerous verticals, including CPG, Pharma, Financial Services, and Retail.
As Eugene Roytburg, 4i's Managing Partner, noted, predicting innovation starts with understanding basic human needs. From there you can combine multiple needs to uncover those that do not even exist yet. Who would have predicted that after generations of shaving, a major customer segment wanted skin moisturizing combined with conditioning in a razor? Yet, that’s an innovation 4i identified through analytic rigor and systematic process development. It has proved to be a success in the marketplace.
“Any innovation is simply a stop in the journey towards maximizing functional, environmental, and economical benefits. Therefore it is predictable,” said Hare. Similarly, innovation success is just a function of the right time to market, right needs, right introduction time, and right cost; all of which are both controllable and predictable, he continued. In that sense, “predictive innovation is similar to the as yet unidentified elements in the periodic table,” he added.
Hare’s second presentation examined how predictive analytics can be used to position products for future growth. Of course everyone thinks they know what products their target markets buy today. The trick, however, lies in knowing what they will want to buy down the road and who specifically will be buying it. 4i predictive analytics offers the key to unlocking uncertainty, and by removing ambiguity from the overall growth equation.
Complicating any analysis, however, is the sheer number of product possibilities and the variety of possible customer segments in any category. Then, throw in the internal and external trends that impact the evolution of the market and you can begin to start answering the questions of which customer type and which product. Hare makes it sound simple, but it’s all in the complex mathematics behind 4i.
4i’s forward-looking, mathematics-driven approach helps clients uncover future growth opportunities, size future demand, develop successful growth strategies, and identify new innovations to succeed in tomorrow's marketplace. The company’s foresight analytics have been proven over time to deliver consistently accurate results that help clients realize unparalleled growth opportunities. For more information on 4i, please visit http://www.4iconsult.com/ or contact Eugene Roytburg, Managing Partner at (630) 799-8155. / Colin hare, SVP (972) 249-5925