Research & Product Development
The Research and Development team works closely with other department within an organization to determine what new products or services will serve their market best. With the help of analytics, R&D teams are able to make more customer-conscious decisions that will lead to greater profits.
Below are just three of many specific areas we are able to apply analytical evidence to, and is just the tip of the iceberg in the various ways we can assist your R&D team.
Analytics in Research and Product Development
New Product Research
Maximize efficiency by staying on top of industry trends, and customer wants and needs, to ensure product research is relevant and useful.
Effectively identify key factors that align with consumer demands when considering new products.
Identify and ameliorate consumer needs by providing innovative solutions before the competition does.
New Product Development
Maximize customer value, connect with target markets, minimize perceived risks, and effectively distribute R&D resources for optimal outcome.
Automate processes by predicting quality and yield of new products, account for unknown variations in production, predict perceived demands to identify targets, and effectively identify ROI on each part of the development process.
Existing Product Updates
Ensure that product standards are being met by looking at data from quality checks
Analyze customer feedback trends/sentiment to improve products and roll out updates for existing products.
Mine data from social media and major industry websites in order to better understand how people are reacting to product, and where it could be made better.
Comparisons Across Competitors
Stay competitive in the industry by better understanding other products being created and their success.
Analyze and forecast competitor pricing structures, costs, and quality of existing product or service.
Differentiate existing products and new roll-outs from competitors by understanding their typical and historical patterns.