Out-Innovate Your Competitors with Advanced Analytics
The Potential of Advanced Analytics in Innovation and Product Development Remains Untapped
Ask innovation and product development executives at U.S. manufacturers and they will agree — advanced analytics will change the face of innovation. Two-thirds of executives surveyed expect that analytics will improve their innovation performance in the near future. The trouble is that few companies are resourcing analytics well enough to use it to leapfrog their competition or maintain their market position in the future. Why? This story follows a familiar paradigm, like with many new technologies even the earliest adopters are just starting to see the benefits of their investments. Most companies like to wait until the value is more assured–for any new technology investment–and this remains true when it comes to investing in advanced analytics.
What’s surprising isn’t that the upshot of advanced analytics in innovation is just becoming clear now (that’s expected), but instead it’s which companies are the vanguards. They aren’t all innovation leaders looking for a new way to maintain their edge, but companies from all across the spectrum of current innovation performance looking to get a leg up on their competition by doing analytics proofs of concept today. This means future market positions are up for grabs and the analytics race in innovation is still anyone’s game to win. There is no substitute for getting a head start on your competition and harnessing the power of information as this will be the foundation innovation success tomorrow.
While the use of advanced analytics is rapidly expanding in functions such as marketing and sales, and more recently in operations, the potential of these techniques to improve innovation and product development is largely unexploited. To explore this issue, MAPI collaborated with Decodexis and BMNP Strategies to engage senior innovation and product development leaders of manufacturing companies, to assess the state of adoption of advanced analytics and, understand the opportunities and challenges on the analytics journey.