There was a time when new products and services came from the idea and vision of a single person. Sometimes through years of studying and working. Other times with what seemed to be divine inspiration. And sometimes by something that appeared to be random coincidence or good fortune.
Today most new products, services, and initiatives are carefully considered. Many companies have insight specialists, strategists, and product specialists who work together to create innovations and NPD. And many brands work with consultancies across management consultancies, research, anthropology, future studies, design- and digital agencies. All this of course to increase the likelihood of successful market launches.
You would think that part of this innovation process would also be fascinating new ways of working with research and data. But most often that is not the case. Behind all the fancy graphs often lies nothing but traditional focus groups and panel surveys. The methodology has stayed the same for decades. Despite the accessibility and availability of data has exploded, and our ability to process it has done the same. In many categories of business value chains have been changed from the ground up. In others it has evolved dramatically. But somehow it appears that the only thing, that has happened in the way we support new in market initiatives, is that we get more data faster and cheaper than we used to.
With no exaggeration it is a situation, that could be compared to people insisting on riding horses even though they have access to cars. That this happens in the collaboration between the very people, who are supposed to be driving innovation and new thinking only makes it more surprising.
How many businesses beyond boutique specialists, can you think of that still relies on methodology that stems from the 1970’s or before? It seems to us, it’s time that we revise our approach to the research and data foundation, that supports the innovation for tomorrow.
Factive is committed to making change in the world removing doubts as the barrier for doing. We want to challenge the current realities of the status quo with imagination powered by technology and data to create more meaningful and useful relationships between people and brands that lead to growth. We help business grow by creating dynamic and predictive datasets, that are more accurate, more cost effective and faster processed than any other approach.
Learn more at: https://factive.io
