Summary
A multinational consumer goods corporation's fabric care industry-based business unit discovered the possibility of dynamic benchmarking using Insightloupe. The platform allows users to tailor their partnership and ingredient scouting outputs and choose the ingredient types for their formulation scouting. Furthermore, it gives users complete control of strategic decision-making parameters required to research and develop such products.
The client efficiently decreased the number of experiments, removing bottlenecks and making the process efficient. The client explored dynamic results based on the introduced ranking of parameters, which provided a clear and comprehensive understanding of the specific business needs, like specific ingredients and partners. The client observed high cost and time savings by implementing Insightloupe to improve their innovation process.
The Challenge
In the post-Covid era, consumer goods corporations are under increased pressure from their customers to ensure their products have hygiene compliance with antivirus and antibacterial characteristics. These companies invest millions in research and development (R&D) to carefully select ingredients and partners that will make their products safer for customers by protecting them from harmful microbes.
Consumer goods companies must quickly develop and launch new products to stay ahead of competitors and changes in customer preferences. However, before launching a product, these companies must complete lab testing. Lab testing involves complicated work, including the evaluation of a vast database of ingredients to ensure that all necessary parameters are met, from pathogens' origin to partners with desirable shipping abilities.
Due to the technical nature of lab testing, all consumer goods companies must do innovation scouting. Initially, this consumer goods company searched for ingredients and partners on Google. This approach provides generic results for the ingredients or partners instead of high throughput results per client requirements. Therefore, the value impact in product formulation must be ensured with high quality.
Our Solution
Due to the rapid pace of innovation and the vast number of potential ingredients and producers, the client hired Evalueserve to scout innovation using Insightloupe. This product offers a simple way to determine the best option for testing.
Insightloupe has a robust analytical engine module that consolidates all the findings from the Innovation Intelligence investigation into customisable charts that suit the user's needs. Users can quickly access the desired results by choosing the research parameters to develop or enhance their product.
Insightloupe is a centralised platform that stores all innovation studies, making them easily accessible and shareable. Additionally, it offers a built-in collaboration tool, allowing users to work together on innovation projects. The studies are categorised and tagged, resulting in noise-free information. This, in turn, enhances innovation decision-making by providing decision-makers with a single source of truth for innovation data and insights and a means of collaborating with others on innovation projects.
Business Impact
After receiving expert recommendations from the innovation study, the client quickly chose two ingredients for product testing. The client no longer needed to go through dozens of tests and had incredible cost savings in the R&D process.
With the help of dynamic benchmarking on Insightloupe for hundreds of ingredients and partners, the client could choose the best fit based on their essential requirements and test and launch a new product for the market faster than conventional R&D, increasing the revenue streams.
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Insightloupe is a data-driven innovation solution using curated intelligence, benchmarking and interactive reports for risk management, landscaping & IP monitoring.
