CQM helps all companies innovate based on facts
In the new economy, the innovation process has changed completely. Companies no longer wait until their new product or service is fully developed down to the last detail. Nowadays, they launch with a ‘minimum viable product’ that is subsequently improved based on user feedback. Fact-based innovation is no longer the exclusive domain of large corporations; the data component plays an increasingly important role, particularly for startups and fast-growing, innovative companies.
From small idea to successful business model
‘Using mathematics and algorithms, CQM helps *all* companies innovate,’ says managing partner Arjen Vestjens. ‘And that is a fascinating process. With the right quantitative support, a small idea can quickly grow into a major, successful business model.’ According to Vestjens, this new, dynamic economy aligns perfectly with CQM’s innovation philosophy, which consists of four steps: ‘Start small: don’t try to map everything out in advance; instead, begin with a single department or just part of the idea. Experiment: what do you want to learn? Be curious: be determined to find the answer mathematical techniques are a huge help in obtaining that information. And persevere: ultimately, you will be rewarded and arrive at new ideas that make a real impact.’ A crucial element of this four-step approach is the ‘feedback loop’ using information gathered from early users to learn and improve. This is one of the mathematical tools CQM has developed to achieve better innovations quickly and reliably.
Reviews and ratings
The new economy has broadened the innovation process, making it far more challenging, says Vestjens: ‘In the past, our innovation support focused primarily on the R&D phase: how do you design a product that is easy to manufacture? Now, innovation is increasingly shifting towards marketing and the individual preferences of the customer: developing a product or service that the market actually wants.’ To address this, CQM developed a reviews and ratings service, for example. ‘We gather online opinions from customers regarding the product and those of competitors and apply sentiment analysis. We determine the right metrics and also analyze the impact each metric has on how the product or service is perceived.’
Data analytics
Another striking difference is that, whereas people used to rely solely on individual opinions, algorithms are now being employed as well. Vestjens: ‘Start-ups and fast-growing innovators rely on fact-based information, allowing them to respond more quickly and effectively to developments. As a result, decisions regarding improvements are based on facts rather than gut feeling. The outcome: faster innovation and a more successful product.’
By making the entire process data-driven, you can not only see what has happened (descriptive analytics) but also predict what will happen (predictive analytics) and determine the best possible outcome through optimization (prescriptive analytics). ‘And this is exactly where CQM excels. Mathematically analyzing data yields new insights and leads to better innovations. We really resonate with the mindset of these types of innovators. We then bring that atmosphere and our innovation philosophy to other companies as well.’ We often step in as a sparring partner without obligation, aiming for a long-term relationship. Together with the person behind the idea, we then turn it into a formula for success!
CQM is involved in various innovations by startups and young, fast-growing companies.
- DashTag aims to enhance the enjoyment of the game for amateur footballers by adding an extra element. Each player wears the Dash a small sensor that measures data such as speed and distance covered. Users can then track their progress, compare results, and share them via social media using an app.
"We are currently in the beta phase, and there is already a great deal of interest from teams across the country," says Dirk van den Berg, co-founder of DashTag. Driven by its own interest and expertise in sports analytics, CQM is monitoring this initiative.
- The Hockey Performance Centre aims to enhance the enjoyment of the game for amateur footballers by adding an extra element. Each player wears the Dash a small sensor that measures data such as speed and distance covered. Users can then track their progress, compare results, and share them via social media using an app. "We are currently in the beta phase, and there is already a great deal of interest from teams across the country," says Dirk van den Berg, co-founder of DashTag. Driven by its own interest and expertise in sports analytics, CQM is monitoring this initiative.
- Shapeways is a rapidly growing startup specializing in 3D-printed products. Orders are placed from all over the world and printed at Shapeways facilities in Eindhoven or New York. Jules Witte, Manager of Manufacturing EU at Shapeways, says: ‘To increase capacity, we want to combine multiple 3D models into a single print job. CQM is developing the smart mathematical algorithms needed to determine the optimal combination of models.’
- For InnoSportLab (Initiated by swimming coach Jacco Verhaeren and in collaboration with the Royal Dutch Swimming Federation), CQM has developed a mathematical model to identify swimming talent. ‘The model is a unique tool for coaches to discover swimming talent at all swimming clubs in the Netherlands and to track talented swimmers,’ says Titus Mennen, National Coach for Juniors & Youth and Talent Development Program Manager at the KNZB.
- To facilitate the safe and cost-effective transfer of personnel and equipment between vessels and offshore platforms serving as an alternative to helicopter transport Ampelmann develops offshore gangways and lift systems. "As a partner, CQM is helping us realize our young company's growth ambitions," says Thomas van den Born, Strategic Project Manager. "Our initial collaboration the Operator Planning project, in which CQM is developing a planning support system based on AIMMS is progressing very promisingly."
- Deliveroo It is a meal delivery service for top local restaurants that do not have their own delivery service. It is an online startup where customers can place orders via an app or website. CQM developed a simulation model to optimize the assignment of orders to bicycle couriers.
- Gear aims to make the use of the Internet of Things easy and accessible to everyone. Gear provides a technical platform and cloud environment for the rapid development of applications, and offers a community for the exchange of ideas and practical solutions. Dirk van Wijk, co-founder of Gear: ‘CQM is involved'.
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Photo credits: CQM.
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