Say goodbye to complexity in your product portfolio

Analyze and optimize complex portfolios in a structured way with Product Mining

Complex product portfolios are a major challenge for companies and can cause them to fall behind competition. Traditional analysis methods and approaches are often unable to deliver the insights needed. Product Mining, on the other hand, is a technology that enables companies to analyze and optimize complex portfolios. Using graph analytics and machine learning methods, companies can evaluate the performance and complexity of their portfolios and perform scenario analysis to make the right decisions. In a exemplary use case, Product Mining was successfully used to analyze and evaluate a company's portfolio in terms of performance and complexity and perform scenario analysis to facilitate decision making. With Product Mining and the MYNR App, companies can take advantage of complex product portfolios while increasing profitability and thus competitiveness.

In view of the large number of different products and services offered on the market today, it is becoming increasingly difficult for companies to maintain an overview and stand out from the competition. One example of this is the automotive sector: whereas a few decades ago there were relatively few models on offer, today there are numerous different versions, differing in their features, design and functions. For manufacturers, this means that they have to develop, produce and market a large number of different products. This leads to high costs and great complexity in the business and underlying processes. At the same time, customers have increasingly high expectations of the quality and benefits of products and want as many individual wishes as possible to be taken into account. Companies that cannot keep up with this are quickly squeezed out of the market. To compete successfully in this environment, companies need an effective way to optimize their product portfolios and understand where they stand compared with the competition. This is where Product Mining comes into play.

Product Mining is a technology that helps companies master and optimize complex product portfolios. By analyzing product data using graph analytics and machine learning, companies can gain deep insights into their products and thus make decisions that help increase profitability and competitiveness. A particular benefit of Product Mining is that it enables companies to quickly and accurately perform scenario analysis. This enables them to identify the potential impact of changes in the product portfolio on the business at an early stage and take appropriate action. With Product Mining, companies have the opportunity to optimize in a comprehensive and data-driven manner in order to successfully hold their own against the competition.

Complex product portfolios can often no longer be adequately managed using conventional analysis methods. This is because in complex portfolios the interrelationships and dependencies between the products and assets are highly intransparent and often difficult to keep track of. Manual analyses are therefore time-consuming and prone to errors. An example of this is the optimization of the product range of an electronics manufacturer. The company offers a large number of different electronic devices and accessories that must be compatible with each other. A manual analysis of this product portfolio would be very time-consuming, as all possible combinations of products and accessories would have to be taken into account. In addition, there is a risk that important correlations could be overlooked, leading to wrong decisions. With Product Mining, however, such problems can be avoided because the analysis can be automated and thus performed faster, more accurately and repetitively.

An important prerequisite for successful analysis of complex product portfolios is a reliable database that serves as a "single source of truth". Without such a reliable database, which contains all relevant information and is consistent, no reliable results can be achieved. Nevertheless, it is often a challenge to collect and prepare all the required data, especially if it is located in different systems and formats. Product Mining technology helps to integrate and structure the data so that it can be made useful for analysis. In this way, companies can draw on a comprehensive and reliable database that helps them make decisions and enables sound analysis.

A company operating in the mechanical engineering sector had decided to analyze and optimize its own product portfolio. Due to the increasing complexity of the portfolio and the associated challenges, it was no longer possible for the company to manually evaluate the performance and success of the individual products. The company therefore decided to use Product Mining as a solution. With the help of machine learning and graph analytics, the portfolio was analyzed and evaluated in terms of performance and complexity. Subsequently, scenario analyses were performed to facilitate decision-making and optimize the portfolio. The result was highly successful: the company was able to achieve significant savings and increase profitability by optimizing the portfolio. The company was also able to simplify the portfolio and improve the quality of individual products, resulting in higher customer satisfaction. Overall, the company was able to significantly increase its competitiveness through the use of Product Mining.

With our SaaS solution MYNR App, we offer a simple and user-friendly way to implement Product Mining in practice. Our experienced consultants support you in the implementation and use of Product Mining and give you valuable tips on how to get the most out of your data. If you are interested in Product Mining and want to take your business to the next level, don't hesitate and contact us today. Together with you, we will shape the future of your company and set new standards in dealing with complexity. Let's say goodbye to complexity. 

When will you start with Product Mining?