Identify product trends and make well-informed decisions with MIR Insight

In a world where data drives decision-making, the chemical industry is no exception. Accurately forecasting demand for chemical products can mean the difference between profit and loss, as well as having a significant impact on the environment. Meet the startup MIR Insight AS, that has developed a product trend engine and wants to make sure that every decision maker has the best tools/information to make informed decisions. In this interview, we spoke to co-founder and CCO Lisa Z. Mobech to learn more about their solution and how it can benefit the chemical industry and the material sector. 

How would you explain your solution in three sentences to a professional colleague in a chemical company? 

Our product trend engine enables companies in the chemical and material sector make better and more informed decisions in time. We cut through the data noise, make sense of it and monitor the necessary information for each of your products so you can improve planning decisions and become more proactive. 

MIR helps you better answer questions like: 
“How much of product xyz should we buy within the next quarters?”
“Where should we strategically stock these products for the next quarters?”
“What market activities are influencing these products and how are they connected to one another?”

MIR Insight is building a trend analytics engine helping you address these questions on a continuous basis. 

What problem motivated you to start the company?

I observed the many challenges that came from passive forecasting. Some resulting in over purchasing or under purchasing, old stock turning to waste, not having the right amount in stock and the many urgencies etc. 

Imagine the entire decision process for each product and multiply this with every single product a company must deal with - daily. Even a small over or under estimation caused by time constrains can eventually lead to a chain of reaction resulting in cost, performance, and environmental burden for the company. Perhaps it all boils down to having the best possible foundation to build a great forecast that is both accessible and understandable to every decision maker around a particular product. 

MIR provides you with the additional information input that transforms your siloed, static estimates into a dynamic, rolling forecast for the benefit of ever decision makers. 

We help you enrich your conversations with your customers and suppliers straight away and ahead of time - because the earlier you know the quicker your partners can act. 

How do you convince a chemical company to set up a pilot project with you?

Our tool is built around the particular use cases of chemical products and its industries. It comes with personal experienced and a deep passion to support the industry in making data driven and sustainable decisions on an organizational and environmental level. 

Simplified and actionable insights: Research has shown the many advantages we can unlock by using data to drive decision processes. For instance, data driven supply chain management can reduce inventory between 5%-15%, improve sales results with 2%-5% and improve EBIDTA margin with 0.85%-1.2%. 

We have so far tested our forecasts with multiple companies across Europe on several products and are continuously iterating on the feedbacks received. We are open for further exploration and is always eager to speak to forward looking companies interested in becoming more data driven in their decision-making process. 

And just like the chemical industry itself, MIR Insight consist of a diverse and international team with backgrounds and experience from multiple industries such as academia, chemical distribution, data engineering, life science, organizational behavior, and energy. A small team yet large in cultural experience, we represent the cultures and languages of Norway, Austria, Portugal, Lebanon, Denmark, Japan, France, South-Korea and China. 

Who are your current customer (groups) and who do you want your potential customers to be? 

We have up until now tested with various distributors of all sizes in the chemical industry, those that acknowledge the need of becoming more data driven to be better at forecasting. We are active in Europe for the time being.  

Our ideal customer is a company that recognizes the value of becoming more data driven in decision making and is aware, that information from business relationships or static market research might not be enough to validate a decision, especially not in our current complex market climate. It would also be beneficial if the potential partner understands the innovation collaboration process between a company and a startup is a mutual exploration and requires ongoing optimization and iteration.

Where do you see yourself in 3 years and how can 5-HT support you? 

An easy to use, go-to platform for trend analytics tailored to your products and its markets. Frequently used by companies and their decision makers, that want to have the latest overview of what is influencing their products. Dynamic, actionable insights anytime, anywhere.    

The 5-HT ecosystem is a great platform for us to reach and connect with chemical industry partners and investors in Europe and internationally.