How can IHS Markit enhance its Maritime & Trade analytics platform to provide more real-time vessel tracking capabilities?

Introduction

To enhance IHS Markit's Maritime & Trade analytics platform with more real-time vessel tracking capabilities, we need to thoroughly analyze the current product, user needs, and market dynamics. I'll approach this challenge by examining key stakeholders, identifying pain points, generating innovative solutions, and proposing a strategic implementation plan.

Step 1

Clarifying Questions (5 mins)

• Looking at the product context, I'm thinking this platform likely serves a diverse set of users across the maritime industry. Could you help me understand who our primary user segments are and their key use cases for real-time vessel tracking?

Why it matters: Determines the focus of our improvements and prioritization of features Expected answer: Shipping companies, port authorities, and commodity traders are primary users Impact on approach: Would tailor solutions to address specific needs of these user groups

• Considering user behavior, I'm curious about the current data refresh rate and how users typically interact with the platform. What's our current update frequency for vessel positions, and how often do users check for updates?

Why it matters: Helps define what "real-time" means in this context and identify potential bottlenecks Expected answer: Current updates every 15-30 minutes, users check multiple times daily Impact on approach: Would focus on reducing latency and improving notification systems

• Examining our market position, I'd like to understand how we compare to competitors in terms of real-time tracking capabilities. Where do we currently stand, and what specific areas are users asking us to improve?

Why it matters: Identifies key differentiators and areas for competitive advantage Expected answer: We lag behind in update frequency and predictive ETA accuracy Impact on approach: Would prioritize these areas for improvement and innovation

• Considering company alignment, I'm interested in understanding how this initiative fits into broader strategic goals. Are we looking to expand our market share, improve retention, or drive new revenue streams with this enhancement?

Why it matters: Ensures our solution aligns with overall business objectives Expected answer: Primary goal is to improve retention and upsell existing customers Impact on approach: Would focus on features that add value for current users and encourage platform stickiness