What improvements could IHS Markit make to its Automotive forecasting tools to better predict emerging market trends?

Introduction

To improve IHS Markit's Automotive forecasting tools for better prediction of emerging market trends, we need to conduct a comprehensive analysis of 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 metrics to measure success.

Step 1

Clarifying Questions (5 mins)

• Looking at the product context, I'm thinking about the primary users of IHS Markit's Automotive forecasting tools. Could you help me understand who the main user groups are and their key use cases?

Why it matters: Determines the focus of our improvements and ensures we're addressing the right user needs. Expected answer: Automotive manufacturers, suppliers, and financial institutions are the main users for production planning, investment decisions, and market analysis. Impact on approach: Would tailor solutions to specific user group needs and prioritize features accordingly.

• Considering the rapidly evolving automotive industry, I'm curious about the current data sources and update frequency of the forecasting tools. How often is the data updated, and what are the primary sources?

Why it matters: Identifies potential areas for improvement in data freshness and comprehensiveness. Expected answer: Data is updated monthly, sourcing from industry reports, government data, and proprietary research. Impact on approach: Could focus on increasing update frequency or expanding data sources for more accurate predictions.

• Given the importance of emerging markets in the automotive industry, I'm wondering about the current geographical coverage of the forecasting tools. Which regions are currently covered, and are there any notable gaps?

Why it matters: Highlights potential areas for expansion and improvement in market coverage. Expected answer: Major markets like China, India, and Brazil are covered, but there might be gaps in smaller emerging markets. Impact on approach: Would consider expanding coverage to underserved regions or improving granularity in existing markets.

• Thinking about the competitive landscape, I'm interested in understanding IHS Markit's current market position. How does our forecasting accuracy compare to competitors, and what unique features do we offer?

Why it matters: Identifies areas where we can differentiate and improve our competitive advantage. Expected answer: IHS Markit is a leader in accuracy for established markets, but may lag in emerging market predictions. Impact on approach: Would focus on improving emerging market forecasting capabilities and enhancing unique features.