Empowering Chemical Industry: MIR Insight’s Dynamic Forecasting Revolution

    In today’s data-driven world, accurate forecasting of chemical product demand is crucial for companies to remain profitable and environmentally responsible. MIR Insight AS, a norwegian startup established in 2021, aims to provide the chemical industry with a powerful product trend engine that enables well-informed decisions. Co-founder and CCO, Lisa Z. Mobech, sheds light on how their solution benefits the industry and its material sector in an insightful interview.

    MIR Insight’s product trend engine is designed to cut through data noise, monitor crucial information for each product, and offer actionable insights. This empowers decision-makers to improve planning, reduce over/under purchasing, and minimize waste, ultimately leading to cost savings and a lighter environmental footprint.

    The startup has tested its forecasts with multiple European chemical companies, achieving impressive results. By leveraging over 500 million data series and covering 40+ countries, their methodology and machine learning (ML) model generated 90%+ forecasting accuracy on 4-month forecasts. This represented a 50% improvement over traditional forecasting techniques, making MIR Insight a compelling choice for chemical companies seeking accurate insights.

    Unlike traditional black box ML algorithms, MIR Insight provides transparent ML models that deliver understandable results. This transparency enables domain experts to comprehend how market trends impact product demand over time, fostering better decision-making and stronger customer-supplier relationships.

    The challenges facing the chemical industry are considerable. Forecasting and planning problems can cost companies over 3% of their annual profits and even result in reputational damage and increased carbon footprints. With supply chain disruptions and fast-paced changes becoming the norm, static forecasting approaches are becoming obsolete. The key lies in understanding and acquiring the right information for each unique supply chain on a continuous basis.

    The MIR Insight team consists of multidisciplinary founders with expertise in AI, data analytics, and industry-specific domains. CEO Dr. Bjol R. Frenkenberger’s research on uncertainty’s impact on decision-making, combined with over six years of experience in AI and data analytics startups, forms the foundation of MIR’s innovative solutions.

    COO Lisa Z. Mobech, drawing on her extensive experience in supply chains and B2B sales, emphasizes the need to move beyond traditional approaches and adopt smarter methods for forecasting and planning. Fredrik Larsen, the CTO, brings expertise in environmental engineering and data integration, ensuring the technical backbone of MIR’s platform.

    In three years, MIR Insight envisions itself as a go-to platform for trend analytics, offering dynamic, actionable insights tailored to each product and its markets. The startup sees the 5-HT ecosystem as a valuable platform to connect with chemical industry partners and investors in Europe and internationally.

    With MIR Insight’s transparent and accurate forecasting tool, the chemical industry can embrace data-driven decision-making, improve supply chain management, and embrace a sustainable future. By empowering decision-makers with in-depth knowledge and actionable insights, MIR Insight is poised to revolutionize the way chemical companies navigate an increasingly complex and uncertain world.

    David Zingmark
    I'm a passionate individual dedicated to shining a spotlight on incredible companies. My goal is is to uncover stories by telling the most complex operations into simplified words, empowering you as a reader to gain better insights and make informed investment and/or business choices.

    Don't miss this

    Fear of missing out?