Part 1: Innovation is three dimensional

For the fourth consecutive year, Experian has been named in Forbes Magazine’s Top 100 list of the “World’s Most Innovative Companies”.
At Experian, innovation sits at the heart of our global culture. How we innovate is quite varied. From finding new ways of using data effectively, through to identifying how we can help more people gain access to credit where it’s due.

Last year we rebranded Experian globally. We wanted to re-emphasize the importance of using the power of data to transform lives, businesses and economies for the better. However, how we do this is not always by doing things differently, it’s about thinking differently.  Thinking about how we can develop and enhance our solutions and propositions to better serve our customers.  In turn, the consumer.

The history of innovation at Experian

At Experian, we’ve had a long culture and history of innovation. The general shape of innovation is rapidly changing and has been through many dimensions, the first of which is scale. The scale of data available to be able to solve problems and to innovate is becoming increasingly bigger. We are now doing projects that don’t just look across terabytes but petabytes of information.

The scale of analytics that goes alongside it is also different. Experian Data Labs, for example, uses machine learning, artificial intelligence (AI) and deep math to generate new models and insights from data helping our customers solve strategic marketing and risk-management problems.

Innovation is taking place across the market place and Experian forming the right partnerships is integral. By doing this we can capture and generate the innovation that is going to make a difference in society.

How does Experian apply innovation?

One of the other aspects, when we talk about those dimensions of innovation, is how you apply it. And one of the things we are embracing at is the sense of running these projects at speed and pace. You use smaller teams, you do it as sprints, you have quite tight objectives for those things, and it is much more test and learn. As a result we get a much faster speed to market and solve problems for clients and consumers at a much greater pace.

As we move forwards we will no doubt see many more innovations come to market. We will discover new problems that need to be solved. How we do this will continue to evolve. What will remain the same, time and time again is the core objective. And this, for us, is the customer. Our customers and their customers.