Company Filing History:
Years Active: 2017-2019
Title: Innovations by Steve Colten: Pioneering Customer Segment Analysis and Product Role Classification
Introduction
Steve Colten, an inventive mind based in Reno, NV, holds two patents that contribute significantly to the fields of customer analytics and product classification. Working at International Business Machines Corporation (IBM), he has developed innovative systems that enhance decision-making processes in businesses through advanced data analysis.
Latest Patents
Colten's first notable patent focuses on analyzing customer segments. This invention comprises a system and method for customer segment analysis, where it processes customer transaction data to generate segments. The patented system resolves data errors and segments customers into statistically relevant groups. By analyzing known customer data, the system can also categorize unknown customers and optimize prices based on segment-wide data, generating tailored promotional activities.
His second patent concerns product role analysis. This invention provides a framework for classifying products into distinct roles based on volume and elasticity. By graphing product data and comparing elasticities against volumes, the system categorizes items as image items, niche products, assortment completers, or profit drivers. This not only aids businesses in understanding their product dynamics but also helps in strategic marketing decisions.
Career Highlights
Throughout his career at International Business Machines Corporation, Steve Colten has shown a commitment to advancing analytical systems in retail and marketing. His contributions significantly enhance how companies understand their customers and manage their product inventories.
Collaborations
Colten collaborates with notable colleagues, including Sean McCauley and Paritosh Desai. These partnerships foster a creative environment where innovative ideas flourish and lead to groundbreaking inventions that impact the industry.
Conclusion
Steve Colten's inventive contributions demonstrate the power of analytics in transforming customer interactions and product management within businesses. With his patents, he paves the way for more effective strategies and practices in understanding consumer behavior and product dynamics. As his career progresses, his impact on innovation at IBM will surely continue to resonate in the technology and business landscapes.