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IRI Adds Five Platforms to Analytics Suite
Information Resources (IRI) has this week unveiled a number of analytics platforms for the CPG / retail marketplace, at its annual client summit in Florida.
IRI Assortment Drivers helps evaluate the impact of marketing options for every stock-keeping unit (SKU) against every other SKU among competing products in a specific category. The firm says that using third-party survey research to simulate new marketing concepts, this product provides the market intelligence needed to assess market opportunities and design targeted product strategy plans.
The online IRI Price Promotion Simulator provides CPG and retail marketers with comparative analysis of price production plans, helps determine which event approach provides the best return on investment, and compares the plan post-promotion with actual execution.
President of Business and Consumer Insights Sunil (Sunny) Garga explained that the two products had been designed to provide industry executives with the tools to not only market more efficiently, but also generate ROI more rapidly.
IRI also announced the launch of online portal solutions IRI IMPACT and IRI IMPACT for Retail, which offer a single access point for real-time insights and data-driven analysis. With IRI IMPACT, users can retrieve granular intelligence through dashboards and alerts; while IRI IMPACT for Retail offers a macro-to-micro view of their business performance, the market, and their competitors.
The firm's President and CEO John Freeland commented: 'This type of access has always been challenging because it is resource-intensive and quite costly. Our solutions provide a single point of access to critical insights across several key information assets available any time from any location.'
Finally, IRI Liquid Data, developed in collaboration with IBM, is a management and insights platform designed to predict the success of future decisions and initiatives. IRI Chairman Romesh Wadhwani says the solution uncovers business insights hidden in clients' existing market data to help them drive better decisions, accelerate operations, and proactively position products and brands ahead of those of their competitors.
During the course of the three-day conference, IRI also announced its partnership with The NPD Group to launch the Beauty Cross Channel Monitor (www.mrweb.com/drno/news8050.htm ), and the appointment IBM veteran Thomas Peterson as President of Global Retail (www.mrweb.com/drno/news8055.htm ). Next year's summit will be held in Las Vegas.
IRI provides consumer, shopper, and retail market intelligence and insights to CPG, retail, and healthcare companies. The firm is online at www.infores.com.
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