[April 18, 2018] |
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IRI Enhances Suite of Solutions through Artificial Intelligence and Machine Learning
IRI®, a global leader in innovative solutions and services
for consumer, retail, and media companies, today announced that as a
result of its extensive investments and research, it has implemented
artificial intelligence (AI) and machine learning enhancements to its
offerings to improve the cutting-edge analytics solutions IRI provides
for CPG brands, over-the-counter health care organizations, retailers,
and media companies. These AI and machine learning-enabled enhancements
help marketers to leverage disruptive technology while uncovering and
harnessing real-time insights to drive growth.
"IRI's use of AI and machine learning provides three key advantages to
clients - speed to insights and action, scalability, and enhanced
ability to manage successfully through the complex sales and marketing
landscape," said Krishnakumar (KK) Davey, president of Strategic
Analytics for IRI. "Leveraging these emerging technologies puts IRI's
solutions and the clients who use them at a distinct advantage for
driving growth and at the intersection of big data analytics and
automation. We are pleased to provide advanced analytics on our unique
IRI Liquid Data® platform, so our CPG and retailer clients
can best collaborate to improve sales outcomes and marketing ROI."
IRI is applying AI and machine learning algorithms across the
industry-leading Liquid Data technology platform with a number of highly
sophisticated solutions, including:
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IRI Demand Forecasting: IRI is revolutionizing the way
companies approach forecasting by providing a fully automated
forecasting tool at scale. Incorporating forecasting and simulation
capabilities from the most sophisticated machine learning algorithms,
IRI Demand Forecasting is designed to select the best model from tens
of thousands of options. Minimizing the need for human discretion and
extended cycle times, IRI Demand Forecasting helps marketing, finance,
and sales teams at CPG clients to quickly identify opportunities to
drive sales growth.
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IRI Revenue Management Solutions: IRI Revenue Management
solutions help IRI customers to optimize and track their price and
promotion strategies. The new Price Recommendation Engine leverages
machine learning to evaluate products, competitors, retailers, and
geographies and subsequently identify pricing and promotion
opportunities. Users are systematically able to explore, filter, and
prioritize to optimize their pricing and promotion.
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IRI Assortment Optimization: Retail customer teams already
utilize the solution to create growth, rationalize efficiently, defend
shelf space, and sell-in innovations by identifying high- and
low-incrementality items and optimizing category sales. However, IRI
now offers clients the opportunity to leverage machine learning to
proactively look across retailers and products to alert opportunities.
Patterns of incremental sales poential are prescriptively evaluated
across millions of possible improvements. This recommendation engine
pinpoints and prioritizes assortment opportunities by retailer for
clients.
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IRI Aisle Optimization: IRI can help clients refine the
composition of their product categories and the space of each category
within the store using highly specific prescriptive insights, and this
self-serve solution makes automated recommendations for optimal
layouts that can improve sales productivity. IRI's Aisle Optimization
solution captures information across all departments, aisles, and
categories, evaluates sales performance and space productivity, and
leverages AI-driven predictive models and machine-powered simulation
capabilities to assess the potential impact of changing space and
location on category sales. Automating these processes empowers teams
to quickly evaluate options and enhances data-driven decision making.
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IRI Marketing Effectiveness: IRI's marketing effectiveness
solution leverages AI and machine learning to tackle the three major
challenges facing marketers as they look to improve their marketing
ROI: data collection and integration, marketing mix modeling, and
media planning. The solution automates data collection by ingesting
and integrating disparate data sources, including media data and IRI
sales and causal data, reducing data setup times by up to 50 percent.
This solution also leverages machine learning to ensure that disparate
data sources are cleansed and integrated appropriately, and will alert
users promptly should it encounter data issues. With the power of AI
and machine learning, what used to be a laborious remodeling process
is now automated and updated to produce robust models with near
real-time insights every quarter. The marketing effectiveness solution
offers the ability to automate media spend recommendations, simulating
and optimizing across tens of thousands of marketing spend scenarios,
enabling always-on planning.
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IRI Trend Spotting: IRI's Trend Spotting is a fully scalable,
dynamic, and real-time algorithm that uses AI and machine learning
techniques to spot trends and anomalies. It analyzes multidimensional
historical data for products across geographies and key attributes
using deep data mining techniques to identify sales patterns (and
brands) that show consistent long-term trends or short-term growth
spurts. It then automatically separates pure trends from
investment-related growth and applies sophisticated clustering
algorithms to UPC-level data to identify "hot" trends.
To learn more about IRI's solutions and the way they help clients
leverage the latest in big data, machine learning, and artificial
intelligence to deliver insights and drive growth, contact Nagi
Jonnalagadda at [email protected].
About IRI Strategic Analytics:
IRI Strategic Analytics drives competitively advantaged, shopper-centric
business decisions for CPG and retail clients by leveraging predictive
analytics and prescriptive solutions, powered by artificial intelligence
and machine learning in combination with deep strategy, analytic, and
activation expertise.
About the IRI Partner Ecosystem
IRI fundamentally believes that delivering differentiated growth for
clients requires deep, highly integrated partnering with a variety of
best-of-breed companies. As such, IRI works closely with a broad range
of industry leaders to create innovative joint solutions, services and
access to capabilities that help its clients more effectively compete in
their various markets and exceed their growth objectives. IRI is
committed to its partnership philosophy and continues to actively
enhance its ecosystem of partners through alliances, joint ventures,
acquisitions and affiliations. The IRI Partner Ecosystem includes such
companies as Adobe, The Boston Consulting Group, comScore (News - Alert), Experian,
GfK, Gigwalk, GuestMetrics, Ipsos, Kantar Shopcom, MasterCard Advisors,
MaxPoint, Millward Brown Digital, Mu Sigma, Oracle, Place IQ, Research
Now, Simulmedia, SPINS, Survey Sampling International, Univision and
others.
About IRI
IRI is a leading provider of big data, predictive analytics, and
forward-looking insights that help CPG, OTC health care organizations,
retailers, financial services, and media companies grow their
businesses. A confluence of major external events - a change in consumer
buying habits, big data coming into its own, advanced analytics, and
personalized consumer activation - is leading to a seismic shift in
drivers of success in all industries. With the largest repository of
purchase, media, social, causal, and loyalty data, all integrated on an
on-demand, cloud-based technology platform, IRI is empowering the
personalization revolution, helping to guide its more than 5,000 clients
around the world in their quests to remain relentlessly relevant,
capture market share, connect with consumers, collaborate with key
constituents, and deliver market-leading growth. For more information,
visit www.iriworldwide.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180418005275/en/
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