CHICAGO--(BUSINESS WIRE)--IRI®, a global leader in innovative solutions and services for consumer, retail and media companies, today announced artificial intelligence (AI) and machine learning enhancements that are changing the way clients gather insights and prescriptive analytics from IRI’s leading suite of solutions. IRI has invested nearly $1 billion in its technology over the past several years to enable its solutions to automatically identify market opportunities and proactively provide recommendations to clients to enable decisions. These technological advancements facilitate a suite of always-on solutions, that provide the industry’s most robust, granular insights, with unprecedented speed.
“IRI’s unparalleled, granular data assets, including frequent shopper card data, provides endless opportunity, but only if you have the proper technology to mine this universe of data points to enable key decisions,” said Krishnakumar (KK) Davey, president of IRI Strategic Analytics. “As our vast data assets continue to grow, it has become more difficult and time-intensive for a decision maker to manually test enough hypotheses to find the most relevant and impactful insights that drive sales and marketing decisions. That’s why IRI has integrated AI and machine learning into our full suite of analytic solutions so that the technology does the heavy lifting automatically.”
Through automation, IRI’s analytic solutions, with advanced statistical modeling routines as the foundation, can explore and compare a multitude of scenarios offline, automatically scour through thousands of possibilities, and identify top opportunities that deserve further exploration. These key opportunities are summarized on IRI’s easy-to-use Unify® visualization platform and quickly made available to IRI’s clients via alerts and recommendation engines. Users can define and customize rules engines to ensure reasonable and realistic scenarios are executed by the machine, and only relevant recommendations are pushed to the user. Users can also create alerts to ensure they are immediately notified about any situations that meet a pre-defined range or target.
Davey continued, “This change in orientation – from laborious manual exploration to having machines automatically identify the best opportunities — is revolutionizing our ability to leverage big data to drive growth. By integrating AI and machine learning across our leading suite of solutions, IRI has taken a clear leadership position in powering the path forward for the industry.”
IRI is leveraging AI and machine learning to enhance a variety of its analytic solutions, including:
- IRI Aisle Optimization: Recommends optimal layouts for the composition of product categories and the space of each category to improve sales productivity.
- IRI Assortment Optimization: Pinpoints and prioritizes assortment opportunities by retailer and product for clients.
- IRI Demand Forecasting: Helps marketing, finance, and sales teams at CPG clients to quickly identify drivers of growth and opportunities to manage change.
- IRI Marketing Effectiveness: Automates marketing spend recommendations, by simulating and optimizing thousands of marketing spend scenarios, from flighting to incremental investments to optimizing current spend
- IRI Price and Promotion Recommendation Engine: Evaluates pricing and promotion opportunities by product, competitor, retailer, and geography and identifies opportunities to drive sales and profit growth.
- IRI Trend Spotting: Analyzes multiple datasets including social media data, frequent shopper card data and point of sale data to identify sales patterns and automatically spots “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 Nagi.Jonnalagadda@IRIworldwide.com.
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 across multiple industries and sectors to create innovative joint solutions, services and access to capabilities to help its clients more effectively collaborate and compete in their various markets and exceed their growth objectives. IRI is committed to its partnership philosophy and continues to actively enhance its open ecosystem of partners through alliances, joint ventures, acquisitions and affiliations. The IRI Partner Ecosystem includes such leading companies as 84.51°, Adobe, The Boston Consulting Group, Clavis Insights, comScore, Data Plus Math, Edison, Experian, GfK, Gigwalk, Google, Ipsos, Jumpshot, Mastercard Advisors, MaxPoint, MFour, Omnicom, One Click Retail, Oracle, Pinterest, Research Now/SSI, Simulmedia, SPINS, Univision, Viant 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.
