CHICAGO — IRI announced the launch of the IRI Intelligence Suite, a cloud-native solution powered by IRI Liquid Data, which enables CPG manufacturers, retailers and media partners to combine their proprietary data and data science capabilities with IRI’s expansive assets and build their own applications in an easy-to-use, safe cloud environment.
By consolidating insights from previously disparate data sets, the IRI Intelligence Suite empowers data science teams to develop custom algorithms, build proprietary applications, glean more prescriptive insights and unlock value faster and more efficiently than ever before.
“For brands and retailers that want to build proprietary applications and better leverage their own data and data science, the Intelligence Suite is an agile cloud platform uniquely able to drive high-impact use cases and identify more prescriptive recommendations to drive growth,” said Ash Patel, chief information officer of IRI. “IRI’s pre-built, CPG-specific models allow data scientists to leverage their company’s proprietary data and IRI’s scaled data assets to create and deploy their own algorithms as well as amplify their analysis in a safe environment.”
The IRI Intelligence Suite is comprised of a customizable suite of Studios enabling high-impact use cases, including:
- Marketing Studio: Leverages IRI’s scaled real-time, purchase-based, UPC-level transaction data alongside proprietary first-party and other data to identify high-value audiences based on both brand engagement and purchase-based activities and activate against them to improve the effectiveness of marketing campaigns. The Marketing Studio today includes IRI’s Media Activation and Media Measurement solutions.
- Revenue Management Studio: Enables CPG manufacturers and retailers to maximize profits by developing optimal pricing strategies using comparative analysis to other products in a given category. The Revenue Management Studio today includes IRI’s Price Compliance and Price Optimization solutions.
- Consumer Demand Studio: Delivers an understanding of the drivers of future performance across internal and external causal variables, including proprietary data and planned activities, to predict both short- and long-term demand. The Consumer Demand Studio today includes IRI’s Demand Forecasting and Trendspotting solutions.
IRI will continue to expand the Intelligence Suite with additional Studios and solutions over time.
“Every CPG brand is grappling with pricing in today’s inflationary environment,” said Dr. Krishnakumar (KK) Davey, president of Strategic Analytics for IRI. “The solutions in the Revenue Brand Management Studio will help brands win market share by combining their first-party assets with IRI’s data and capabilities to quickly discover and capture pricing and promotion opportunities via prescriptive, intelligent and automated insights. The Consumer Demand Studio’s solutions will help companies integrate and analyze multiple datasets from inside and outside their organization to forecast demand for categories in this uneven and uncertain marketplace. In addition, the studio’s unique neuroscience data will identify sales patterns and automatically spot ‘hot’ new trends in this reopening economy.”
Nishat Mehta, chief product officer and president, IRI Media Center of Excellence, added, “The IRI Intelligence Suite helps our clients capture even more value from their investments in data science, analytics and first-party data collection by putting those assets to work in solutions that directly drive top- and bottom-line growth. In-house access to cutting-edge data and analytics is a key advantage in the CPG industry, and IRI is committed to continuing to advance our platforms and solutions to help our clients outpace their competition.”