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What Symphony IRI Group Customers Are Saying
"Insight is about people and I have been impressed by SymphonyIRI Group's people on our account. They have people who are proactive in bringing a different perspective to the debate, efficient in meeting challenging timescales and likeable as members of a client/agency team that works well together."
Jeremy Garlick
General Manager, Group Insight
Premier Foods
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Press Releases
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09/07/2009
IRI ANNOUNCES LIQUID MODELLING
Analytical Tools Extend Performance to Unprecedented Levels, Ensuring Manufacturers and Retailers Make Timely, Data-Backed Decisions
BRACKNELL, UK – 10th July 2009 – Information Resources Inc (IRI), the leading global provider of consumer, shopper and market insights for the consumer packaged goods, retail, and healthcare industries today announced the availability of Liquid Modelling, the industry’s most comprehensive analytics solution, which is capable of deep, granular data collection and analysis for manufacturers and retailers.
IRI’s Liquid Modelling represents significant advancements over industry standards in terms of business intelligence and analytics. New innovations in the data collection algorithms along with a restructuring of the underlying architecture enables data to flow in seconds, from EPOS devices in-store to IRI databases and to IRI's analytics systems. Before Liquid Modelling it would take up to six weeks for that vital EPOS data to be manually extracted – today, the task takes just 24 to 36 hours. With such significant improvements in the time it takes for the very same, quality data to be available, IRI customers are able to gain an immediate edge when time is a critical factor to decision making.
IRI’s Liquid Modelling is built for customers that need actionable insight very quickly but also across a broader range of brands and categories than ever before.
Responding to economic pressures, today’s consumers are making trade-offs between brands in order to better manage their money - perhaps by moving from branded cola to a private label equivalent, or even across categories from chocolate to more affordable chocolate biscuits. In response, manufacturers and retailers need to have a holistic picture of the market to make a decision about how best to manage their respective pricing and promotion.
Hans Jessen, Executive Director at IRI explained:
“The industry is desperately looking for ways to accurately monitor behaviours in order to achieve the most profitable outcomes. One of the unique attributes to Liquid Modelling is found in the what-if scenario planning, which allows manufacturers and retailers to run simulations in order to choose one that is most effective, efficient and profitable. This replaces what were once emotional decisions with ones of hard core scientific insight. Through leveraging Liquid Modelling we have discovered, for example, that some brands have been on promotion for so long that clients have lost sight of the base price. Because of its performance, Liquid Modelling can begin paying for itself almost from day one.”
With data being generated more rapidly there is significant pressure to turn insights into tangible, actionable decisions. To address this IRI Liquid Modelling is packaged as a managed service to ensure customer-side access with an IRI expert installed part or full time on-site to answer questions based on the analysis and to ensure customers are not overwhelmed by information overload.
Jessen continued:
“Rather than trying to interpret 100,000 price elasticities themselves, manufacturers can ask the IRI consultant to explain, for example, the impact that private label is having in a certain category. That consultant will then be able to open the IRI Liquid Modelling database, run a quick view on the category dynamics and have the results back in hours.”
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