Launch of IRI Holistic Retail Solution will help retailers find fast insights from Big Data

Bracknell, U.K – 11 February, 2016 – The big data leader IRI has expanded its retail offer in Europe to provide advanced analytics of combined retail data sources in a single unified platform. The IRI Retail Holistic Solution (IRI HRS) is underpinned by IRI’s Liquid Data technology, which makes it possible to aggregate and find associations for trillions of data points in a matter of seconds.

IRI HRS will help retailers answer questions that used to take weeks or months in seconds about in-store performance. They can make faster strategic decisions about pricing and promotions, optimise in-store assortments and work with manufacturers to plan growth opportunities for key store formats.

Most retailers already hold all of the data and information they need to succeed, but only a few manage to successfully find it and use it to better understand their performance, the market and their shopper.

Roberto Bandera, Senior Vice President Solutions and Innovation Europe, says: “Retailers understand the importance of data, but they have so much of it that it is often difficult to access and to use in a timely and sensible way. IRI HRS can address critical business questions in seconds instead of days or months.”

IRI HRS starts by combining any number of disparate data sets that are often scattered amongst multiple systems or formats – including data that is created internally or bought in from outside, such as Point of Sale (POS) data from every till in every store, supply chain data, financial data, shopper demographics, competitive information, loyalty card data, promotional calendars, seasonal information and online shopper behaviour.     
   
“Once there is a single unified platform containing all of the knowledge,” continued Bandera, “it is much easier to unlock answers to vital questions, such as: What is the right assortment in a non-food by store and season? Which promotions in which key categories are most effective and when? What is the most profitable soft drinks line up for convenience stores? Which products are most important to my highest valued shoppers?”

IRI believes that IRI HRS will give retailers faster access to more actionable insights. This will help them to power business decisions and manage business performance in a more flexible way, which is essential to their ongoing success in the fast moving and FMCG sector.

IRI HRS is sustained by best-in-breed analytics solutions and technology. It gives retailers an opportunity to renew retailer and manufacturer collaboration. They can use the platform to share detailed measurement of shopper habits, promotion effectiveness and price changes, which will focus the discussion on customer-centric marketing strategies, strategic planning and supplier negotiations, delivering growth for both parties.

IRI believes its Holistic Retail Solution is more advanced than any other data management solution available to retailers.

Tim Lee, Head of Enterprise Analytics at Marks & Spencer said: “Data driven insight is the most powerful catalyst for driving commercial performance. Collaborating on insight with our suppliers drives success by ensuring we are aligned on opportunities to deliver the best product and service for our customers. Choosing IRI as a technology partner means we have access to global retail expertise and an innovative technology platform through which to deliver data driven decision making.”

IRI’s Holistic Retail Solution is available now. The basic solution provides POS data (weekly or daily) alongside transactional data (such as which payment method was used and whether the customer has a loyalty card). Add-ons to the solution include:
  •     
  • Inventory
  •     
  • Cost and margin
  •     
  • Financial targeting
  •     
  • Planograms
  •     
  • Demographics
  •     
  • Store attributes
  •     
  • Shopper surveys
  •     
  • Promotional events and  plans
  •     
  • Forecasting
  •     
  • Multi-country and multi-currency manipulation
  •     
  • Price elasticity.
A video of IRI’s HRS is available here: https://www.youtube.com/watch?v=uhJtDbxRMoM
 
Ends
About IRI
IRI is a leading provider of big data, predictive analytics and forward-looking insights that help FMCG, OTC health care, retailers and media companies to grow.  With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand cloud-based technology platform, IRI guides over 5,000 clients globally in their quests to remain relentlessly relevant, capture market share, connect with consumers and deliver growth. www.IRIworldwide.com. Follow IRI on Twitter: @IRI_INTL
 
For further information please contact:
Teresa Horscroft or Amanda Hassall, Eureka Communications
Tel: +44 (0)1420 564346; Email: teresa@eurekacomms.co.uk
 
Anne Lefranc, European Marketing Director at IRI
Email: anne.lefranc@IRIworldwide.com; Tel : +33 1 30 06 23 62

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