IRI, the global leader in innovative solutions and services for consumer, retail, media and over-the-counter health care companies, announced the launch of the IRI Revenue Growth Management Suite, a group of prescriptive solutions designed for mid-market clients. The offering quantifies the key drivers of sales change, prescribes corrective pricing and promotion actions, and measures their potential impact on revenue and profits.
Streamlined revenue growth management initiatives for CPG brands can bolster topline sales by 1 to 2 percent annually. For a manufacturer whose yearly revenue is $500 million, a 1 percent incremental growth in sales translates to a profit improvement of $5 to $10 million. The RGM Suite is a key component of the streamlining process; it uses the core predictive and prescriptive engine of IRI’s Revenue Growth Management Enterprise Suite. This allows mid-market clients to quickly build and enable revenue management capabilities using models from one of more than hundreds of categories linked directly to IRI Liquid Data.
“We further refined our existing pricing and promotion solutions specifically for mid-market companies, so that we can help them focus on the core of what matters for business growth — creating a robust revenue management strategy and activating it in a crisp manner,” said Dr. Krishnakumar (KK) S. Davey, president of Strategic Analytics for IRI. “The interactive solutions of the RGM Suite allow users to seamlessly access data, whether through a tablet or desktop, and conduct powerful analysis in an efficient manner.”
The RGM Suite provides a way for clients to add predictive analytics to their IRI Market Advantage solution. It leverages previously standalone solutions, including IRI Price and Trade Advantage Mobile and IRI Business Value Drivers. The new RGM Suite combines diagnostics and insights into drivers of market performance with the ability to create a series of reports, with an interactive price and trade promotion simulator.
Clients who sign up for the RGM Suite will have access to IRI’s revenue growth experts and their extensive experience working on a number of categories and brands. The IRI Strategic Analytics revenue growth experts will help initiate clients into the RGM Suite and provide best practices for ongoing engagement and inclusion within a client’s existing team and business process.
“We understand the importance of developing optimal pricing and promotion strategies based on predictive modeling at the most granular level,” Davey continued. “Clients need interactive, easy-to-access “what if” simulators at their fingertips to identify opportunities, as well as test and review different strategies. They also want a straightforward mechanism to foster consistent analytical approaches — regardless of the user — and to provide a standardized format of communicating insights and recommendations, which is what the RGM Suite offers.”
Enabled with these resources, clients can more easily understand the drivers of their business performance. IRI is currently the only provider to offer a robust solutions system, based on store-level price and promotion predictive models, with the modest price range that allows clients to see a significant return on their investment in the solution.