What SymphonyIRI Group Customers Are Saying
"Mike’s previously sourced marketplace information from another provider, but selected SymphonyIRI Group based on its seasoned client service teams, recognition amongst retailers for providing the industry’s most accurate information and its vertical approach to serving the beverage alcohol industry. No other provider could deliver this unique combination of capabilities all of which are critical to our continued growth and expansion initiatives."
Anthony von Mandl
Founder
Mike's Hard Lemonade
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5/22/2008
IRI’s Enhanced Census-Based Data Drive Better Business Decisions for Manufacturers and Retailers
Chicago – February 3, 2005 – Information Resources, Inc. (IRI), the leading global provider of enterprise market information solutions for the CPG, Retail, and Healthcare industries today announced the latest results from its ongoing Six Sigma data quality initiatives. These initiatives are focused on decreasing error tolerances of its marketplace data and enhancing its census-based data collection capabilities. This effort supports IRI’s goal to provide faster, more accurate, and more actionable market information to manufacturers and retailers.
To address the critical business needs of both manufacturers and retailers, IRI continues to strengthen its census-infused reporting throughout the U.S., rather than relying on sample-based projections that are commonly used by other providers. Today, only IRI integrates census-based data throughout all geographies and levels, including aggregate market reporting, so all geographies reported reap the benefits of granular, census-level insight.
“Highly accurate, reliable, timely data is crucial to PepsiCo and today we benefit tremendously from IRI's census-based collection approach,” said Ramin Eivaz, PepsiCo Vice President of Business Intelligence and Customer Insight. “The application and reach of scanner data continues to increase and so does the need for improved accuracy. We are very pleased with the precision of IRI's information and their commitment to quality.”
Inaccurate Information Costly for Today’s Businesses
Several unique market forces are driving the need for granular, census-based marketplace information. Most critical is the negative business impact when decisions are powered by inaccurate sample-based information. Reviewing trade funds or media spending using inaccurate market shares and trends for competitors and retailers at critical lower-level geographies can be extremely costly. With billions of dollars of industry trade funds and media spending annually at stake, even the slightest market misinterpretations can result in millions of dollars lost because of missed opportunities.
The quality and accuracy of sample-based data further erodes when drilling down from the Total U. S. geography to regional and market levels. Only IRI’s unique solution employs data from over 36,000 retailer stores throughout the U.S., providing clients with better projections from more measured stores, enabling greater accuracy item by item with more UPCs captured. According to IRI analysis, error ranges from sample-based data can be upwards of 55% higher than that of census-based data when comparing accuracy at market levels.
“Simply put, inaccurate sample-based scan volumes drive poor decisions for the very detailed geographies that are at the heart of today’s highly targeted, neighborhood marketing movement,” commented Scott W. Klein, President and CEO of IRI. “IRI recognizes the costs associated with missing emerging trends in stores not covered by sample-based projections and is committed to delivering superior census-based marketplace information to ensure our clients have the most complete information picture available today.”
“Census-based data delivers the level of accuracy and insight retailers need to be competitive in a very dynamic retail environment,” commented Bob James, Vice President of The Great Atlantic & Pacific Tea Company. “Retailers with targeted, regionalized marketing strategies and collaborative category management initiatives require accurate visibility down to the store level, which census-based data best deliver."
IRI’s quality initiatives have resulted in significantly improved information quality and accuracy rates. The enhanced quality has translated to increased customer satisfaction for IRI clients. According to Prevision Corporation’s 16th Marketplace Data User Survey, a leading annual study assessing market research firms’ performance, “IRI respondents have recognized remarkable growth in their satisfaction with IRI’s scanner related services.”
For complete information on IRI’s products and services, visit www.infores.com.
About Information Resources, Inc.
Information Resources, Inc. (IRI) is the leading global provider of enterprise market information solutions for the CPG, Retail and Healthcare industries. IRI is the first company to leverage the power of real-time market information, advanced analytic insights, and enterprise performance management technology to improve the profitability and operational effectiveness of the world’s leading CPG, retail and healthcare companies. The Company uniquely provides a total view of the market, enabling maximum business performance throughout the enterprise. IRI's solutions make the consumer-driven, real-time enterprise possible. More information is available at www.infores.com.
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