CPG Leaders Leverage IRI Foresight[TM] to Power Business and Strategic Planning Throughout the Enterprise.New Solution Integrates Macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. Data with Consumer Segment Drivers to Predict Category and Brand Performance CHICAGO -- Consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one (CPG CPG central pattern generators. ) manufacturers and retailers, actively engaged in their 2010 strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. process, face an even tougher challenge than usual, questioning whether the recent slight improvements in the economy will remain permanent or if they are merely spikes in a "W" style recession. To better navigate these challenges, Information Resources (1) The data and information assets of an organization, department or unit. See data administration. (2) Another name for the Information Systems (IS) or Information Technology (IT) department. See IT. , Inc. (IRI Iri (ē`rē`), former city, North Jeolla (Cholla) prov., SW South Korea. An agricultural center and transportation hub, it was absorbed into Iksan. ) today announced a new solution that several CPG leaders have integrated into their planning processes. IRI Foresight (graphics, tool) Foresight - A software product from Nu Thena providing graphical modelling tools for high level system design and simulation. [TM] is an objective and analytic-driven consulting capability for ongoing business and strategic planning that tracks approximately 400 economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. , identifies factors most relevant for brand or category growth, and offers forecasts of up to five years. "Consumer shopping behavior is increasingly being influenced by external factors like the economy," said Mark Anton, vice president, Consumer Marketing Insights, L'Oreal Consumer Products Division. "The first challenge has been to understand which of these factors is impacting us the most. The economy clearly has to be incorporated into our thought process and understanding how these dynamics impact category trends is a big step forward given our leadership position in the market." IRI Foresight leverages the effects of macroeconomic activity on consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , including factors such as inflation, interest rates, unemployment rates, property values and credit availability to drive meaningful, fact-based category-specific forecasts. "We have started to prove that IRI Foresight can improve our confidence in predicting category performance. IRI has worked with us to customize this analysis and ensure that it is consistent with how we manage the business," added Anton. Among manufacturers and retailers, there are often multiple planning processes occurring simultaneously among sales teams, marketing teams, supply chain teams and others. IRI Foresight enables these teams to collaborate more effectively by providing a "single version of the truth In computerized business management, svot, or Single Version of the Truth, is a technical concept describing the sequence and structure of a database formed by a particular but arbitrary sequencing of records. " around which these teams can focus. As a result, companies can significantly streamline the strategic planning process. "We have completed analyses on approximately 25 categories for both CPG leaders on national brands and large retailers on private brands," said Erik Almadrones, partner, IRI Consulting & Innovation. "As a result of these projects, several manufacturers and retailers have gained a new, broader perspective on the effects macroeconomic indicators have on their performance. Accurate forecasting results in significantly improved resource deployment and risk mitigation, especially in an economy that continues to undergo significant transformation and where the effects of government activity, such as the current stimulus program, remain largely unknown." IRI Foresight is the newest of a solution suite available to augment the 2010 strategic planning process among CPG, healthcare and beauty companies as well as retailers. IRI will soon announce the availability of IRI Total Store Advantage[TM] (TSA TSA See tax-sheltered annuity (TSA). ) and IRI Total Store Advantage: Wall Street Edition[TM], which will allow executives to run a wide range of analyses to shape product, price, promotion, assortment and merchandising strategies. TSA Wall Street Edition enables analysts, portfolio managers and others in the investment community to quickly view company and key competitor performance across all categories, aisles and departments. For more information about IRI Foresight, visit: http://us.infores.com/ProductsSolutions/AllProducts/AllProductsDetail/tabid/159/productid/117/Default.aspx About IRI IRI is the world's leading provider of consumer, shopper, and retail market intelligence and insights supporting 95 percent of the FORTUNE Global 500 consumer packaged goods (CPG), retail and healthcare companies. Only IRI offers the unique combination of integrated market information, automated and predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. , innovative enabling technologies, and domain expertise. With IRI, leading retailers and manufacturers are able to quickly discover breakthrough insights driving smarter decisions and actions across the enterprise for breakthrough results. Companies around the world depend on IRI for improved productivity, stronger brands, and dramatic revenue growth. For more information, visit http://us.infores.com. |
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