Information Resources, Inc. (IRI), a global leader in the delivery of market, consumer and media insights to CPG, retail and health care companies, and Mu Sigma, the world’s largest pure-play big data analytics and decision sciences provider, announced today their plans to jointly develop Q-IRI™, powered by Mu Sigma, a new technology platform that will help marketers utilize prescriptive analytics in a fundamentally new way.
Q-IRI is a first-of-its-kind prescriptive analytics engine that will pinpoint growth opportunities, calculate the value of various actions and prioritize recommendations for marketing, sales, strategy and merchandizing professionals across a variety of industries.
What if your analytics platform alerted you that running six addressable TV ads, reducing prices by 2 percent and running 50 million targeted digital ads would drive a 12 percent lift in sales over the next four weeks with a 50 percent ROI? That’s Q-IRI—a way for automated, real-time prescriptive analytics to transform the decision-making process through statistical data mining, machine learning algorithms and personalized growth recommendations.
Q-IRI will be constructed on the combination of the IRI Liquid Data™ platform—the largest and most unique purchase, media and causal big data platform of its kind—along with all of its built-in visualization, collaboration and authoring capabilities, and Mu Sigma’s proprietary software for decision sciences and big data analytics, including its muUniverse platform that guides decision making, along with its engines for high-performance computation and real-time intelligence.
“The integration of multiple big data assets makes information exponentially more complex, which is why prescriptive analysis is crucial, as it distills big data into actionable recommendations,” said Ash M. Patel, chief information officer, IRI. “To accomplish this, Q-IRI will assess thousands of causal variables and translate them into specific growth opportunities.”
“Q-IRI brings further to life our vision of augmented intelligence for decision sciences – a true blend of man and machine,” said Ambiga Dhiraj, chief operating officer, Mu Sigma. “Most platforms in the industry just focus on data engineering or data sciences, missing the key decision sciences layer that represents the decisions and questions that must be enabled in order to drive meaningful actions. We’re excited to team with IRI and capitalize on its rich data sources and capabilities.”
With general availability slated for later this summer, Q-IRI will offer three levels of subscription:
Q-IRI Simple™provides answers to a series of questions pertaining to growth catalysts.
Q-IRI Interactive™enables decision makers to select a particular dependent variable and evaluate the most relevant predictors of growth for that variable.
Q-IRI Advanced™empowers decision makers to select a dependent variable, which is then measured against thousands of other variables and boiled down into prescriptive actions for growth.
About Mu Sigma:
Mu Sigma is a category-defining decision sciences and big data analytics company, helping enterprises systematize better data-driven decision making. The company’s interdisciplinary approach and integrated ecosystem of platform, processes and people are redefining how companies approach problem solving in areas of marketing, risk and supply chain. With more than 3,500 decision scientists working across 10 industries, Mu Sigma is consistently validated as the preferred decision sciences and analytics partner for 140 of the Fortune 500.