Dive Brief:
- IRI launched its Revenue Growth Management Suite this week. It is a collection of software solutions geared to help mid-market CPG brands boost top-line growth by 1% to 2% annually, according to a news release.
- The software provides a streamlined approach to revenue growth management efforts using a core predictive and prescriptive engine linked to IRI Liquid Data and the hundreds of growth management models it offers.
- IRI says its suite "quantifies the key drivers of sales change, prescribes corrective pricing and promotion actions, and measures their potential impact on revenue and profits" in the news release.
Dive Insight:
Revenue growth is top of mind for manufacturers across the board — no shocker there. But major food and beverage brands in particular have struggled in recent years to find ways to consistently grow revenue while watching many startups' top-line growth soar in the double and upper-single digits.
Balancing a robust growth strategy with the streamlined approach needed for efficiency can be challenging, especially for legacy brands that have operated in a prescribed way and familiar environment. But as the food and beverage landscape continues to shift in favor of better-for-you, natural and local products, often from smaller producers, those legacy brands are trying to find news ways to remain both relevant (for consumers) and profitable (for investors).
Software solutions are becoming a new go-to for manufacturers and retailers as they seek ways to automate aspects of their operations and documentation to be more efficient, agile and cost-effective. IRI's software suite is an example of a way companies can take a more contemporary, high-tech approach to revenue growth initiatives and other financial and operational changes to become an overall stronger company.