Syndicated Data Providers and Their Role in Analysis

CPGs who wish to make decisions based on data may have heard of data that is syndicated.

The term “syndicated” refers to general market information that’s not specific to a specific customer. A aggregation of product and retailer data The data that is syndicated is typically obtained by market research firms and later sold to businesses with a stake on the marketplace.

For CPGs syndicated data can provide an overall view of the performance of retailers and products independent of particular brand or company. For CPG manufacturers it can be a great way to gain the necessary insight into consumer behaviour (one which isn’t tied to particular retailers and their ways in framing the data).

To reap the benefits of syndicated data, businesses require business intelligence tools that are able to analyze the data. In the end, data is only worth what it offers. Syndicated data is a crucial source of information for CPGs as well as other industries however, it should be actionable for executives who make the decisions.

Let’s go over the basics of data analysis that is syndicated and how your business can begin.

Syndicated Data Providers and their Function in Analyzing

Before data from syndicated sources can be analysed, companies require collaboration with the market research firms that gather the data.

The biggest providers of syndicated retail information include Nielsen IRI and IRI.

They collect the syndicated measurement of retailers and panel data. These are in the following form:

Retail measurement refers to the data that stores collect through E-commerce systems and POS systems.
Panel data is a type of consumer information. The data can be gathered through surveys or via hardware or applications offered to households, so that they can scan items when they shop. Nielsen along with IRI have joined forces to collect data from the panel through the National Consumer Panel.

Together together, these data sources will reveal how consumers behave in relation to what they’re buying.

The two Nielsen and IRI also provide partnership and analytics capabilities that let businesses dive into data and create real-time insights.

Nielsen developed The Connect Partner Network in order to link external tools for analytics and data to its extensive sources of information about shoppers.

For instance, AnswerRocket connects to Nielsen data and allows Nielsen customers to study market information by asking questions. This simple connection is an integral part of Nielsen’s dedication for an open ecosystem of data with a user-friendly tools for data analysis and data mining can effortlessly access Nielsen data through an intuitive user interface.

In its most basic sense, the connection between AnswerRocket and Nielsen allows users to submit an inquiry based on data and get a visual and insights back. The most basic questions, such as “what is the growth in market share this year” or “brand penetration across states” are answered within a few seconds (in this instance, the answers are in forms of language insight which are accompanied by a visual and describe key elements of the data’s narrative in plain English).

But, these are only scratching the surface of what syndicated analysis is able to offer. One of the most significant advantages of Connect Partner Network Connect Partner Network is its capability of analytics platforms to adapt their abilities to meet the needs of the CPG and retailer industries by leveraging the huge amount of data. Analytics platforms that rely on AI or machine learning are able to develop algorithms that can answer the difficult issues that CPG professionals are asked every day.

Although most analytical tools are capable of calculating sales numbers however, the next analysis of data that is syndicated looks closer to “how do you think Brand A do last quarter?” with a complete and in-depth explanation to the opposite side.

Let’s further break it down by discussing the real potential of data analysis that is syndicated.

The Way Syndicated Data Analysis works with AI

The context of syndicated data is required to examine business data within the larger market.

If, for instance, sales are falling across the country the business could approach their own decline as a result of a recessions in the economy, instead of as a result of their own strategies or campaigns. The company could turn their attention to opportunities, such as the growth of market opportunities in international commerce, as well as then adjust plans to steer clear of dangers of falling sales for categories and products.

With AI analytics, syndicated data can give these kinds of complete, actionable insight that can be based on issues such as “why is sales declining?”. It is a matter of the most advanced algorithms for machine learning to sift the syndicated data sources and comprehend how various indicators, such as value of sales, relate. Machines can demonstrate the way sales value is affected by other metrics such as market penetration and volume, and create the structure of connections until the causes of the reduction in value of sales are clearly described.

This is why the analysis of brand health is much more accessible to business professionals as syndicated data can provide the needed context to comprehend the state of the brand within the market and AI is able to conduct the extensive analysis that pinpoints the root factors that affect a brand’s health.

With this knowledge the business community is more likely to take action in a way that they wouldn’t when they had to rely on the individual retailer’s data, or didn’t use analytics tools that have sophisticated AI features.

Brand health is certainly essential for CPGs But another benefit of data that is syndicated is the insights it offers on other brands as well as competitors. Which competitors are having great success? What areas are they overlooking? Which areas can your own business fill the gaps, or even surpass the competition?

The data syndicated provides the information needed to conduct this type of market research, and to answer these questions. In addition, AI is well poised to recognize the most profitable opportunities for businesses who wish to outdo their competition and get an edge on the marketplace.

The opportunity is huge to frame the company’s perception of their individual performance in a wider context to enable business leaders to take action with more accurate knowledge.