Chief Product Officer, Troy Treangen will lead NIQ Labs, Pioneering Innovation across the CPG Industry
NIQ fast-tracking innovation with launch of GenAI-based ‘NIQ Ask Arthur’ in 2024
(BUSINESS WIRE) -- NIQ, a global leader in data and analytics solutions, is excited to announce the establishment of NIQ Labs, a groundbreaking initiative aimed at harnessing the collective power of top-tier talent and capabilities acquired through strategic M&As. Positioned as an innovation powerhouse within NIQ's commitment to bolster sustainable growth through performance-enhancing investments, NIQ Labs stands poised to pioneer the future of inventive products and solutions aimed at tackling industry challenges. Over the past two years, NIQ has invested over $1 billion in operating investments in new data and capabilities to build a Full View™ of consumer shopping behavior to solve client problems and reveal pathways to growth. Coupled with investments, NIQ Labs taps into an extensive array of data assets, employing intuitive business intelligence tools that offer detailed market insights and predictive analytics driven by generative AI (GenAI) and authoritative data science.
With the introduction of NIQ Labs, the company is proud to announce the first new tool, 'NIQ Ask Arthur', a transformative GenAI-based tool that will be integrated into the Discover platform. This revolutionary solution empowers users with AI-assisted global search and personalized recommendations based on KPIs and always-on analytics. Offering AI-generated insights within reports, 'NIQ Ask Arthur' simplifies complex data interpretation and facilitates informed decision-making. Its conversational AI capabilities enable deeper investigations, guiding users through vast datasets and providing actionable insights. 'NIQ Ask Arthur' is a game-changer, reshaping data-driven decision-making and exemplifying NIQ's commitment to delivering cutting-edge analytics solutions, propelling businesses toward success in today's dynamic landscape. Through the creation of NIQ Labs, ‘NIQ Ask Arthur’ ensures data safety and leverages the best models and tools available in this rapidly evolving emerging tech landscape.
"Introducing 'NIQ Ask Arthur' marks an exhilarating milestone for NIQ Labs and the Discover platform. This cutting-edge GenAI-powered tool revolutionizes data innovation and exploration, offering users AI-driven global search and personalized recommendations that redefine the way insights are harnessed,” said Troy Treangen, Chief Product Officer, NIQ. “'NIQ Ask Arthur' represents a leap forward in our commitment to delivering top-tier analytics solutions, simplifying complex data and empowering decision-makers with actionable insights. It's more than a tool; it's a game-changer shaping the future of data-driven decision-making and exemplifying NIQ's dedication to innovation in today's dynamic business environment.”
The genesis of NIQ Labs lies in recognizing that within each acquisition, there resides a wealth of specialized and technical resources. To harness the capabilities of NIQ associates, and maximize client value, NIQ Labs will bring together an impressive pool of ~400 engineers, data scientists, and technicians who possess exceptional specialized skill sets. This talented cadre will serve as NIQ's dedicated innovation engine, focused on resolving internal, industry, and client challenges through cutting-edge technological solutions. They will work alongside ~3,000 engineers and ~700 data scientists who operate in NIQ’s broader business operations.
"NIQ Labs, driven by an agile and entrepreneurial spirit, aims to leverage AI and emerging technologies," said Jim Peck, CEO of NIQ. "Our core objective is to foster scalable innovation within the NIQ ecosystem. Integral to this mission is a commitment to data governance. By prioritizing data integrity and security, we ensure a reliable foundation for AI utilization, promising unprecedented industry innovation. Our tailored approach empowers organizations to make informed decisions, ensure data consistency, and safeguard stakeholder interests. With NIQ's solutions, businesses experience reduced inconsistencies, minimized errors, and enhanced data value. Our commitment to transparent processes and cost-effective coordination enables clients to thrive in a data-driven world, fostering innovation and growth."
Led by Troy Treangen, the NIQ Labs leadership team is reinforced by the expertise of Xavier Facon, Mark Flynn, John Forese, Co-Founder of Data Impact Ludovic Gallen, Dana James, Dennis Madura, and Foxintelligence Founder and CEO Edouard Nattee. Their diverse and extensive skill set is the powerhouse driving NIQ Labs toward an era of groundbreaking achievements. This dynamic team pledges an innovative consulting approach, anchoring their efforts around five pivotal pillars:
- Generative Artificial Intelligence (GenAI): The GenAI pillar strategically centers on deploying AI-generated technologies within the NIQ ecosystem with the support of ~700 data scientists. Building on NIQ’s extensive two-decade dominance in AI and machine learning, the introduction of GenAI will usher in novel technologies aimed at empowering front-end capabilities to drive client success. In response to clients' pursuit of intelligent, context-driven assistance in navigating complex business landscapes, NIQ's GenAI pillar is poised to provide essential solutions that guide them towards actionable strategies for success.
- Global eCommerce: NIQ Labs is set to pioneer a revolutionary approach in global e-commerce measurement and shopper analytics. The team aims to redefine measurement methodologies, focusing on developing advanced consumer iOS and Android applications. These apps go beyond mere data collection, delving into intricate processing and in-depth analysis to establish unprecedented industry standards.
- Product Attribution: Within NIQ Labs, the Product Coding pillar is led by an expert leveraging extensive experience to drive innovation. This leadership plays a pivotal role in harnessing 'product insights' as a cornerstone, unifying NIQ's proprietary view of Omni measurement and activation for tracked products, ensuring continuous growth.
- Retail/eRetail Media: NIQ Labs' visionary initiative blends advanced technology and strategic insights to redefine the retail landscape. This leadership ensures unmatched consumer engagement, offering brands innovative ways to connect with their audience. The Retail Media pillar promises to set new standards in advertising by employing data-driven strategies for impactful brand visibility and customer-centric results.
- Predictive Insights: NIQ Labs is enhancing its solutions and analytics through the integration of AI capabilities under strategic guidance. This initiative aims to leverage GenAI to transform consumer surveys, introduce pioneering analytics, and utilize intelligence from vast data repositories, positioning NIQ at the forefront of innovation and efficiency in predictive insights.
NIQ, through its innovative utilization of artificial intelligence (AI) and machine learning (ML), empowers retail and manufacturing clients in over 90 countries, impacting more than 1.4 million stores and handling trillions of records to derive actionable insights. The company's agility and rapid deployment strategies have facilitated remarkable technological advancement. In the past year, NIQ's Discover platform witnessed extraordinary growth, surging from 2,500 users in January 2023 to an impressive 40,000 across 71 countries today, showcasing the vast scale of NIQ's technological expansion. This ability to rapidly deploy technology, enhance user engagement, and establish a global presence underscores NIQ's unparalleled agility and innovation in the tech industry. These advancements facilitate accelerated insights across diverse industries, channels, and products, driving speed-to-insight at an unprecedented scale to deliver the Full View™.
For more information about NIQ Labs and its groundbreaking work, please visit NIQ’s AI Hub.
About NIQ
NIQ is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. In 2023, NIQ combined with GfK, bringing together the two industry leaders with unparalleled global reach. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™.
NIQ, is an Advent International portfolio company with operations in 100+ markets, covering more than 90% of the world’s population. For more information, visit NIQ.com.
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Media
Gillian Mosher
Vice President, Communications
(gillian.mosher@NIQ.com)
