NIQ Announced Groundbreaking AI Tools for CPG Brands at FastCompany Innovation Festival 2024.
NIQ has announced groundbreaking AI tools for CPG brands at the FastCompany Innovation Festival 2024.
Takeaway Points
- NIQ Announced Groundbreaking AI Tools for CPG Brands at FastCompany Innovation Festival 2024.
- NIQ will also be speaking about AI trends in consumer buying intelligence and innovation at a panel on Thursday, Sept 19th, at 2:20 p.m. ET.
What did NIQ unveil?
NielsenIQ (NIQ), the world’s leading global consumer intelligence company, on Monday announced two breakthroughs in artificial intelligence that further validated its leadership position. BASES AI and the CPG industry’s first large language model will help NIQ clients harness the power of responsible AI to drive innovation and grow market share.
NIQ will also be speaking about AI trends in consumer buying intelligence and innovation at a panel on Thursday, Sept 19th, at 2:20 p.m. ET titled “Does AI Know What We Truly Want? How Synthetic Respondents Are Disrupting Product Innovation,” the company said.
Ramon Melgarejo, President, Strategic Analytics & Insights at NIQ, said, “As the leading consumer intelligence player, we unlock mission-critical insights, In a fast-moving, consumer market focused on trend-based innovation, high-quality data is essential, and the ability to harness and extract insights from it will make all the difference in the world. These releases are the latest examples of how we are deploying our analytic horsepower across market-leading data sets to generate unparalleled insights that help CPG companies gain market share globally.”
Ramon Melgarejo, President, Strategic Analytics & Insights at NIQ, commented, “As the leading consumer intelligence player, we unlock mission-critical insights. In a fast-moving, consumer market focused on trend-based innovation, high-quality data is essential, and the ability to harness and extract insights from it will make all the difference in the world. These releases are the latest examples of how we are deploying our analytic horsepower across market-leading data sets to generate unparalleled insights that help CPG companies gain market share globally.”
What is BASES AI?
NIQ said that BASES AI is a platform that uses consumer-permissioned data on consumption patterns across hundreds of thousands of households to mimic consumer behavior. The platform has access to data in real time, allowing it to create large panels of synthetic respondents to replicate trusted market research techniques and methodologies in a fraction of the time. Instead of days or weeks to gather human feedback, BASES AI can provide concept potential analysis in as little as 10 minutes. CPG companies can use these scores, as well as rich guidance on drivers of interest and uniqueness, to iterate on ideas ahead of final qualification with human consumers. The speed and quality of BASES AI means a larger volume of ideas can be evaluated while reducing overall innovation timelines.
About NIQ
NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today, NIQ has operations in more than 95 countries, covering 97% of GDP. 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™.
