13 May 2020
IRIS by Beyond Analysis
Beyond Analysis has launched IRIS, a revolutionary new AI and machine learning tool, to understand the effects of Covid-19 on UK industries and help build recovery across business sectors.
IRIS predicts future performance of UK industries by Standard Industrial Classification (“SIC”) and postcode, to help businesses shape their strategies and perform more effectively in these uncertain times. By enabling companies to understand their own sector and target sectors, the unique technology gives UK businesses the confidence to build their strategies towards recovery.
This month we are proud to have launched a new transformational product to help businesses manage risk, plan operations and spot new market opportunities, post global economic shock. Known as the Industry Recovery Index Statement, or IRIS, this ground-breaking data-driven tool will enable companies to respond more quickly and effectively to the volatile business environment.
Having worked with leading retailers, financial services and blue-chip international companies for 20+ years, we understand the importance of implementing data across all industries, to provide more clarity and trusted solutions to manage uncertainty. With our experienced data professionals, we were developing IRIS using our existing, trusted analytical techniques and data products prior to the pandemic, however understanding the impact of the global crisis on UK businesses, we accelerated the growth of IRIS to support both small and large businesses and help get the economy back on its feet.
IRIS transforms the playing field for all businesses by understanding the importance of technological implementation to make confident and effective business decisions. The subscription service provides insights into how individual industry sectors have been impacted, across which geographies and maps the health of UK industries using an aggregate macroeconomic index to predict how recovery will be shaped in the future. The product is available online to small and large businesses alike, with a range of cost-effective subscriptions starting at £60pm (excl. VAT), providing accessibility for all.
Daily updates in the data sets provide an accurate, scaled, index value from 0-100, to demonstrate how industries are performing and whether they are maintaining recovery (100) or on the verge of collapse (0). The simple, easy to use data visualisation tool can be filtered using keywords to show industry performance, compare information across geographical locations and enables organisations to visualise future trends in the growth of their sector and potential target sectors.
Using a 3 tiered SIC approach, you can visualise the impact of COVID-19 on your industry and see how growth may change over the coming weeks, months, and year as businesses move out of lockdown. By understanding the impact of other target sectors, you can approach new customers more effectively, avoid more slowly recovering sectors and use data to drive decisions based on regional recovery in the UK.
“IRIS provides the opportunity to more easily predict and understand risk in this uncertain environment, and manage a business’s response accordingly... Our aim is to give businesses the confidence to react and adapt to uncertainty, which traditional business decisioning tools and economic models were not designed to deliver.” Paul Alexander, Group CEO.