James ‘Jim’ Peck, currently serves as the Executive Chairman and CEO of NIQ, a leading consumer intelligence company.
Jim, in partnership with Advent International, acquired the business from Nielsen in March 2021.
Previously, Jim served as the CEO of TransUnion. He joined TransUnion in 2012 when it was owned by Advent International and Goldman Sachs. As CEO, he led the company’s transformation into a market leader in innovation, driven by organic growth programs, tech re-platforming and strategic transactions. Prior to TransUnion, Jim oversaw growth at LexisNexis, spearheading the $4 billion acquisition and integration of ChoicePoint into LexisNexis and the acquisition of Seisint while serving as CEO of Risk Solutions from 2004 to 2012. Jim also served as SVP and Chief Product Officer of LexisNexis from 2001 to 2004.
Jim serves on the Board of Directors of Sun Life, CCC Information Services, an Advent portfolio company, and Neoway. He received a bachelor’s degree from the University of Dayton and an M.B.A. from The Ohio State University. Additionally, Jim received a CERT Certificate in Cybersecurity Oversight, issued by the CERT Division of the Software Engineering Institute at Carnegie Mellon University.
We asked Jim six questions about NIQ and the insights they provide in an everchanging media landscape and marketplace. Below are his responses.
What are some of the insights NIQ provides to clients?
Peck: The world is changing rapidly, and one of the largest shifts happening is how consumer preferences are evolving. Digital adoption, emphasis on convenience and generational preferences have led to a very complex retail landscape.
Brands and retailers, regardless of size, are tasked with meeting consumers’ needs today while trying to prepare for how they’ll change tomorrow. This is where NIQ comes in. We deliver the world’s most complete and clear understanding of consumer buying behavior to help companies propel their businesses forward and win market share.
A big part of changing consumer behavior is giving attention to product attributes beyond price—like ingredients, nutrients, packaging claims, and certifications—and NIQ provides a level of granularity that is exponentially advanced as compared to 10 years ago. By understanding consumers’ interests in sustainability, dietary preferences, and clean-label products, companies can rapidly expand their market share by optimizing product assortments and marketing strategies to resonate with consumers.
Our recent investments in technology—over $1B—are delivering even greater capabilities for clients. As one example, our NIQ Connect platform today offers the most comprehensive insights available in a modern, intuitive interface along with a personalized dashboard that improves decision-making processes. And as consumers’ shopping preferences continue to evolve, NIQ also has the most robust omnichannel data available, offering a complete view of online and offline sales – with our Omnisales offering alone tracking over $1 trillion in spending on consumer packaged goods in the U.S.
NIQ had once been NielsenIQ and recently combined their services with GfK, another large global research company, what were the reasons for the change?
Peck: With NIQ as a leader in the fast-moving consumer goods space and GfK leading in technology and durables measurement and analytics, the combination allows us to couple our strengths and cover the whole store, providing a Total Store Read.
Today we have industry-leading talent and are powered with broader global reach, omnichannel coverage, granular data, consumer-sourced insights, and more predictive analytics. All these factors together mean more actionable insights and growth for our clients. Retailers and brands globally rely on the Full ViewTM we provide to expand their understanding of what consumers buy, why and how they buy, and what they can do about it.
Last month NIQ started up a global media division, what was the rationale for the launch?
Peck: With the rise of AI, TikTok and other emerging technology, the marketing landscape has been completely transformed. Our clients are increasingly looking to us for guidance in navigating these changes and optimizing their marketing strategies. We launched the media division to address three core challenges faced by our clients: defining the right audience for brands, delivering that audience effectively, and ensuring best performance. The launch really rounds out our suite of services and offers our clients a complete solution to make informed marketing decisions.
What impact has Gen AI had on NIQ’s business model?
Peck: NIQ has used various forms of analytics, AI and machine learning for decades, and we continue to make strategic investments to unlock the power of data and AI for businesses globally.
Earlier this year, we launched a GenAI based solution, NIQ Ask Arthur, which is designed to empower users with AI-assisted global search and personalized recommendations. NIQ Ask Arthur builds upon NIQ’s foundational AI expertise and accelerates data-driven decision-making through conversational AI capabilities that enable deeper investigations, guide users through vast datasets and provide actionable insights. NIQ Ask Arthur is one of several initiatives we’re investing in to build even greater views of consumer shopping behavior to solve client problems and reveal pathways to growth.
We understand that GenAI’s critical role in shaping the future of market research and product innovation is undeniable. We also know that high-quality data has never been more crucial for successfully advancing AI–and we’ve doubled down on opportunities in foundational models, giving us flexibility to easily train GPT and other algorithms with the language/syntax from NIQ datasets. This helps us get more meaningful representations for the data and continue to remain agile and competitive in this rapidly evolving digital era. We’ll continue to push the boundaries of GenAI to improve how our customers innovate with us in the years to come.
What are the concerns consumers are having in 2024? Globally, do they vary by market? What are the biggest challenges marketers will be facing this year?
Peck: Consumers’ concerns vary from market to market and the NIQ Global Consumer Outlook Report sheds light on these concerns, providing valuable insights for marketers. Notably, 34% of consumers say they feel worse off financially than in 2023. This leads to more competition for consumers’ dollars, requiring marketers to get creative to capture interest.
Along with headwinds like economic uncertainty, changing consumer touchpoints and evolving business needs, marketers’ overall challenges in 2024 revolve around strategizing value, innovating for growth, and engaging consumers through new channels. It will be critical for them to fully understand their consumers by leveraging first party data more than ever, distinguishing online vs in-store consumer differences, and using the latest technology and data science to be more predictive.
What guidance would you give to business leaders looking to begin AI adoption and deployments within their organizations?
Peck: First, make sure the data you get is the best available. The quality of any AI/GenAI capabilities comes from having the best quality raw data and master data. “Good enough” data will ultimately lead to potential risks and issues.
Next, take data stewardship and security seriously. Make sure you are fully authorized to use the data you are including for every use case. Be doubly sure that the data you use is secure, and that you have the right safety and governance structures built up front to avoid potential problems.
Build a strategic vision—and then be willing to start small, testing and learning as you go. Taking on too much can create organizational churn, while showing quick, iterative progress will help improve learning and adoption.
Importantly, help employees understand that the best results in the AI space come from a combination of AI and human intelligence – AI is meant to improve upon our human capabilities to help us become more creative, more innovative, and to make a greater impact more efficiently.
Train the organization. Knowing that moving into a GenAI world is not just the job of technology – it really should be supported with change management for the entire organization. Educate employees on three levels: how it’s changing the entire business landscape; how it can help functions and departments become more efficient and strategic, and why it’s important to the future of the organization.