External and internal perceptions of Artificial Intelligence (AI) within the consumer products industry is paving the way for imaginative new ways to use data and create experiential brand-consumer interactions.
From retail and fashion to food and beverage, AI is opening windows of creative potential for with personalized products, more intuitive online experiences, and timely service. AI is also a mindset, and those digitally mature companies that have taken steps to explore and implement AI technologies are experiencing the differentiation and growth opportunities much earlier and faster than competitors.
Use cases of AI in the consumer products industry focus on cognitive technologies:
- Robotic Process Automation helps companies perform supply chain analysis and optimization, quality control, and identification of “high-risk’ situations.
- Language Technologies enable fast and thorough monitoring of social media channels to better protect the brand’s reputation.
- Machine Learning adapts to data and evolves product development, operations, pricing promotions, and forecasting, as well as facilitation decision-making based on insights from large databases.
- Computer Vision creates ways to protect, verify and optimize the ways in which consumers engage with the brand, from tailoring products and improving the overall experience to enabling real-time tracking of assets through the supply chain to monitoring social media conversations via image tracking and recognition.
AI positions companies as digital leaders, and gives them added benefits, such as:
- Improved strategies and tactics in the product review, marketing, advertising, and customer service
- Educating consumers for more engagement and participation
I read the article (https://www2.deloitte.com/insights/us/en/industry/retail-distribution/potential-of-artificial-intelligence-consumer-products.html) mentioned above and thought it was interesting. While I am not offering an endorsement of a strategy, tactics, thoughts, service nor a company or author, the information was intellectually stimulating and thoughtful and worth a review.
