The right kind of investments in the field of AI can aid CPG’s innovate and also scale with utmost precision, speed and predictability and also enable their workforce to work smartly, they also help make the quicker data-driven decision and also better identify and help deliver on newer growth opportunities.
The months of living with the COVID-19 pandemic has demonstrated just how crucial and critical agility, change management and also having to deal with ambiguity can influence the survival of the business. The Consumer-Packaged Goods industry can also most certainly vouch for this. Ever since the onset of the pandemic, customer sentiments as well other aspects such as spending done by them and their behaviour have witnessed drastic changes.
With a seemingly unprecedented focus on the virtual experiences, the pandemic has not only accelerated the already existent rapid pace of digital transformation but also presented a rather compelling scenario for CPG’S to start further invest in artificial intelligence and also a data-driven strategy to enable offset uncertainties and also help build further the much-needed resilience for the future. Intelligent technologies such as AI and machine learning have been providing companies with newer capabilities to harness the high potential power of data-led insights and help them make timely and informed decisions- both strategic and tactical alike.
One of the key areas where AI is serving as an enabler and also as a vital differentiator for CPG’s are
- AI-led demand sensing:
Demand sensing playa a vital role in ensuring a CPG is well equipped to be able to cater as per the consumer demands optimally also help realize its sales and market share objectives laid out by the company. Black swan events like the pandemic seem to render past benchmarks irrelevant.
- Targeted promotion planning:
To keep adapting to the ever-evolving market dynamics and changing consumer preferences, CPG’s require a granular and flexible promotion and a well-planned media layout. They must move from the current traditional high-level national or the regional level approach and rather move towards AI-enabled CPG’s to plan TV ad’s as well digital marketing along with consumer and trade inputs at a much sharper channel and to the city level.
- Customer-centric supply chains:
AI is also aiding in identification and response to many prevalent disruptions and the current bottlenecks in the supply chain, for example, the abrupt halt in supply being faced from a virus-hit supplier or potential disruption of operations mainly due to restricted logistics