The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
"ForeSights: AI Artisans" explores the potential for artificial intelligence to play a more influential role in product development by generating formulation ideas and recipes that would otherwise take experts years to create. It more specifically looks at the implications of this emerging trend in the context of the craft or artisan segment.
Machine-learning can process a vast amount of product, consumer, and macro data to essentially emulate the work of product experts and artisans but in an incomparably more efficient manner. The development of a whiskey co-created with Microsoft’s artificial intelligence algorithm illustrates how the role of the craftsman is being threatened by the promise of machine learning.
- AI has valuable utility across every point along the customer journey. It currently has the greatest impact at the retail stage of the customer journey, while the product innovation stage is comparatively underutilizing AI.
- The categories that are best placed to incorporate AI into product development are those in which product formulations are typically complex, and where subtleties in flavor and aroma can make the difference between a “mainstream” and “premium” product.
- Apprehension or distrust towards the ongoing pervasion of technology and data in the consumer experience has the potential to inhibit the success of products created via machine learning; however, current consumer perceptions suggest they may actually spark consumer interest.
Reasons To Buy
- Identify future potential commercial applications for emerging concepts in fast-moving consumer goods.
- Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.