JULY 20218in myopinionHOW AI-DRIVEN CONSUMER INSIGHTS CAN SUPPORT FASTER AND BETTER BUSINESS GROWTH IN THE FOOD & BEVERAGE INDUSTRYBy Parth Patel, VP Marketing and Strategic Planning, Kerry APMEAAs per Nielsen, 85 percent of all new Food and Beverage new product launches fail before 24 months of launch.Startups, which have no legacy costs, are disrupting the industry with innovative launches. They are also quicker to market.And traditional ways of doing consumer research to understand insights are expensive, long, and outdated. Consumers in such surveys usually answer in an aspirational way which might not be factual.If all of this sounds familiar, then it's time to throw the old conventional ways of doing an expensive consumer focus group and researches out of the window. And embrace the new way of thinking, which is to harness digital data by leveraging Artificial Intelligence (AI) technology, and convert those data points into actionable insights.Kerry Group is on a journey to understand this exciting new technology and how it can apply to its business as a leading global manufacturer and marketer of Food Ingredient solutions. In short Kerry group help its customers, who are in the Retail packaged food and QSR segments, to make food tastier and nutritious for their end-consumers. The two big questions that most of its customers are asking them are: - How can they reduce the risk of failure and laser-focus on a narrow set of insights and trends to increase the probability of success?- How can they crash the time to understand better quality of consumer insights by harnessing digital data and convert those into insights and trends?To support its customers and answer these two questions, Kerry collaborated with IBM to develop a new Kerry proprietary AI digital tool branded as KerryTrendspotterTM. KerryTrendspotterTM is powered by the Gold-plated Watson Parth Patel
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