The AI techniques have seen the potential to transform the different aspects of the industry in the future, provided CPG brands have resources and governance in place
The steps taken towards Artificial Intelligence (AI) in last couple of years by various CPG brands point towards one thing i.e. how the CPG industry is taking-on AI slowly but surely. The AI techniques have seen the potential to transform the different aspects of the industry in the future, provided CPG brands have resources and governance in place.
HOW ARE CPG COMPANIES GETTING SERIOUS ABOUT AI?
According to Gartner, CPG companies cite that AI and Machine learning (Ml) as the second most important game changer technology after data analytics. Whereas, retailers cite AI/Ml as the number one technology for change. The potential for AI in CPG is also considered huge in value terms. McKinsey estimates that the impact of AI as percentage revenues for the CPG industry (up to 3.7%) is medium when compared to other industries like Travel (9.4%), Insurance (5.2%) and Transport & logistics (4.7%). However, the potential in terms of value on the CPG industry revenues (up to $486bn) is huge; second to the retail industry and at par with some of the other industries.
This story is from the March 2019 edition of DataQuest.
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This story is from the March 2019 edition of DataQuest.
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