How big data and AI is revolutionising FMCG innovation

Katy Askew | June 08, 2020

How big data and AI is revolutionising FMCG innovation
The challenge of responding to coronavirus has highlighted the need to leverage big data, predictive analytics and artificial intelligence in the FMCG space. However, AI start-up Spoonshot stresses, the long-term opportunities this technology can unlock are more significant still.

The sudden and disruptive onset of COVID-19 has acted as an accelerator of food industry trends. It has rapidly changed how we collectively eat and shop. Within the food industry, this fast-paced shakeup has highlighted the limitations of traditional approaches to market research, Kishan Vasani, co-founder and CEO of food tech start-up Spoonshot, believes.

“It has made FMCG companies question their understanding of consumer needs and their organisational ability to adapt to any change. The overwhelming majority of research related to innovation is still via traditional methods, such as field based research through interviews and panels, which are both slow and costly. Not to mention, these approaches ignore 99% of organic data being produced every single second by consumers, business, and institutions in the digital world. Imagine what insights this data might reveal for innovation planning if they could be accessed and interpreted.”

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