The Fast Moving Consumer Goods (FMCG) industry is always looking at maintaining profitability in a market which is very competitive when it comes to pricing. The industry moved to digital media, not as a result of innovation but in a bid to survive. Their next course is the use of Artificial Intelligence as AI steps in to help the marketers of these goods evaluate the supply chain and to find areas wherein costs can be further reduced and it also also help in enhancing productivity.
HUL seeks to get details like who visited the grocery store over the last three months and what product they may buy on their next visit using AI software Jarvis. Spread across 600,000 villages and 10 million outlets, general trade will continue to remain big in the next 10 years, HUL said in a presentation on its website on 6 June where it outlined Project Maxima, which is focused on precision marketing at scale. Under this project, HUL has achieved targeted marketing within a range of 100m of a grocery shop. The company can geofence this for distributed marketing and offering. The Indian arm of Unilever Plc will use predictive analytics, cloud technology, Internet of Things and artificial intelligence to achieve this.
World’s first AI platform for FMCG Product Innovation, AI Palette creates product concepts which are in tandem with the personality of the brand and also its current product portfolio. This is achieved by gathering insights from digital conversations and clubbing them with company data to address the unfulfilled needs of consumers.
Marico is banking on automation, AI and ML to grow not only its own business but also that of its distributors. Automation has helped their distributors reduce the inventory days from around 4-5 to just a day.They have also been able to lower the sales staff strength to 20 and no longer feel the need for having data entry operators. Marico also uses AI to seek patterns and predict behaviours. Moreover, their exclusive launches with e-commerce portals enable the “predictive and prescriptive analytics” task by using the real-time insights provided by online companies
Nestle has been on the top of its AI game, especially with the introduction of a new tool called ‘Cookie Coach’, a virtual bot launched by Nestle USA which answers queries about their Toll House chocolate chip cookie recipe. Ruth, the AI-powered coach is in fact a multimodal virtual assistant using autonomous animation.
The Colgate Smart Electric Toothbrush E1 is equipped with Artificial Intelligence and pairs with Apple’s ResearchKit to crowdsource toothbrushing data for better and faster innovation, according to the company. This brush has been designed with the help of dentists, and contains real-time sensors and AI algorithms to detect the effectiveness of brushing in 16 zones of the human mouth.
It is always exciting to know how other companies are using AI to enhance their business. Do subscribe to our newsletter and write to us if you would like to leverage AI for your business at email@example.com
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.