How best-in-class CPG and Retail data providers should be using AI
We engaged ChatGPT to craft a comprehensive brief that offers an AI-driven perspective on how best-in-class CPG and Retail data providers should be using AI. It provided a list of 15 different ways best-in-class CPG and Retail data providers should be incorporating AI into their tools and day-to-day practices.
In this article, we delve into Chat GPT’s recommendations, encompassing: Advanced Personalization, Product Innovation, Dynamic Pricing, and Supply Chain Optimization and Risk Management.
In case you missed it, Part 1 of our series discussed Chat GPT’s initial five recommendations encompassing data collection and aggregation, quality assurance, demand forecasting, inventory optimization, and market trend analysis.
In this piece, we will dive into the transformative role AI will have in CPG and retail not only in the context of forecasting future trends but also tackling today’s challenges at the shelf level, where predictive modeling, consumer insights, and risk mitigation have all become pivotal.
In the competitive landscape of modern retail, an AI-driven strategy is essential. AI facilitates informed decision-making, allowing companies to refine pricing, assortment, supply chain, innovation and merchandising strategies based on advanced market dynamics and consumer behavior analysis.
However, the leap to this AI-powered future hinges on the quality of input data. Relying on broad-stroke data and outdated analytics is insufficient for the retail revolution ahead. The difference lies in partnering with data providers who offer not just raw data but accurate, reliable data that is fit for strategic data synthesis, crucial for accurate, actionable AI insights.
Understanding the significance of these quality data partnerships allows us to appreciate AI’s full spectrum of transformative capabilities. With this context in mind, let’s explore AI in action through: Advanced Personalization, Product Innovation, Dynamic Pricing, and Supply Chain Optimization and Risk Management.
CPG and Retail Data providers should be using AI for…
Click the boxes below for NIQ’s perspective.
Supply Chain Optimization
Meet our NIQ experts
President, Global CPS, NIQ
With more than 17 years of experience in the analytics and consumer packaged goods industries, Kris has held a number of senior leadership positions at NIQ, including Vice President of Global Advanced Analytics, Global Account Lead for several leading global manufacturers, and the leader of NIQ’s commercial strategy for North American and Global clients.
Managing Director, NIQ BASES and Global Analytics
VP of Advanced Analytics, U.S. Thought Leadership, NIQ
Steve is a CPG industry veteran with 32 years of experience in sales and category development, Prior to NIQ, he worked for PepsiCo, Procter and Gamble, and GSK Consumer Health. As the Thought Leadership Lead for North America Analytic Sales, he sets his sights on the future of CPG and leverages his client- first perspective to create actionable, data- driven content.
Head of Emerging Technologies, NIQ
Pascal is responsible for the product vision and strategy for NIQ’S emerging technology initiatives including generative AI, confidential computing clean rooms, and data lakes. He collaborates with engineers, researchers and stakeholders to build innovative and scalable products that enable NIQ customers to leverage the most complete and trusted view of consumers and markets.