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: 15 different ways best-in-class CPG and Retail data providers should be incorporating AI into their tools and day-to-day practices.
This article, the first in a three-part series, delves into Chat GPT’s initial five recommendations encompassing data collection and aggregation, quality assurance, demand forecasting, inventory optimization, and market trend analysis.
The integration of AI into the global CPG and Retail sectors signifies more than a fleeting trend—it represents a transformative shift, redefining the operational backbone of these industries and our esteemed clients.
In today’s CPG and retail arena, the realm of data is no longer confined to just Consumer Insights (CI) and data analytics teams. AI has democratized and revolutionized the accessibility and application of data, fostering an environment of agile experimentation across organizational layers and disciplines. This transformation empowers industry players to efficiently harness, aggregate, and interpret vast and intricate data sets and unveil insights previously thought out of reach. The once time-consuming calculations now occur in mere minutes, progressing processes that traditionally spanned months, to now be swiftly executed in days.
With AI breaking barriers in data accessibility, our data-driven landscape is paradoxically expanding and contracting. While the time and resources dedicated to data collection and analysis are diminishing, the abundance of data sources, the teams influenced by AI, and the myriad opportunities AI presents are burgeoning.
With the stage set, let’s delve into the initial five AI-driven recommendations on how best-in-class CPG and Retail data providers should be harnessing AI.
CPG and Retail Data providers should be using AI for…
Click the boxes below for NIQ’s perspective.
Data Collection and Aggregation
Data Quality Assurance
Market Trend Analysis
Meet our NIQ experts
Chief Product Officer, NIQ
Troy emphasizes the importance of accurate raw data, experienced and specialized talent, and top-tier quality control in predictive modeling and analysis phases. He believes that the application of AI and ML to complex data projects can significantly enhance operational efficiency, product performance, and market forecasting. His commitment to leveraging NIQ’s rich data sets and models aims to aid manufacturers and retailers in their growth.
VP, Retail Analytics, NIQ
As Vice-President of NIQ’s North America Retail Analytics practice, JB consults with retailers across various industries and sectors, including Grocery, Beauty & Drug, Mass merchandiser, and Convenience retailers. One of his latest notable achievements includes spearheading the successful launch of an analytics-driven supply chain solution, enabling CPG suppliers and retailers to measure and benchmark out-of-stocks effectively.
Head of Emerging Technologies, NIQ
Pascal is responsible for the product vision and strategy for the company’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.