It’s all about data now
Image: Shutterstock/metamorworks
The world of AI-powered technology has moved on apace and has gone from seeming like futuristic features only a few organisations could access, to something attainable for all businesses. This rapid evolution has a lot of businesses wondering: how can they take advantage of AI, big data and analytics? In announcing the launch of Customer Foresight, Givaudan is one such company that sees its future, and that of the food and beverage industry for that matter, tied to AI, big data and analytics.
We’re told there are opportunities that cloud-based AI and analytics tools can open for businesses. Givaudan says it has already achieved outcomes through deep-dive conversations with a client, and has helped the business meet its goals and deliver better experiences to customers.
But why make the move to cloud-based AI and analytics? And, how can companies take advantage of this rush of new opportunities and use AI most effectively? Food and beverage companies are expected to have a vision of the future, of how consumers see it, what they want on their plates and the beverages they want to drink. To build this vision, they will need to be able to think of the potential and probable futures, to decide and pick the one(s) that consumers want to move towards.
So, in that sense, with AI, big data and analytics, industry has little option but to learn about futures and learn the skill of foresight.
One of the key purposes of using analytics is to provide a company with data as part of a foundation to make operations work better — across regions, nations etc. By bringing data together and connecting it, it’s in one place for whatever purpose is needed. Obviously, you have to ensure the right people have access to the data they need, as well as the tools to use it effectively. Yet, this is the one area where some companies may struggle — and where we may see hesitancy to try AI and analytics.
The proof in this kind of technological development will come in how data is understandable to everyone, particularly those that aren’t data scientists. Can those that aren’t familiar with the jargon and intricacies of data, use AI and analytics to gather insights?
I am a believer that when organisations use cloud-based tools to gather insights from their data, the possibilities for adding value are endless. From using machine learning to predict key business metrics, such as highlighted in Givaudan’s case study, there are numerous ways to gain value. In addition, there are plenty of examples outside of Givaudan’s own to demonstrate how these tools can significantly reduce the time required to accelerate the ability to predict customer demand — and respond to it.
The food and drink industry requires connecting multiple actors across the supply chain. Unfortunately, much of that data is fragmented, making it difficult to exchange information between them. Any company within these industries that wants to seek out this intelligent data way of working must find a solution to link these businesses together.
Many organisations are looking ahead now to see how cloud-based AI tools and capabilities can deliver value. The future will only move faster, which means that for many companies now, speed to innovation may be the differentiating factor that sets them apart from competitors and get them thinking about their futures.
- Rodney Jack, editor, Food & Drink Technology.
Keep in touch via email: rodney@bellpublishing.com Twitter: @foodanddrinktec or LinkedIn: Food & Drink Technology magazine.
