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Donald Trump’s administration Modify daily tariff regulationsConsumers are changing their purchasing power to reduce costs in the uncertain global climate.
Many companies are struggling to balance the economic reality of inflation and supply chain uncertainty and the balance of innovation, which has increased due to the withholding tariffs, IVAN TOROSSIAN, a consulting director of Globaldata, is a virtual of food manufacturing events hosted by manufacturing diving and sisters and picisters on April 9th. Said in innovation.
Torossian I joined Megan Bullock and California State University, a predictive science director of Conagra Brands, discussed how food manufacturers can explore these tasks and continue to develop new products and processes.
When the global trade war begins Torossian said food The manufacturer should not only make consumers happy but also make a worth of money.
“We don’t know what’s going to happen tomorrow, but basically they want to innovate and innovate, but they are facing this strong cost pressure.” Many people are concerned about how to maintain innovation pipelines while managing this margin in this environment. ”
Bullock said innovation has changed over time, but there are always three components that exist.
Bullock said, “There are factors of convenience and values, health factors, flavors and experiences.” And they will always be standing when creating new products. But the nuances below have changed a lot. “
She added that the rise in social media and viral sex trends made consumers a bold taste.
Bullock said, “Social media is one of the core data sources. Because it is a real -time feed because consumers cook, eat, and flutter at home and restaurants.
Traditional stage gate model Product innovation cannot maintain the rapidly changing consumer attention to social media. As a result, The company is thinking again Their innovation process Close the gapToros said. Also company We are performing “renovation” of existing products or processes to create fast returns.
Torossian said, “We believe that major companies like Conagra are adopting what we call adaptive innovation, so as this trend develops, we have created more flexible platforms that can be fast.
Companies such as Conagra are accelerating innovation using artificial intelligence, which takes time from 6 months to 6 to 6 weeks and costs efficient. Bullock said he is looking at behavioral data instead of being in a room where consumers can taste their products. The data includes what consumers search on the Internet, what they say in social media, and the types of products purchased.
For example, consumer demand for GLP-1 weight loss drugs that changed food consumption, According to the EY report. Conagra did not immediately surpass the GLP-1 trend. Instead, the company has watched the increase in demand before the packaging is the GLP-1-friendly packaging.
“If you have a new development for a particular ingredient or product, it doesn’t work for them, and you can reach the tip point to introduce a new solution.” But we will always follow the approach naturally. We make a better connection before we jump into innovation and follow the approach first. “
However, Bullock said, however, can be a lot of work through heterogeneous data sets that Conagra needs to connect and find similar patterns. However, through AI, this technology allows you to look at data that will help the company to present ideas such as the type of color that the company uses for a specific attribute.
Torossian saw AI revolutionary food innovation in the entire development process and analyzed data points to identify emerging consumer trends before becoming mainstream.
In the official side, AI added that variables such as taste, texture and cost are optimized.
Torossian said, “AI will allow brands to create customized products for certain consumer sectors or individuals.
Guzmán said that the amount of data can be overwhelming and it is difficult to use AI such as regulations and legal obstacles, Guzmán uses technology to understand the company.
Guzmán said, “If we place ourselves in that way, we need to know what we can do with that data for more strategic thinking.” It won’t do our work, but we must actually raise the game level. “
