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Consumer product companies are at different stages of deploying artificial intelligence (AI) to improve their business decisions and operational efficiency. While roughly half of the companies we surveyed are scaling their use of the technology to make advances in commercial excellence, a few are starting to pilot AI to enhance innovation and product design. As we’ve seen with past disruptions, those that avoid the trap of sporadic investing and that instead invest strategically and build capabilities early on will create a source of competitive advantage in the midterm. Most critical to success will be setting a clear strategic vision for business use cases in which AI can address the greatest unmet needs (for consumers, customers, and employees), determining how that will enable the company to differentiate, and navigating the appropriate sequence of stepping stones necessary to get there.
Capturing the Future of Digital in Consumer Products
Digitization’s third wave is the most vexing, but it will determine the industry’s leaders.
First published in Juni 2024