Prescriptive analytics
for Food & Beverage
Fast-changing consumer behavior underscores the need to leverage big data, analytics, and artificial intelligence in the Fast-Moving Consumer Goods (FMCG) space, and even more so in the food and beverage sector.
The majority of product development in F&B companies follows an outdated model, where disconnected 3rd party datasets and insights are applied within a stage/gate process. This way of innovating simply isn’t feasible or profitable anymore, due to the speed of market trend changes. The right type of alternative is needed.
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The Foodpairing advantage for Food & Beverage businesses
The Foodpairing solution offers the opportunity to quickly and efficiently test an unlimited number of ingredient, flavor, and aroma variations before deciding on the winning combination.
This is a much more efficient and result-oriented way to conceive innovative and successful final products.
Leveraging consumer preference data through applied AI and prescriptive analytics offers a sizable opportunity for the food & beverage industry to validate proofs of concept early in the innovation cycle, saving time, effort, and resources.
- Innovation is a risky business, especially in the food & beverage industry, where product success chance ranges between 10%-30%.
- New product development (NPD) takes between 12-24 months, and multiple stakeholders are involved in the decision-making process.
- Moreover, the large volume of ingredient data available today makes it impossible to make the right product bets solely based on a gut feeling, past performance, or business acumen.
This is where the Foodpairing platform comes in – we help you make better informed decisions about the future of your product portfolio.
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