POWERING BREAKTHROUGHS
For Nik Pearmine, the development of AI can generate substantial opportunities to drive data towards insights and ultimately innovation.
Nik Pearmine, Chief Strategy Officer, Black Swan Data
In terms of focus and the state of affairs in the innovation discipline, breakthrough innovation is back on the agenda. Since Covid, most consumer-packaged goods brands have been playing it safe, focusing on incremental innovation to their core portfolio, e.g. new flavors, optimizing claims, pack sizes, etc. But with price growth now maxed out, brands are prioritizing whitespace and breakthrough opportunities. Within breakthrough innovation, so much opportunity exists in the peripheries and gray areas of how we’ve historically defined categories and sub-categories. Take “Generation Sober” and the growing low/no alcohol space as an example. Here, consumers’ needs are fragmenting. Depending on the occasion, they will choose between a zero-proof beer, a pre-mixed cocktail, a premium soda, or something completely new altogether like a hard tea. It is key to zero in on the consumer’s perspective. Brands that can see the world through their consumers’ eyes, while having the courage to develop bold new propositions, will win.
FINDING SOLUTIONS There remains too much waste and subjectivity in legacy approaches to front-end innovation. And while there is momentum behind the digitization of market research and adoption of AI solutions—the reality is, nobody has time to become an expert on “another tool.” Therefore, my agenda is focused on finding effective, practical solutions that drive immediate value for our customers. For some this means capability change and embedding technology to drive better new product development success rates across the company. For others, who aren’t ready for this level of change yet, it’s about solutions that can help them get answers and immediate value from the data. BEWARE OF SHINY NEW TOYS Due diligence on AI is a key factor that must be improved within the innovation discipline. How do you assess these new tools? What’s real? What’s not?
FEI 2024 & Key Innovation Perspectives
70
Powered by FlippingBook