In brief
Artificial Intelligence (AI) is driving new business opportunities across a growing number of industry sectors, including consumer goods and retail. Enticed by its transformative potential, companies are actively exploring, experimenting, and deploying AI solutions in business processes, products, and services and are finding ways to derive business value from it. The emergence of generative AI capable of human-like text that can analyze vast amounts of data and create new content has caught the public’s attention and turbocharged interest in potential use cases in the CG&R industry.
AI in the consumer goods sector
At present, AI is being utilized by many consumer brands throughout the product and sales lifecycle. It is used in research and development solutions, supply chain analysis, ESG data collation, demand forecasting, and inventory management through to customer engagement, targeted marketing, and sale and post-sale interactions. Generative AI is providing CG&R businesses with even more scope to enhance brands. For example, the technology is being used to create images, captions, webpages, and videos in a cost-effective way and to power a better customer experience through personalized product recommendations.
The opportunities presented by AI for business transformation are many and varied. As with any new technology, businesses must be aware of the inherent risks that come with the deployment of AI in their operations. To learn more about the use of AI and generative AI in the CG&R sector, tune in and listen to our Off the Shelf1 podcast series. In Part 1, our speakers discuss AI and generative AI, the reasons behind its unparalleled uptake, how it is currently being used and could potentially be used in the CG&R industry, and explore some of the risks associated with the use of AI. In Part 2, our speakers discuss the developing regulations around the use of AI and the different approaches being adopted in different regions. They also provide their thoughts and insights on the internal governance strategies and the practical steps to consider when using or engaging with companies that use AI.
Want to learn more? Check out our resources on AI in the CG&R sector:
1 Off the Shelf is the Global Consumer Goods & Retail Industry Video Podcast that provides short practical legal insights into the key issues affecting CG&R businesses. To view all episodes, visit the Off the Shelf video chat series.
