CPG & Retail Turn GenAI Pilots into Business Results
How to prove ROI with GenAI? Think big, start small
In an astonishingly short period of time, Generative AI (GenAI) has entered the zeitgeist. The biggest companies in the world are now all in on artificial intelligence, and terms like 'prompt engineer', 'deep fakes', and 'large language models’ (LLMs) have entered our vocabularies. When even your grandparents are talking about ChatGPT, it’s clear this technology has gone mainstream.
The same can be said for the consumer goods and retail industry. As the 2024 Consumer Goods Technology Sales & Marketing Study shows, GenAI is changing the rules of the game. Two thirds of executives believe GenAI will have the single greatest impact on the consumer packaged goods (CPG) industry over the next 12 to 18 months, especially in areas like social media marketing and ecommerce.
Yet nearly a third of these companies have yet to embark on their GenAI journeys. Most of the rest are in the early stages of experimentation and limited deployments. Here, as elsewhere, sales and marketing teams are operating under tight budget constraints and struggling to measure ROI.
We see this every day in the CPG industry. Some are unsure how to get started. Others are burdened with the expectations of stakeholders unfamiliar with GenAI’s nuances. Many focus on the technology without considering adoption, scalability, or the business outcomes a broader perspective can help them achieve.
The reality is that every company's journey will be different, but there are a few guiding principles virtually all enterprises can apply to increase chances of success.
To read about these principles and more, read the full version of the article.
