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The majority of product development in F&B companies follows an outdated model, where disconnected 3rd party datasets and insights are applied within a stage/gate process.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.
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.