When launching a new product in the food and beverage industry, there are inherent risks involved. Put simply, there is a possibility of failure, resulting in wasted resources and expenses for the manufacturer. This risk is present even for well-established companies and can lead to 50 days of wasted staff hours and €500,000 in lost costs, according to estimates.
To address this issue, Cambri, a Nordic tech company, has introduced Launch AI. This innovative solution aims to minimize risks by offering manufacturers predictions and advice regarding the potential success of their product launches.
Cambri claims that launches utilizing its AI have a success rate of 73%, significantly surpassing the market average of 5-25% successes. The AI operates through two key functions: ‘predict’ and ‘advise’. The ‘predict’ function combines deep survey data and post-launch data to determine the likelihood of success for a new product. In contrast, the ‘advise’ function provides a summary of key strengths and weaknesses for the product, along with suggestions on how to improve it if necessary.
In the context of the food industry, the AI can analyze an NPD idea and identify strengths such as convenience or eye-catching branding, as well as potential weaknesses like limited flavor options or concerns over packaging’s environmental impact. It also highlights unique aspects of the product, such as its special flavors. Additionally, the AI provides insights on consumer preferences and concerns, including desires for healthier options or worries about misleading health claims on packaging.
“Cambri isn’t a simple validation tool,” emphasized Ben Harknett, CEO at Cambri. “It connects brand innovators with over 240m consumers globally to help test and co-create products by getting real-time feedback that enables agile and iterative innovation.”
The AI’s focus extends to food and beverage launches, with Harknett mentioning that many clients from these categories have utilized Cambri’s services for NPD guidance and insights. The company has amassed an extensive amount of pre-launch test data from various categories and markets within the food and beverage industry. Their proprietary natural language processing (NLP) solution has been developed and refined using this abundant data, ensuring high-context accuracy within their AI integration.
In today’s rapidly evolving food and beverage landscape, it is crucial for manufacturers to stay informed about industry trends, technological advancements in food processing, distribution, packaging, and marketing, as well as consumer preferences and regulatory requirements. By leveraging Launch AI’s predictive capabilities and advisory feature, businesses can reduce the risks associated with product launches and make informed decisions that have a higher chance of success.
Overall, Cambri’s Launch AI offers a valuable solution for the food and beverage industry, enabling manufacturers to innovate, adapt to consumer demands, and navigate the dynamic marketplace with greater confidence and efficiency.
