Your Competitive Advantage in Turbulent Markets
Learn how Turing Labs’ AI-enabled digital formulation platform helps CPGs innovate by identifying cost-saving opportunities faster than competitors to increase market share even in today’s inflationary market.
How the CPG industry has been hit by inflation and supply chain disruptions
The benefits of AI for R&D — increase the cost, speed, and quality of innovation
Common misconceptions about AI in R&D
How Turing Labs increases CPG resilience to give you a competitive advantage despite market conditions
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CPG Innovation Faces Market Challenges and Changing Consumer Needs
Inflation in the U.S. has sent the cost of food, materials, and energy soaring at the fastest rate in 40 years, according to the Department of Labor. CPGs are facing increased manufacturing, ingredients, and raw material costs across most product types. The cost of manufacturing soaps and detergents has risen 14% since the beginning of 2021, while milk has increased in cost by 43% in the same period.
Consumers are reacting to these rising costs. According to McKinsey, 74% of consumers are “buying food in bulk, adjusting the quantities purchased, and purchasing a less expensive brand or private label” to make their money go further.
These combined pressures will have a major impact on CPG profitability. You need to find ways to innovate and adapt without losing your market share.
But the existing R&D processes for testing and prototyping product innovations are too slow and linear. They won’t help you adapt to the most challenging market conditions in 40 years. How can you combat these market challenges and preserve your bottom line?
AI Gives CPG Brands a Competitive Advantage for Innovation
Adding artificial intelligence into your R&D processes enables CPGs to run more tests more quickly. This means you can:
Explore more creative innovation opportunities, not just the easiest options
Identify cost savings and optimize product formulations, manufacturing processes, packaging materials, or raw ingredients
Accelerate decision making for new products, so you can start benefiting from your cost-savings initiatives sooner
An AI-driven digital formulation platform like Turing Labs gives your R&D team an advantage against your competitors. Short-term, it helps you identify and realize cost savings in product formulations, and long-term, it expands your innovation capabilities — without needing to grow your team.
“Turing saved us $6.7M in R&D costs and showed us what in-silico product development really looks like.”
Spokesperson, Global Consumer Goods Company
“We’ve spent millions and years with
other vendors to achieve true digital R&D. Turing somehow did it in six months.
Head of R&D Digital Transformation,
One of the world’s top 5 CPG companies