Deep Tech Musings DTM E25: AI/ML in FMCG Industry & at Unilever
Jul 23, 2021
Parikshit Nag, Head of Data Science & Advanced Analytics at Unilever South Asia, shares insights on the transformative role of AI and ML in the FMCG sector. He discusses the unique challenges faced by traditional companies concerning data access and the innovative strategies that modern firms are adopting. Parikshit highlights key AI/ML products used at Unilever and estimates significant economic contributions from AI in India. The conversation also explores the importance of a collaborative culture in boosting operational efficiency and navigating evolving consumer behaviors.
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Non-Gas Perfume Disruption
- Non-gas perfumes disrupted the Indian deodorant market, surpassing traditional brands like Axe.
- This illustrates how identifying and capitalizing on emerging trends can lead to significant market shifts.
Evolution of Forecasting and MMM
- Traditional forecasting has evolved from univariate statistical models to multivariate machine learning and deep learning algorithms.
- Similarly, marketing mix modeling has shifted from linear regression to Bayesian frameworks and more actionable outcomes.
Unilever's Noodle Experiment
- Praveen shares a story of working with Unilever R&D to simulate noodle breakage using advanced technology.
- This highlights Unilever's commitment to innovation and solving unique product challenges.