Pune: The way we choose our favourite snacks and beverages is changing, and artificial intelligence in food technology is playing a bigger role than ever. Deeply at the root of this is the 'AI Palette', one of the most sophisticated, AI-powered consumer insights platforms for food and beverage companies that can anticipate future marketplace trends long before they make it on the market.
How 'AI Palette' is Revolutionising Food Production?
Typically, marketing research through market surveys, focus groups, and historical sales data has been used to direct decision-making regarding food and beverage companies' product development. Yet, in the fast-changing era, the procedure is still too slow and too inefficient.
However, the platform for trend prediction using AI generated by Palette's platform for AI-based trend prediction differs dramatically. Using data sets of millions derived from social media, restaurant menus, food websites, blogs, and product reviews, the company delivers real-time intelligence on what's trending in the form of flavor-related keywords, ingredients, and sentiment.
For example, when social media metrics are used to track a rise in the popularity of drinks with "spicy mango," the AI-powered market research engine of 'AI Palette' uses the power of AI not only to detect this trend but also to immediately alert the companies brewing new drinks who can subsequently capitalise (build on the trend) in creating new drinks products on the back of this popularity trend.
From Pune to the Global Stage
Shreerang Joshi, a distinguished alumnus of the College of Engineering Pune (COEP), is now recognised as a thought leader in artificial intelligence (AI)-driven sales approaches and B2B technology solutions. Now, as the Vice President of Global Sales at 'AI Palette', he is bringing advanced AI and machine learning solutions to the CPG (consumer packaged goods) industry, helping brands analyse market trends and consumer behaviour with predictive analytics.
"We're empowering brands to innovate on their terms," Joshi explained in a recent conversation. Thanks to AI, we can forecast to food and beverage companies what customers desire after a product before they even know they do.
The Future of AI in Food & Beverage Innovation
Thanks to an AI-driven understanding of the food industry, 'AI Palette' is emerging with increasing success. During March 2024, the company received a series A1 investment of $5.7M a total of $11.2M to date.
This investment will enable the company to extend the AI-driven capabilities of the company, expand into new international markets, and remain a force in the future shaping of CPG brands.
For Shreerang Joshi it is not only a business, but the transformation of the food industry through the adoption of AI and digitalization.
"AI is no longer the future—it's here," Joshi noted. Companies that will take the lead are those that utilise AI-based consumer data and predictive analytics.
Shreerang Joshi is playing an active part in directing the future of what the world will eat shortly.
