By Jessica DiNapoli
NEW YORK (Reuters) - Colgate-Palmolive (NYSE:CL) is soliciting feedback on possible new product from "digital twins" of prospective consumers, the company's chief analytics & insights officer Diana Schildhouse said on a Reuters NEXT panel on Tuesday.
New York-based Colgate built the "digital twins" - programmed to simulate a real-life consumer - internally to speed up the process of coming up with new and enhanced products, Schildhouse said. The computerized consumers will respond and react to claims and new features of the possible new products, she said.
Companies can also make “digital twins” of their supply chains, for example, allowing them to analyze where problems may arise and how to fix them.
Consumer goods makers like Colgate look to develop new versions of household staples like toothpaste, dish soap and toilet paper to encouraging consumers to buy more and pay steeper prices. The industry has seen faltering sales as cash-strapped shoppers pull back after years of inflation.
Schildhouse said on the sidelines of the Reuters NEXT conference that Colgate will still test new products on human consumers for their feedback.
Colgate has also worked with firm Market Logic on developing a generative artificial intelligence program to analyze its proprietary consumer research, Schildhouse said.
Colgate employees can query the program to search the company's consumer research about tooth whitening trends in certain geographies, for example, Schildhouse said on the sidelines of the conference.
She said any new technology Colgate adopts like generative artificial intelligence has to create value for the company, helping grow sales, cutting costs or saving time.
To view the live broadcast of the World Stage go to the Reuters NEXT news page: