Digital twins are making an incredible impact on the manufacturing industry. By simulating the factory using real-time data from sensors and other IoT technology, manufacturers can iterate faster during the product design, improve efficiency, forecast potential equipment failures and even help train new workers in virtual environments. And now, one major toothpaste player is testing new products on digital twins of customers, i.e., virtual people.
Colgate revealed the new tactic a few weeks ago, during a Reuters NEXT panel. NEXT is an annual business summit that draws industry leaders to share ideas that “question today to build a better tomorrow.” Well, it looks like our better tomorrow will be built upon market research from simulated customers.
Most Read on IEN:
According to Diana Schildhouse, Colgate's chief analytics and insights officer, the company built digital twins of customers to speed up the product development process. According to Reuters, these artificial consumers respond and react to prospective new features.
As the consumer product goods (CPG) industry has seen customers buck inflated name-brand prices in exchange for generic alternatives; major manufacturers hope to launch new versions of home essentials to win back consumers. Is the artificial alternative the way to win back real pocketbooks? We shall see.
Colgate says it will still test product concepts on humans, and what could make a bigger potential impact is a new wrinkle in the toothpaste maker's longstanding relationship with Market Logic Software. The partners are developing a new generative AI platform to scrub Colgate's decades of proprietary research and build a model that employees can query to look for deeper insights into consumer trends.
Click here to subscribe to our daily newsletter featuring breaking manufacturing industry news.
WEBVTT
X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0
00:00.009 --> 00:04.920
Digital twins are making an incredible impact
on the manufacturing industry by simulating the
00:04.920 --> 00:08.789
factory using real-time data from sensors and
other IOT technology,
00:09.079 --> 00:12.750
manufacturers can iterate faster during the
product design process,
00:13.319 --> 00:16.639
improve efficiency, forecast potential
equipment failures,
00:16.760 --> 00:20.280
and even help train new workers in virtual
environments.
00:20.399 --> 00:27.200
And now one major toothpaste player is testing
new products on digital twins of
00:27.200 --> 00:29.200
customers or.
00:30.129 --> 00:31.260
Virtual people.
00:31.530 --> 00:35.959
Colgate revealed the new tactic a few weeks ago
during a Reuters next panel.
00:36.250 --> 00:41.209
Next is an annual business summit that draws
industry leaders to share ideas that question
00:41.209 --> 00:43.439
today to build a better tomorrow.
00:43.689 --> 00:46.650
Well, it looks like our better tomorrow will be
built upon.
00:46.770 --> 00:50.639
Market research from simulated customers.
According to Diana Shildhaus,
00:50.959 --> 00:56.080
Colgate's chief analytics and insights officer,
the company built digital twins of customers to
00:56.080 --> 00:58.029
speed up the product development process.
00:58.389 --> 01:03.080
According to Reuters, these artificial
consumers respond and react to prospective new
01:03.080 --> 01:08.599
features as the consumer product goods industry
has seen customers buck inflated name brand
01:08.599 --> 01:11.120
prices in exchange for generic alternatives.
01:11.650 --> 01:16.959
Major manufacturers hope to launch new versions
of homes essentials to win back consumers.
01:17.650 --> 01:21.529
Is the artificial alternative the way to win
back real pocketbooks?
01:21.730 --> 01:22.930
We shall see.
01:24.480 --> 01:28.519
Colgate says it will still test product
concepts on humans,
01:28.599 --> 01:34.000
and what could make a bigger potential impact
is a new wrinkle in the toothpaste maker's long
01:34.000 --> 01:36.750
standing relationship with Market logic
software.
01:36.919 --> 01:42.319
The partners are developing a new generative AI
platform to scrub Colgate's decades of
01:42.319 --> 01:48.000
proprietary research and build a model that
employees can query to look for deeper insights
01:48.000 --> 01:49.470
into consumer trends.
01:49.760 --> 01:50.830
I'm David Manti.
01:51.120 --> 01:52.480
This is manufacturing now.
