Tastewise, an AI-powered market intelligence platform based in New York, is launching TasteGPT, its next evolution of generative AI solutions.
While Tastewise already incorporates generative AI to help users at companies like Nestlé, Campbell’s, Mars, Givaudan and PepsiCo discover dish concepts, validate new product ideas and generate market research reports, the company is expanding its capabilities.
Leveraging its proprietary AI and datasets on food consumption, TasteGPT will provide speed, productivity and increased new product success.
In a nation where social media trends can cause instantaneous nationwide retail shortages of ingredients from feta to fresh corn, and one of every eight menu items is new in the last month, consumption is changing faster than ever. Food and beverage companies responsible for what the world eats and drinks are in a race to keep up, and traditional consumer research methods provide outdated insights.
Traditional market research methods (i.e. surveys, focus groups, syndicated industry reports) for product innovation, renovation and marketing report data approximately 13 months late and miss significant behavioral shifts, making them unreliable in the current fast-moving consumer world.
The result? Products that don’t resonate with consumer needs, high product failure rates and monumental waste. However, add in generative AI tools and an industry that was once slow-growing is now exponential, with a flood of new product innovation, marketing campaigns and recipes.
“The way consumers choose what to eat and drink is already influenced by AI in countless ways. Consumers are also more informed than ever, and they expect us to meet their needs accurately, specifically and on-demand,” said Alon Chen, co-founder and CEO.
“TasteGPT can now help companies get closer to their consumers by capturing the pulse of culinary, nutritional and dietary needs, and to stay competitive in a rapidly changing market.”
By using Tastewise, brands have access to up-to-date, audience-focused and timely insights backed by strong food and beverage algorithms and more specific data quantities.
“Artificial intelligence is the only way to mitigate a lack of credible data by enabling organizations to make sense of vast amounts of data,” said Eyal Gaon, Tastewise co-founder and CTO. “With relevant AI tools, data turns into meaningful insights that drive better decision-making and innovation in real-time.”
As consumer trends and preferences are ever-changing, real-time access to the most specific data available across all moments of consumption (including restaurants, home cooking, retail and more) is critical. Four years ago, Tastewise was the first to bring AI to the food and beverage industry.
By leveraging TasteGPT and the Tastewise market intelligence platform, companies will be able to reduce the time and effort spent on research, consensus, development and go-to-market strategies. This results in rapid, precise decision-making, fewer uncertainties, faster idea execution, and increased accuracy and speed to market.
“Now, with the fast adoption of generative AI tools, people have access to a world of data-based answers at their fingertips,” Gaon said.
“But, artificial intelligence without great data is just artificial. Generative AI is a means to an end. The data that these models are based on is generic; extracting relevant, valuable insights requires data specific to your needs. TasteGPT does exactly that for the food and beverage industry.”
