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Artificial Intelligence

Delighting Consumers Through Cost Savings

Cost savings and margin management are often perceived as a “must do” to manage a brand’s PNL. However, approached and executed correctly, cost savings is also an opportunity to delight consumers and deliver the highest value. This session will focus on methods for identification of opportunities for cost reduction from sourcing ingredients, formulation, and packaging to manufacturing and the consumer experience while maximizing consumer value and liking.   Why ideate? Cost savings ideations are different from ideation for new product and solutions development. Making changes to an existing, well-loved product is both an opportunity and a risk. Through cost reduction ideations, teams can identify the opportunities that exist within their products and supply chain while maximizing product quality, safety, and other consumer benefits. How to ideate? There is not a “one size fits all” when it comes to ideation. Team culture, technical complexity, and where the team is on their cost reduction journey, are to be considered when picking and customizing an ideation methodology. Methodologies include, among others, continuous improvement inspired tools, usage of various stimulations to spark ideas, and re-imagining ways to deliver on your total product offering. It is not about “brainstorming,” but about methodical processes that are effective, fun, and consumer-centric. What comes next? An ideation output is not the end of the road. Ideas need to be prioritized based on size of prize, return on resource investment, timing for implementation, technical complexity, and more. Clear prioritization and identification of next steps, owners, and timeline are key to implementation of cost reduction projects to yield the highest savings while maintaining or even improving your product quality and consumer experience. Speaker: Yifat Rogers, PhD

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