Colgate Tests New Product Ideas on 'Digital Twins' (Connecting the Dots: Colgate-Palmolive Company & Soros Funding, All Networking)

Colgate Tests New Product Ideas on 'Digital Twins' (Connecting the Dots: Colgate-Palmolive Company & Soros Funding, All Networking)

Newsmax.com

Tuesday, 10 December 2024 02:39 PM EST

https://www.newsmax.com/finance/streettalk/colgate-product-ai/2024/12/10/id/1191124/

Colgate-Palmolive 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 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.

Connecting the Dots:

Helene D. Gayle is a director at the Colgate-Palmolive Company, a director at the ONE Campaign and a director at the New America Foundation.

Michelle Obama is an advocate for the ONE Campaign.

ONE Campaign is a partner with the International Rescue Committee.

Foundation to Promote Open Society was a funder for the International Rescue Committee and the New America Foundation.

George Soros was the chairman for the Foundation to Promote Open Society and is Jonathan Soros’s father.

Jonathan Soros is George Soros’s son and a director at the New America Foundation.

Helene D. Gayle is a director at the New America Foundation, a director at the ONE Campaign and a director at the Colgate-Palmolive Company.

Resources: Past Research

Smaller Bites – Fabuloso Recall (Connecting the Dots: Colgate-Palmolive Company, The ONE Campaign, Jonathan Soros & George Soros Funding, All Networking) (Past Research on the Colgate-Palmolive Company)

Wednesday, February 8, 2023

https://thesteadydrip.blogspot.com/2023/02/smaller-bites-fabuloso-recall.html