“FMCG Sector Enters New Era”
: F&N adopts A.I. to uncover new customer channel preferences
Malaysia, 18th December 2019 – Fraser & Neave Holdings Bhd (F&N), one of ASEAN’s oldest and most established food and beverage company, is partnering up with award-winning AI company MyFinB, to develop an AI-powered Optimisation Engine called Optimus 8.
Optimus 8 is an AI expert system that will help F&N manage the distribution of their goods more effectively to various channel points in Malaysia.
By leveraging MFB’s AI technology, the system will have 8 AI modules namely Pricing Insights, Customer Insights, Channel Insights, Product Insights, Promotional Insights, Incentive Insights, Competitive Insights and Financial Insights.
According to Deloitte, it is anticipated that continued economic growth in the APAC region will increase consumer spending power — particularly as the middle class widens and the demographics of the region’s population continue to skew younger. Experts estimate that a third of the world’s consumer packaged goods’ growth between 2018 and 2023 will come from Asia, accounting for nearly 35 per cent of global industry share by 2022.
It is therefore imperative for F&N to utilise solutions such as Optimus 8 to counter the unprecedented changes to distribution models and channels and predict the emergence of new players.
Optimus 8 will capture data such as video data, delivery data, transactional data, sales, purchase and inventory data. Through cognitive analytics, machine learning and natural language generation and understanding, the system will transpose the data into deep insights.
According to MyFinB’s CEO, M Nazri, “To remain relevant, F&N must understand the opportunities and risks in different markets and demographics and be prepared to apply different commercial strategies to drive growth. The adoption of technology-enabled platforms like Optimus 8 is essential to aid decision-making on actionable strategies. Business outcomes include alignment of business priorities across the organisation, greater revenues, and cost management.”
According to F&N’s spokesperson, “One important factor that will continue to propel the FMCG sector to higher growth paths in the near future is the increasing use of technology. Optimus 8 will be a fundamental tool for companies in the FMCG space to optimise price, promotion and channel strategies to expand customer reach. F&N is looking forward to and studying the trends of how global players are using AI to predict customer purchasing patterns and changing preferences.”
Optimus 8 is part of a special scheme under the Digital AI Labs (DIAL) by MyFinB so that “every organisation can now own A.I”. For this project, MyFinB produces the AI algorithms and automated narrative engine while F&N provides its methodology and subject matter expertise in the retail and FMCG field to contribute towards the system development.
We started MyFinB (MFB) in order to fill a big need — giving management, board and decision makers a fast and simple way to understand complex and voluminous data. We feel that in today’s space, spending money sourcing and aggregating data, spreadsheets and dashboards as mechanisms to understand data simply aren’t value for money. People want the insights and recommendations the data supports—about their operations, about their business, about their future. And, what better way to tell stories than through analytics?
That’s why MyFinB is heavily focused on creating exceptional tool driven by our proprietary analytical platform that transforms structured and unstructured financial data into meaningful and insightful narratives people can simply read – and more importantly, MAKE BETTER DECISIONS. MyFinB enables organisations to spend less time crunching numbers and more time providing their management and other stakeholders with actionable information that, ultimately, helps them make better financial decisions.
For more details, please visit www.MyFinB.com and email: corpcomms@MyFinB.com.
ABOUT FRASER & NEAVE HOLDINGS BHD
Fraser & Neave Holdings Bhd (F&NHB) is amongst the region’s oldest and most established food and beverage companies with its brands enjoying the distinction of being a market leader and household name in many categories. F&NHB Group is a syariah compliant company listed on Bursa Malaysia’s Main Board with an annual turnover in excess of RM 4 billion from its core business in the manufacture, sale and marketing of beverages and dairy products.
Our business operation is organised according to products and services, namely Food & Beverages Malaysia (F&B Malaysia) which encompass both Soft Drinks and Dairies Malaysia business; Food and Beverages Thailand (F&B Thailand); and Property and others. F&NHB operates in Malaysia, Brunei, Thailand and Indochina, and is a subsidiary of Fraser and Neave, Limited.