Artificial Intelligence (AI) is making waves across industries, and the food and beverage sector is no exception. Leading this transformation is Tastewise, a company at the forefront of integrating AI into the culinary world. We had the opportunity to sit down with Alon Chen, the CEO and co-founder of Tastewise, to discuss how their innovative platform is reshaping the food and beverage industry.
TELL US A BIT ABOUT YOURSELF AND YOUR JOURNEY. WHAT INSPIRED THE CREATION OF TASTEWISE, AND HOW DOES IT INTEGRATE AI INTO THE FOOD AND BEVERAGE INDUSTRY?
Alon Chen: The inspiration for Tastewise came from a personal experience in my family’s WhatsApp group. My mom is an amazing cook, and every Friday night dinner she would ask us, “What is your new diet this week?” because my siblings, my partner, and I were constantly changing diets, and she was losing track. She wanted to know what we could eat and loved to eat. Fast forward, we realized that the same challenge my mom faced is prevalent across the food industry. The industry isn’t capable of monitoring the ever-changing diets, preferences, and culinary trends of consumers worldwide. So, we thought, ‘if it’s a problem for a mom in a small town outside Tel Aviv, it’s a problem we can solve for the entire industry.’
Tastewise leverages AI to address this issue through our comprehensive consumer data platform. Our platform uses advanced analytics and AI to conduct consumer behavior analysis on food-related data, helping brands understand what people truly want to eat and drink. By bringing the consumer perspective into every innovation, marketing, and sales activity, we bridge the gap between food brands and consumers.
HOW DOES TASTEWISE’S AI-DRIVEN PLATFORM WORK, AND WHAT IMPACT DOES IT HAVE ON PRODUCT DEVELOPMENT AND MARKETING?
Alon Chen: Tastewise allows consumer insights professionals, marketers, and salespeople to log on, see consumer perspectives in real-time, and design the next marketing campaign, presentation, or product innovation with generative AI. The platform collects data, analyzes it with behavior analysis, and translates it into actionable insights.
Historically, it would take companies 18 to 24 months to bring a new product to market. This includes nine months of data collection, consumer analysis, and running many surveys and focus groups, which can be anecdotal, biased, and expensive. Today, with the click of a button, you can simulate which products will be successful and create new concepts overnight. This transformation is crucial in a hyper-growth, hyper-changing environment where consumers are constantly influenced by platforms like TikTok and Instagram.
CAN YOU ELABORATE ON THE SPECIFIC WAYS AI ENHANCES EFFICIENCY AND INNOVATION IN THE FOOD INDUSTRY?
Alon Chen: AI enhances efficiency and innovation in several critical ways. As I said, it significantly reduces the time required for product development. Moreover, AI digitizes and automates numerous workflows that were previously manual and tedious. For instance, our platform can generate consumer insights, design marketing campaigns, and even visualize new product concepts at the click of a button. This not only saves time but also ensures that the insights are based on the latest data, making them more accurate and reliable– and accessible across organizations, connecting teams in new ways.
AI also enables a deeper understanding of consumer behavior. By analyzing vast amounts of data, AI can identify patterns and trends that would be impossible for humans to detect. This allows companies to stay ahead of trends and better meet consumer needs. For example, our platform can analyze social media trends to identify emerging dietary preferences or popular ingredients that are more than just fads. This information can then be used to develop products that are more likely to succeed in the market.
WHAT ROLE DOES AI PLAY IN ADDRESSING THE SUSTAINABILITY CHALLENGES IN THE FOOD INDUSTRY?
Alon Chen: AI plays a pivotal role in addressing sustainability challenges in the food industry by providing the insights and tools needed to develop more sustainable products and practices. The food industry is at a crossroads where it needs to rethink its products to be healthier and more sustainable. This is driven by consumer demand as well as the urgent need to address environmental issues.
One of the ways AI helps is by enabling companies to understand what sustainability aspects resonate most with consumers. For instance, should a company focus on regenerative farming practices or on making their packaging more sustainable? AI can analyze consumer data to provide insights into these questions, helping companies prioritize their sustainability efforts in a way that aligns with consumer preferences and drives business results.
AI also helps in optimizing supply chains to reduce waste and improve efficiency. By predicting demand more accurately, companies can better manage their inventory and reduce the amount of unsold products that go to waste. Additionally, AI can help in sourcing more sustainable ingredients by analyzing their environmental impact and suggesting alternatives that are better for the planet.
AI can also assist in creating products that are both healthy and enjoyable. By understanding the nutritional preferences and taste preferences of consumers, AI can help develop products that meet health standards without compromising on taste. This is crucial for promoting healthier eating habits while still appealing to consumers’ desire for delicious food. And these are just some examples.
IT’S FASCINATING. HOW DO YOU SEE THE FUTURE OF AI IN THE FOOD AND BEVERAGE INDUSTRY EVOLVING?
Alon Chen: Generative AI is the most important tool and technology today, especially for traditional industries like food and beverage, which need to move as fast as the consumer. When we started Tastewise in 2018, we didn’t realize we could provide real-time insights and data. Today, our platform can generate sales presentations, survey results, new product concepts, and countless recipes overnight. Companies ahead of the trend can serve consumers in ways others cannot, and those not adapting to AI and real-time data will be left behind.
In the future, I see AI becoming even more integrated into the food industry, driving innovation at every stage of the product life cycle. From ideation and development to marketing and sales, AI will enable companies to be more responsive to consumer needs and more efficient in their operations. This will not only result in better products but also in a more sustainable and resilient food system.
As AI continues to evolve, it will unlock new possibilities for personalized nutrition, smart packaging, and even more advanced supply chain management. The food industry is on the brink of a technological revolution, and AI will be at the heart of this transformation, driving growth, sustainability, and consumer satisfaction.
HOW HAS THE PARTNERSHIP WITH PEAKBRIDGE INFLUENCED TASTEWISE’S DEVELOPMENT AND STRATEGY?
Alon Chen: PeakBridge has been our first true partner who knows the food and beverage industry inside and out. To be successful as a food startup, you need to navigate the complex ecosystem of partners, ingredient companies, flavor companies, distributors, and retailers. PeakBridge helped us in our early days by connecting us with the right partners and assisting with our proof of concept. They continue to help us with strategy, roadmap decisions, and steering us in the right direction. Their expertise and guidance have been invaluable in shaping Tastewise’s journey and ensuring we remain at the cutting edge of AI-driven innovation in the food and beverage industry.
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