While Netflix, Google Maps, and Amazon are all exemplary models of machine learning in action in consumer contexts, DecisionNext set out to draw similar examples for the beef industry in its recent webinar. With a focus on machine learning and its potential impact on the entire beef value chain, industry leaders were treated to five practical and insightful use cases and their questions dug into the nitty-gritty of making machine learning a reality across the industry.
If interested, you can view the entire webinar here. More of a podcast person? Simply provide your email below, and we will send it your way.
We decided to share three powerful quotes from beef industry veteran Bill Rupp that shaped the conversation and should have industry leaders tuning in to this groundbreaking technology.
"Data is running out of their ears"
The amount of data isn’t lacking in 2019. From packer to processor and retail to consumer insights, data quantity can be overwhelming. Bill makes the case that this much data can be hard to organize and be truly useful. However, machine learning can be the tool that takes the data from information to knowledge to action. And the action is where the value is finally realized.
"Millennials aren't married to a chuck roast in the winter, a rib roast on Valentine’s Day, or hamburgers for the Super Bowl"
Retail meat departments have changed very little over the decades. But Bill noted that Millennial and ‘Gen Z’ consumers bring about a new wave of demand. Their buying habits prove that the meat case needs to be open to new innovative products. Machine learning can help decipher what product innovation opportunities are available and at what price points. To optimize each linear footage of shopping space begins with knowing what the consumer wants today and in the future.
"You have to invite the team member named 'Machine' to the inner sanctum for decision-making"
Bill cut straight to the point. In 2019, business decisions have to be made with sophisticated analytics in conjunction with industry experts. Human + machine is the best equation. The combination allows for human bias to be checked and assumptions to be challenged. It makes decision-makers discuss and debate machine projections and challenges the business to be proactive rather than reactive to market dynamics.
Dive into more of Bill’s insights in the webinar replay. Plus, you won’t want to miss our CEO & Co-Founder, Mike Neal, give his take on the future of machine learning within the beef industry.