One recurring question frequently asked by our candidates is, "How safe is my job from AI?" In this ongoing AI series, we will delve into the advancements of AI within specific fields in cosmetics. Today, we'll explore the applications of AI in New Product Development (NPD) in the personal care and beauty industry.
As AI gradually integrates into our daily lives, its intelligence is growing exponentially, leading to concerns about job safety for many individuals. However, it's important to note that similar to how computers revolutionized people's lives, we expect to see a comparable impact through the adoption of AI. While some jobs may be replaced after the widespread adoption of AI, it will also create new sectors and opportunities for individuals to explore their potential. AI's ability to automate repetitive tasks will allow humans to focus on more complex and intellectually stimulating tasks.
Rather than asking if AI will replace an NPD’s role, the right question is, "How will AI cause my job to evolve?" Well, PwC's 'Digital Product Development' report reveals that companies with a digitally enabled product development process can significantly reduce time-to-market by 28%, improve efficiency by up to 31%, and cut production costs by 20%. The key lies in utilizing digital tools, methodologies, and processes, reducing the need for excessive spending on product development while maximizing performance. Moreover, with the beauty industry's role in the climate crisis, there’s never been a more important time for cosmetics brands to refine product development process to reduce waste.
AI software empowers new product developers to gain a precise and comprehensive view of their target customers' preferences. By leveraging AI products and social listening tools, NPDs can base their decisions on empirical data rather than intuition or anecdotes, leading to more informed choices backed by a richer dataset.
Addressing the concern of job replacement by robots, we believe AI won't replace human judgment, interaction, social perceptiveness, and originality required to bring concepts to market anytime soon. Instead, AI offers clear benefits, enabling NPDs to create superior products, faster and more efficiently. For individuals in this industry, we strongly recommend embracing AI as a tool to future-proof their careers.
The integration of AI in the personal care and beauty industry presents both opportunities and challenges. While AI may change the nature of certain jobs, it offers substantial advantages, such as accelerated product development and reduced waste. As we move forward, individuals in this field should embrace AI as a powerful ally and invest in understanding the tools and technologies that will shape the future of their careers.
For more advice on your NPD career or to discuss how your beauty business can become more digitally sophisticated by expanding your team with forward-thinking, AI-aware employees, please email us at firstname.lastname@example.org.