Conagra Brands Enhances its Artificial Intelligence Capabilities with Human-Centered Approach
Rhea-AI Summary
Conagra Brands (NYSE: CAG) announced advancements in its AI initiatives through a human-centered approach. In collaboration with Microsoft and Ernst & Young (EY), the company aims to boost efficiencies by integrating generative AI, intelligent automation, and strategic tools across various operations including IT, Supply Chain, R&D, and Marketing.
Conagra's use of Microsoft Power Platform and Azure OpenAI Service empowers employees to enhance productivity and automate tasks. A joint two-day hackathon with Microsoft led to improved automated product labeling processes.
Collaborations with EY focus on leveraging AI for branding and marketing, streamlining the content creation process through generative AI models. These initiatives complement existing AI strategies, improving decision-making, visibility, and loss prevention in the supply chain.
Tracy Schaefer, Conagra's CIO, highlighted the integration of IT and business strategy to introduce dynamic approaches and respond swiftly to industry trends.
Positive
- Boosted efficiencies through AI, enhancing decision-making and productivity.
- Successful collaboration with Microsoft and EY for AI advancements.
- Improved automated product labeling processes aiding traceability.
- Enhanced AI-driven branding and marketing solutions.
- Strengthened technology foundation enabling fast and flexible AI solutions.
Negative
- None.
News Market Reaction
On the day this news was published, CAG declined 0.92%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Collaborations with Microsoft and Ernst & Young LLP (EY) accelerate AI initiatives
Conagra is utilizing generative AI, intelligent automation and strategic collaboration with Microsoft and EY to enhance its IT, Supply Chain, R&D, Demand Science, Brand and Design operations. Examples include:
- Fueling Employee Empowerment and Productivity: By utilizing Microsoft technology solutions, such as Microsoft Power Platform and Azure OpenAI Service, Conagra employees utilize agile tools to drive productivity and automate routine tasks. In addition, the company has tested new solutions to solve more complex manual processes within its production facilities. For example, Conagra and Microsoft joined forces for a two-day hackathon to develop new automated product labeling procedures to improve the accuracy of key information found on product labels, aiding traceability and quality assurance.
- Enhancing AI-Driven Branding Solutions: Conagra and EY are exploring the potential of generative AI models to develop branded imagery to support marketing and advertising projects. The teams are evaluating existing design processes and product images, fine-tuning datasets and training AI models to create images that can be tailored to specific brand requirements. This initiative aims to scale, accelerate and streamline the content creation process through iterative collaboration with the Conagra team.
"As we implement new solutions available to us through collaborations and emerging technologies, we are not only realizing measurable results now, but identifying opportunities for future growth," said Azeem Kapadia, senior director of AI strategy at Conagra Brands. "These new digital capabilities will benefit our entire team, sharpen our focus and better shape how we operate and innovate throughout Conagra."
This work complements Conagra's existing AI initiatives, which include analyzing complex data systems that track consumer preferences and emerging trends to help inform product innovation, addressing demand challenges by understanding consumption trends and consumer behaviors, and tracking processes across the supply chain to provide greater visibility into shipments and identify loss prevention opportunities.
"We have established a strong technology foundation that enables our employees to identify, prioritize and build fast and flexible solutions powered by AI for the benefit of the entire company," said Tracy Schaefer, senior vice president and chief information officer at Conagra Brands. "These initiatives, which blend IT and business strategy, will help Conagra introduce new dynamic approaches for our business and respond quickly to industry trends."
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), with headquarters in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, and Slim Jim®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
For all media inquiries, please contact: media@conagra.com
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SOURCE Conagra Brands, Inc.
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