AI product launch management – how to redesign business processes with Artificial Intelligence?
Once a tool reserved for only the most elite and highest-earning companies, AI is now more accessible than ever. Generating a $52 billion market that is seeing record growth, every prominent market leader and player has moved to integrate artificial intelligence into the core of their business processes.
As product launches become increasingly complex, many businesses are looking to artificial intelligence for support. AI can streamline product launch management and make the process more efficient. By using AI to automate tasks, companies can free up time and resources to be devoted to other aspects of the product launch.
As a result, it can play a vital role in product launch management and help businesses optimize their processes.
Where is AI Used?
Product development is a critical but often time-consuming process for businesses. In order to work faster and more efficiently, many companies are now utilizing AI. According to PwC, digital product development incorporating AI enhances efficiency by almost 20% and reduces product launch time by 17%. Artificial intelligence can be used in various ways throughout the product development process, from helping to generate new ideas and concepts to streamlining product testing and debugging. By harnessing the power of AI, businesses can gain a significant competitive advantage.
Over the next five years digital product development is expected to:
PwC’s research also shows that 68% of digitally advanced companies have already integrated AI into their product development. This percentage is forecast to grow even higher in the coming years as artificial intelligence continues to revolutionize product launch management.
PwC’s study found that artificial intelligence can help organizations to:
- speed up the product development process,
- improve quality control
- reduce costs.
In addition, AI can also assist with marketing and sales activities related to new product launches. For example, it can be used to generate realistic 3D product renders and create virtual customer environments for testing purposes.
As AI continues to evolve, it is likely to have an even more significant impact on all aspects of product launch management.
AI in Product Launch Management
The incorporation of artificial intelligence has revolutionized various product launch management processes. Here are some of the most prominent examples:
Data gathering and analysis are among the most critical areas where AI can impact product launch management. By automating this process, businesses can obtain a vast quantity of analyzed information that can be used to generate new ideas for products, systems, or solutions. In this way, AI provides a powerful data management tool, helping companies to introduce innovative new products to market quickly and efficiently.
A fantastic example of data analysis incorporating AI is Discovery Platform by Helixa – an analytics engine that equips its partners with the tools to understand a given target audience better. Gathering and analyzing precise data allows the user to build detailed personas based on interests, demographics, and psychographics, which assists in generating a business strategy.
Utilization of Data
In a similar vein, once AI has contributed to the process of gathering and analyzing data, the information must be put to use. Artificial intelligence can once again be incorporated to help identify potential new products and assess customer reactions to new products. AI can also be used to help predict the success of a new product launch. Data gathered from test marketing, customer surveys, and other sources can be used to train new intelligence models. These models can then generate new product ideas and provide predictive information on customers’ possible reactions. AI can thus play a valuable role in helping to ensure the success of new product launches.
A tool that excels in the utilization of data is Crayon which allows businesses to track, analyze, and act on everything happening in the market. As stated by its CMO Ellie Mirman:
Using AI and machine learning supports capturing, filtering, prioritizing, and analyzing competitive data, which can then be used to drive effective strategies and tactics in sales and marketing.Ellie MirmanCMO at Crayon
Optimization of Product Design
By analyzing data related to market trends, customer preferences, and competitive products, AI-powered software can help identify potential new product opportunities and optimize the design of those products to meet customer needs. AI can also help streamline the product development process by identifying and resolving potential problems before they cause delays or costly reworks. As a result, using AI in product launch management can help to improve the chances of success for new products and save time and money in the development process.
Measure of Performance
Artificial Intelligence can be beneficial in measuring performance, especially in something as complicated as product launch management. AI algorithms can gather data from different sources and eliminate all possibilities for error. Additionally, AI removes a large degree of subjectivity from human decision-making and can be a great tool for providing feedback or noticing issues that are not readily apparent to the human eye.
A popular AI-based tool used for people management is called PeopleHum. It helps companies hire, train, and manage employees throughout their career cycle.
Better Protection Against Cybercrime
Artificial Intelligence is playing an increasingly important role in the fight against cybercrime. By analyzing huge quantities of data, AI-powered tools can spot unusual behavior much quicker than humans and report it, making the systems much safer.
By incorporating AI into their product launch management strategy, organizations can dramatically reduce the risk of a successful cyberattack.
Better Customer Service
Artificial Intelligence can be leveraged to great effect in order to improve customer service in product launch management. AI allows for the gathering of customers’ feedback in order to ensure that the products being developed are responsive to customer needs. Additionally,
According to Servion Global Solutions, by 2025 AI will power approximately 95% of all customer interactions, including live telephone and online conversations. The researchers say that businesses which do not get ready for this coming revolution risk being left behind dramatically. Consequently, it is evident that Artificial Intelligence represents a significant opportunity for those engaged in product launch management to improve customer service levels.
What Are Some Products that Utilize AI
Not only is artificial intelligence a critical component of a business’s internal operations, but many successful companies have built successful products out of AI systems themselves. This demonstrates the versatility and opportunities that AI brings to businesses.
A great application of artificial intelligence is the GPT-3 engine created by OpenAI. This engine can be used to write and summarize texts, and it does it much quicker than any human. The software is used by companies such as eBay or Nestlé to generate their marketing materials.
Another AI-based platform popular with significant market leaders is H2O.ai – a fully open-source, distributed in-memory machine learning platform with linear scalability. It works on big data chunks, allowing users to test data and acquire insights.
Grammarly is becoming an essential tool for all writers. It’s not only an efficient grammar checker; it also helps users evaluate the readability of their texts, giving them scores based on various comprehension factors.
ABOUT AREK SKUZA
With over 15 years of experience in delivering exemplary results in revenue growth and market expansion, Arek Skuza has proven the ability to successfully advise companies on their business models. He has proven experience in identifying processes that should be redesigned and automated within a company, increasing overall efficiency and productivity.
He quickly finds out how and where artificial intelligence is most efficiently injected into organizations, such as through personalization for each customer, improving the customer experience through AI-driven innovations, and data analysis for products and their feedback.
You can read more texts by Arek here.