HomeArtificial IntelligenceUsing generative AI to speed up product innovation

Using generative AI to speed up product innovation

Generative artificial intelligence (GenAI) is usually a powerful tool for driving product innovation when used accurately. We discuss select, high-impact product use cases that exhibit AI's potential to revolutionize the best way we develop, market, and deliver products to customers. The combination of strong data management, predictive analytics and GenAI is key to take your product organization to the following level.

1. Answering customer queries with an AI-driven chatbot

ChatGPT distinguished itself as the primary publicly available virtual chatbot with GenAI support. Now corporations can adopt the core principles of this technology and apply them to their operations, further enriched by contextualization and security. With IBM watsonx™ Assistant, corporations can construct large language models and train them using proprietary information while ensuring the safety of their data.

Conversational AI solutions can have multiple product applications that increase sales and improve customer experience. For example, an intelligent chatbot can address common customer concerns regarding billing clarifications. When customers seek explanations about their bills, a GenAI-powered chatbot can provide them with detailed explanations, including transaction logs for usage and overage fees.

It may provide recent product packages or contract terms that align with a customer's existing usage needs, discover recent revenue opportunities and improve customer satisfaction. Companies using IBM watsonx Assistant can expect a 30% reduction in customer support costs and a 20% increase in customer satisfaction.

2. Accelerate product modernization

GenAI is able to automating manual product modernization processes. GenAI technologies can search publicly available sources comparable to press releases to gather competitive data and compare the present product mix with competitors' offerings. It may gain an understanding of market benefits and suggest strategic product changes. These recent insights may be implemented faster than ever before.

A key advantage of GenAI is its ability to generate code. Now a business user can use GenAI tools to develop preliminary code for brand new product features without relying so heavily on technical teams. The same tools can analyze code and discover and fix errors within the code to cut back testing effort.

GenAI solutions like IBM watsonx™ Code Assistant meet the core technical needs of corporations. Watsonx Code Assistant will help corporations reduce development effort by 30% or increase productivity by 30%. These tools have the potential to revolutionize technical processes and increase the speed of technical product delivery.

3. Analysis of customer behavior for tailored product recommendations

With the ability of predictive analytics and GenAI, corporations can discover when specific customers are best suited for brand new products, receive suggestions for the corresponding products, and receive suggested next steps for interacting with the client. For example, if a customer experiences a significant business change, comparable to an acquisition, predictive models trained on previous transactions can analyze the potential need for brand new products.

GenAI can then suggest upselling opportunities and write an email to the client, which is reviewed by the vendor. This enables sales teams to speed up value creation while providing customers with best-in-class service. With IBM® watsonx.data™, company data may be prepared for various evaluation and AI use cases.

4. Analyze customer feedback to tell business strategy

Companies have the chance to make use of GenAI to enhance customer experience by acting on customer feedback faster. Several industry-leading models for various kinds of summarization can be found through IBM® watsonx.ai™. This technology can quickly interpret and summarize large amounts of customer feedback.

It can then provide product improvement suggestions with specific requirements and user stories, accelerating response speed and innovation. GenAI can pull themes from lost customer feedback to light up trends, suggest recent sales strategies, and equip sales teams with business intelligence and ready-made follow-ups.

5. Applying customer segmentation for intelligent marketing

GenAI has the potential to revolutionize digital marketing by increasing the speed, effectiveness and personalization of selling processes. Using standard data evaluation techniques, corporations can discover patterns and clusters in data to enable more accurate customer targeting.

Once the clusters are created, GenAI can enable automated content creation processes that reach specific customer groups on different platforms. IBM watsonx™ Orchestrate enables the user to automate each day tasks and increase productivity. This tool can quickly create content, hook up with, and send updates across multiple platforms, saving marketing teams money and time when deploying solutions.

This ability to create content and interact customers is the important thing differentiator of generative AI and a part of what makes these recent technologies so exciting. GenAI can transform expensive, manual marketing processes into accelerated, automated processes.

Are you able to speed up your product processes?

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