Using generative AI to accelerate product innovation – IBM Blog

Generative synthetic intelligence (GenAI) could be a highly effective device for driving product innovation, if utilized in the appropriate methods. We’ll talk about choose high-impact product use circumstances that reveal the potential of AI to revolutionize the way in which we develop, market and ship merchandise to prospects. Stacking sturdy information administration, predictive analytics and GenAI is foundational to taking your product group to the subsequent degree.  

1. Addressing buyer inquiries with an AI-driven chatbot 

ChatGPT distinguished itself as the primary publicly accessible GenAI-powered digital chatbot. Now, enterprises can undertake the foundational rules of this know-how and apply them inside their operations, additional enriched by contextualization and safety. With IBM watsonx™ Assistant, corporations can construct massive language fashions and practice them utilizing proprietary data, all whereas serving to to make sure the safety of their information.  

Conversational AI options can have a number of product purposes that drive income and enhance buyer expertise. As an example, an clever chatbot can handle widespread buyer issues concerning invoice explanations. When prospects search explanations for his or her payments, a GenAI-powered chatbot can present them with detailed explanations, together with transaction logs for utilization and overage expenses.  

It will probably additionally present new product packages or contract phrases that align with a buyer’s previous utilization wants, figuring out new income alternatives and bettering buyer satisfaction. Companies that use IBM watsonx Assistant can anticipate to see a 30% discount in buyer help prices and a 20% improve in buyer satisfaction.  

2. Accelerating product modernization 

GenAI has the facility to automate guide product modernization processes. GenAI applied sciences can survey publicly accessible sources, equivalent to press releases, to gather competitor information and evaluate the present product combine to competitor choices. It will probably additionally acquire an understanding of market benefits and counsel strategic product adjustments. These new insights could be realized at better speeds than ever earlier than. 

A key advantage of GenAI is its skill to generate code. Now, a enterprise consumer can use GenAI instruments to develop preliminary code for brand spanking new product options with out as a lot reliance on technical groups. These identical instruments can analyze code and establish and repair bugs within the code to scale back testing efforts.  

GenAI options equivalent to IBM watsonx™ Code Assistant meet the core technical wants of enterprises. Watsonx Code Assistant might help enterprises obtain a 30% discount in improvement effort or a 30% productiveness acquire. These instruments have the potential to revolutionize technical processes and improve the velocity of technical product supply. 

3. Analyzing buyer habits for tailor-made product suggestions 

With the facility of predictive analytics and GenAI, companies can perceive when particular prospects are greatest suited to new merchandise, obtain options for the suitable merchandise, and obtain steered subsequent steps for participating with the consumer. For instance, if a buyer undergoes a significant enterprise change equivalent to an acquisition, predictive fashions educated on earlier transactions can analyze the potential want for brand spanking new merchandise.  

GenAI can then counsel upselling alternatives and write an e-mail to the client, to be reviewed by the salesperson. This empowers gross sales groups to extend velocity to worth whereas providing prospects top-tier service. Utilizing IBM® watsonx.information™, enterprise information could be ready for varied analytical and AI use circumstances. 

4. Analyzing buyer suggestions to tell enterprise technique 

Enterprises have the chance to make use of GenAI to enhance buyer expertise by extra readily actioning buyer suggestions. Via IBM® watsonx.ai™, varied industry-leading fashions can be found for various kinds of summarization. This know-how can rapidly interpret and summarize massive volumes of buyer suggestions.  

It will probably then present steered product enhancements with fleshed-out necessities and consumer tales, accelerating the velocity of responsiveness and innovation. GenAI can pull themes from suggestions from misplaced prospects to light up tendencies, counsel new gross sales methods, and arm gross sales groups with enterprise intelligence and pre-scripted follow-ups. 

5. Making use of buyer segmentation for clever advertising and marketing 

GenAI has the potential to revolutionize digital advertising and marketing by rising the velocity, effectiveness and personalization of promoting processes. Utilizing customary information analytics practices, companies can establish patterns and clusters inside information to allow extra correct concentrating on of consumers.  

As soon as the clusters are created, GenAI can energy automated content material creation processes that attain particular buyer teams throughout varied platforms. IBM watsonx™ Orchestrate permits the consumer to automate each day duties and improve productiveness. This device can create content material, connect with completely different platforms, and ship out updates throughout them on the drop of a hat, saving advertising and marketing groups money and time as they ship options.  

This content material creation and buyer outreach skill is the important thing differentiator of generative AI and a part of what makes these new applied sciences so thrilling. GenAI can take costly, guide advertising and marketing processes and translate them into accelerated, automated processes. 

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