From SMEs & startups to large enterprises, almost everyone is vying to launch the latest products that will generate streamline various activities, boost revenues and drive growth.
Artificial Intelligence & Machine Learning are at the forefront when it comes to making contributions towards accelerating product development.
Did you know?
- Almost 20,000 job positions are up for grabs (on LinkedIn, Indeed & Monster) for product development and DevOps engineers who are proficient in Ai/ML.
- A leading multinational IT services & consulting company has predicted that the size of the connected products market will be around USD 600 to 700 Billion.
- Out of 10 enterprises, at least one enterprise leverages close to 10 Ai/ML applications.
After looking at these statistics, you will realize that Ai and ML are poised to take product development to greater heights!
3 Ways Ai is Improving Product Development
1. Encourage Agile Product Development
New product development is a highly complicated, cumbersome process & time-consuming process. According to recent studies, almost 50% of the time goes into setting up the necessary infrastructure, assigning tasks to teams and streamlining communication between multiple teams.
Traditional code-based product development is a big headache that can cause nightmares for any development team out there. You need to hire highly skilled professionals, assign roles and responsibilities,
So, how does Ai help in such scenarios?
Ai eliminates these traditional processes by enabling enterprises to leverage digital testing and predictions of product prototypes. In this way, an organization can easily allot resources and time to physical product experiments instead of wasting time in setting up the necessary infrastructure. Startups understand this. Why? Startups are fast-moving firms that understand the need for bringing results as quickly as possible while keeping the cost regimes low.
So, Ai is the best bet for agile product development methodologies for small & medium organizations as well as large enterprises.
2. Seamlessly eliminate roadblocks in product development
Let’s take a simple example – You use a traditional code-based platform to build web and mobile applications that facilitate product development. For this to happen, you need to have skilled developers, product development teams and allied personnel. Even if you have them, you still need to put in the time, effort and resources to build the apps, test them, fix the bugs and then deploy them for enterprise use.
With Ai-powered no code app platforms, you can seamlessly build enterprise business solutions by leveraging features like the drag & drop builder, unlimited editing, real-time preview and other exciting features. But, that’s not all!
You can also integrate business-specific Ai/ML models in your applications to further improve data collection, management and analysis!
Did you know?
A leading multinational company in the US is integrating Ai/ML algorithms into cost management, procurement and strategic sourcing which is helping the firm get stable returns across product development processes!
3. Ai is becoming an “X-factor” in the development process
Let’s go a decade back – Companies are struggling to build new products and even if they build these new ones, they hit various types of roadblocks due to the lack of predictive technologies like Aiand ML.
However, as soon as an organization integrates Ai into their product development process, they will be able to seamlessly predict whether a product will turn out to be defective, useful, dangerous or won’t meet the demand.
Just imagine if large organizations such as Boeing, BMW or any other enterprise applies these trailblazing technologies. They can easily get to see the future of their products. That’s not all! Ai also enables development teams to correct the product development process wherever necessary as per predictions.
Is that it? Is this the X-factor of leveraging Ai?
Well, If we go deeper, you will realize that Ai has many more capabilities up its sleeve.
For instance, you can build an Ai-powered software that:
- Harvests search engines, social media, websites and digital media
- Applies algorithms like image classification, natural language processing (NLP), image recognition and other innovative deep learning techniques.
- Extract rich insights into various types of customer data like customer preferences, favorite products list, wish list, product page view times, returning customers and others.
What do businesses achieve by doing the above?
“Businesses not only learn what the customers prefer but also understand how specific products are used and predict the features that customers may want in the future”
The role of artificial intelligence in product development isn’t just limited to Ai integrations in a product. Even development teams can leverage Ai to streamline and accelerate development, predict future features and improve customer satisfaction.