How AI is accelerating new product development?
by Pritam Gautam in General
Enterprises, startups and businesses are leveraging the innumerable facets of artificial intelligence and machine learning to develop and launch new products. With AI and ML getting imbued in new product development, it is not sufficient anymore to simply rely on traditional data gathering technologies. AI and ML can provide the best possible options based on its analysis to help companies gain a competitive edge and this leads to faster product development.
Here are a few different ways to look at how AI is improving new product development:
- 14% of companies who are utilizing AI and ML for new product development acquire over 30% of their incomes from digital services and ensure their peers have a successful product integration.
- Product Development teams when utilize AI & ML in their development cycle achieve greater economies of scale, efficiency and speed gains across three core areas of development which are digital prototyping, PLM and product profile management.
- AI enables you to find the optimal configuration of your organization out of an array of possible combinations and provides insights over new product development on a large scale.
- Neural networks integration on AI tracks and performs a deep analysis of price elasticity and sensitivity and provides results which in turn help to reduce energy costs and negative price variances of a product. The integration also helps in cost management, strategic sourcing and procurement for the new product development process.
- With AI-based tools, we get a variety of customization options helping to create and fine-tune propensity models. These models define product line extensions and the add-ons of products that deliver the most profitable cross-sell and up-sell on the product’s design.
- AI is empowering the design of next-generation frameworks and developing systems that reduce time-to-showcase while improving product quality and adaptability and catering to the demands of the customer.
- Using the methodology of algorithms like generative design that relies on machine learning for data processes will help identify design constraints and provide necessary configurations to develop an optimized product design.
We cannot deny AI is the future and brings with it immense possibilities allowing companies to imbibe and leverage its innumerable advantages. Knowing AI is the future, companies need to start thinking and remodeling their product development so that they are able to easily adapt AI in the future.
While companies prepare for the road ahead, in the meantime they need to continue focusing on improving the current product development model. This is where Nuage comes into the picture. Our experts will help you to design an industry standard, up to date technology graded product development cycle. To know more on we can guide you with product development, do write to us at info@nuagebiz.tech.