Artificial intelligence is helping companies identify new product opportunities and iterate quickly to get them closer to perfection in a number of different ways. What AI does well is:
AI can also perform text-based analysis of transcribed interviews of a large number of respondents using analytics software like Voxpopme or Luminoso. The AI finds patterns between phrases and concepts in the responses, revealing patterns that might not be seen by humans reviewing the individual interviews.
Take-aways for CMO’s
For many companies, AI is a whole new, unknown world. Because its undoubtedly where new product development is heading, it’s worth starting to experiment with. For firms that figure out how to use it well, AI will be a competitive advantage in finding opportunities, iterating faster and more accurately, and saving money in the process. It’s here to stay and will continue to get better and easier to work with.