Using generative AI to accelerate product innovation

Generative
artificial
intelligence
(GenAI)
can
be
a
powerful
tool
for
driving
product
innovation,
if
used
in
the
right
ways.
We’ll
discuss
select
high-impact
product
use
cases
that
demonstrate
the
potential
of
AI
to
revolutionize
the
way
we
develop,
market
and
deliver
products
to
customers.
Stacking
strong
data
management,
predictive
analytics
and
GenAI
is
foundational
to
taking
your
product
organization
to
the
next
level.  

1.
Addressing
customer
inquiries
with
an
AI-driven
chatbot 

ChatGPT
distinguished
itself
as
the
first
publicly
accessible
GenAI-powered
virtual
chatbot.
Now,
enterprises
can
adopt
the
foundational
principles
of
this
technology
and
apply
them
within
their
operations,
further
enriched
by
contextualization
and
security.
With
IBM
watsonx™
Assistant,
companies
can
build
large
language
models
and
train
them
using
proprietary
information,
all
while
helping
to
ensure
the
security
of
their
data.  

Conversational
AI
solutions
can
have
several
product
applications
that
drive
revenue
and
improve
customer
experience.
For
instance,
an
intelligent
chatbot
can
address
common
customer
concerns
regarding
bill
explanations.
When
customers
seek
explanations
for
their
bills,
a
GenAI-powered
chatbot
can
provide
them
with
detailed
explanations,
including
transaction
logs
for
usage
and
overage
charges.  

It
can
also
provide
new
product
packages
or
contract
terms
that
align
with
a
customer’s
past
usage
needs,
identifying
new
revenue
opportunities
and
improving
customer
satisfaction.
Businesses
that
use
IBM
watsonx
Assistant
can
expect
to
see
a

30%
reduction
in
customer
support
costs
and
a
20%
increase
in
customer
satisfaction.  

2.
Accelerating
product
modernization 

GenAI
has
the
power
to
automate
manual
product
modernization
processes.
GenAI
technologies
can
survey
publicly
available
sources,
such
as
press
releases,
to
collect
competitor
data
and
compare
the
current
product
mix
to
competitor
offerings.
It
can
also
gain
an
understanding
of
market
advantages
and
suggest
strategic
product
changes.
These
new
insights
can
be
realized
at
greater
speeds
than
ever
before. 

A
key
benefit
of
GenAI
is
its
ability
to
generate
code.
Now,
a
business
user
can
use
GenAI
tools
to
develop
preliminary
code
for
new
product
features
without
as
much
reliance
on
technical
teams.
These
same
tools
can
analyze
code
and
identify
and
fix
bugs
in
the
code
to
reduce
testing
efforts.  

GenAI
solutions
such
as

IBM
watsonx™
Code
Assistant
meet
the
core
technical
needs
of
enterprises.
Watsonx
Code
Assistant
can
help
enterprises
achieve
a

30%
reduction
in
development
effort
or
a
30%
productivity
gain.
These
tools
have
the
potential
to
revolutionize
technical
processes
and
increase
the
speed
of
technical
product
delivery. 

3.
Analyzing
customer
behavior
for
tailored
product
recommendations 

With
the
power
of
predictive
analytics
and
GenAI,
businesses
can
understand
when
specific
customers
are
best
suited
for
new
products,
receive
suggestions
for
the
appropriate
products,
and
receive
suggested
next
steps
for
engaging
with
the
client.
For
example,
if
a
customer
undergoes
a
major
business
change
such
as
an
acquisition,
predictive
models
trained
on
previous
transactions
can
analyze
the
potential
need
for
new
products.  

GenAI
can
then
suggest
upselling
opportunities
and
write
an
email
to
the
customer,
to
be
reviewed
by
the
salesperson.
This
empowers
sales
teams
to
increase
speed
to
value
while
offering
customers
top-tier
service.
Using
IBM®
watsonx.data™,
enterprise
data
can
be
prepared
for
various
analytical
and
AI
use
cases. 

4.
Analyzing
customer
feedback
to
inform
business
strategy 

Enterprises
have
the
opportunity
to
use
GenAI
to
improve
customer
experience
by
more
readily
actioning
customer
feedback.
Through
IBM®
watsonx.ai™,
various
industry-leading
models
are
available
for
different
types
of
summarization.
This
technology
can
quickly
interpret
and
summarize
large
volumes
of
customer
feedback.  

It
can
then
provide
suggested
product
improvements
with
fleshed-out
requirements
and
user
stories,
accelerating
the
speed
of
responsiveness
and
innovation.
GenAI
can
pull
themes
from
feedback
from
lost
customers
to
illuminate
trends,
suggest
new
sales
strategies,
and
arm
sales
teams
with
business
intelligence
and
pre-scripted
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
marketing
processes.
Using
standard
data
analytics
practices,
businesses
can
identify
patterns
and
clusters
within
data
to
enable
more
accurate
targeting
of
customers.  

Once
the
clusters
are
created,
GenAI
can
power
automated
content
creation
processes
that
reach
specific
customer
groups
across
various
platforms.
IBM
watsonx™
Orchestrate
enables
the
user
to
automate
daily
tasks
and
increase
productivity.
This
tool
can
create
content,
connect
to
different
platforms,
and
send
out
updates
across
them
at
the
drop
of
a
hat,
saving
marketing
teams
time
and
money
as
they
deliver
solutions.  

This
content
creation
and
customer
outreach
ability
is
the
key
differentiator
of
generative
AI
and
part
of
what
makes
these
new
technologies
so
exciting.
GenAI
can
take
expensive,
manual
marketing
processes
and
translate
them
into
accelerated,
automated
processes. 

Ready
to
turbocharge
your
product
processes?

Learn
more
about
the
IBM
watsonx
suite
and
IBM
Consulting®
services