How AI is Disrupting Innovation Management
Artificial intelligence is changing the way companies innovate. It’s making it possible to develop innovative products in a smarter way.
Companies like Netgear, Suzuki, and Unilever have begun to use AI to do things like improve the design and marketing for their products.
Here are a few examples to inspire your innovation management.
1. Making better products
Coca Cola, a Commerce.AI customer, has a rich history of innovation. In 1886, it introduced its famous beverage, and in 1923, it invented cardboard six-pack carriers. Those are just a couple examples of a long history of innovation by Coca Cola.
Today, the company’s products are available in more than 200 countries, and Coca Cola’s iconic red and white striped logo is recognizable worldwide.
However, innovation isn’t as easy as it appears.
Innovation doesn’t happen in a vacuum – it’s deeply interconnected with other factors, such as the product itself and the environment around it. Indeed, innovation is a complex, difficult, and time consuming process.
Leading companies like Coca Cola are turning to cutting-edge technologies, including AI, to help them innovate better.
Coca Cola uses Commerce.AI, for example, to drive product innovation, uncover new trends, and fuel research with our powerful data engine, which was trained on over 600 million products and services.
2. Making the impossible possible
For over 100 years, Suzuki has been innovating, and its cars have been known for their reliability and quality.
Today, Suzuki develops innovative features such as ABS with EBD function, brake assist functions, ventilated four-disc brakes, keyless start, and so much more. Suzuki is even engaging in self-driving partnerships.
To help develop new features, Suzuki uses Commerce.AI’s cutting-edge AI platform that analyzes millions of pieces of data, including historical product sentiment, in order to power customer research. Analyzing these millions of pieces of data manually would be impossible, and deeper insights are locked away without the power of AI.
Now, companies like Suzuki can develop features that drivers love, almost like magic.
3. Turning data into products
Today, Unilever is one of the largest consumer goods companies in the world.
It generates over $60 billion in sales a year, sells its products in over 180 countries, and employs around 150,000 people.
Unilever has been using AI to develop innovative products and features across its massive product portfolio.
For example, Unilever uses Commerce.AI to analyze leading products and brands, interpret reasons for success, and gain recommendations for new product strategies.
Using AI is a sharp contrast to historical methods of product development, which involved a lot of time-consuming, manual work, and analysis of relatively few data points, which would often not generalize to the real-world interests of consumers.
Now, AI can be used to analyze millions of data points, and get at the heart of what customers want in order to fuel products and features that are loved.
As product teams use AI to better understand and predict market trends, design products that meet customer needs, and drive product development, they experience improved productivity, higher repeatability, and greater consistency.
Product innovation is one of the most promising areas where AI can improve business performance.