Accelerate product innovation using generative AI

Generative artificial intelligence (GenAI) can be a powerful tool to drive product innovation if used in the right way. We will discuss a selection of impactful product use cases that demonstrate the potential of AI to transform the way products are developed, marketed, and delivered to customers. Building powerful data management, predictive analytics, and GenAI is the foundation for taking your product organization to the next level.

1. Solve customer inquiries with AI-based chatbot

ChatGPT stands out as the first publicly accessible GenAI-based virtual chatbot. Now, businesses can adopt the fundamental principles of this technology and apply them to their operations, further enhanced through contextualization and security. IBM watsonx™ Assistant allows companies to build large-scale language models and train them using proprietary information while ensuring data security.

A conversational AI solution can have multiple product applications that drive revenue and improve the customer experience. For example, an intelligent chatbot can address common customer concerns related to bill explanations. When a customer seeks an explanation for their bill, a GenAI-powered chatbot can provide a detailed explanation, including transaction logs for usage and overage charges.

You can also identify new revenue opportunities and improve customer satisfaction by offering new product packages or contract terms that match your customers’ past usage needs. 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. Accelerate product modernization

GenAI has the power to automate manual product modernization processes. GenAI technology can collect competitor data by researching publicly available sources, such as press releases, and compare current product configurations with those of competitors. They can also help you understand market advantages and suggest strategic product changes. These new insights can be realized faster than ever before.

The main benefit of GenAI is its code generation capabilities. Business users can now use GenAI tools to develop preliminary code for new product features without relying heavily on technical teams. The same tool can be used to analyze code and identify and fix bugs in the code, reducing testing efforts.

GenAI solutions like IBM watsonx™ Code Assistant meet the core technology needs of enterprises. Watsonx Code Assistant helps companies reduce development effort by 30% or increase productivity by 30%. These tools have the potential to transform technology processes and increase the speed of technology product delivery.

3. Customer behavior analysis for customized product recommendations

The power of predictive analytics and GenAI allows companies to understand when specific customers are best suited for new products, receive suggestions for appropriate products, and receive suggested next steps for engaging with customers. For example, if a customer is going through a major business change, such as an acquisition, you can analyze potential demand for new products through a predictive model trained on previous transactions.

GenAI can then suggest upsell opportunities and send emails to customers for sales reps to review. This allows your sales team to deliver the highest level of service to your customers while increasing speed to value. IBM® watsonx.data™ helps you prepare your enterprise data for a variety of analytics and AI use cases.

4. Establish business strategy by analyzing customer feedback

Using GenAI, businesses have the opportunity to improve customer experience by responding more immediately to customer feedback. IBM® watsonx.ai™ enables you to use a variety of industry-leading models for different types of summaries. This technology can quickly interpret and summarize large amounts of customer feedback.

You can then deliver suggested product enhancements through refined requirements and user stories, accelerating the speed of response and innovation. GenAI can extract topics from lapsed customer feedback to identify trends, suggest new sales strategies, and arm your sales team with business intelligence and pre-scripted follow-ups.

5. Apply customer segmentation for intelligent marketing

GenAI has the potential to revolutionize digital marketing by improving the speed, efficiency, and personalization of the marketing process. Standard data analytics methods help businesses identify patterns and clusters within their data to target customers more accurately.

Once a cluster is created, GenAI can power automated content creation processes that reach specific customer groups across a variety of platforms. IBM watsonx™ Orchestrate helps users automate routine tasks and increase productivity. This tool can create content, connect to a variety of platforms, and send updates instantly, saving your marketing team time and money when delivering solutions.

These content creation and customer support capabilities are a key differentiator for generative AI and one of the things that makes these new technologies so exciting. GenAI can transform costly, manual marketing processes into accelerated, automated processes.

Are you ready to supercharge your product processes?

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