Creating anything new requires time and energy. The same goes for startups that often go through boundless hours to develop a product and launch it in the market.
But with the new advancements in technologies like artificial intelligence, product development has seemingly seen the impact of the AI wave. Here are 5 ways AI has revolutionised this process.
Stages of product development
Before looking at how artificial intelligence is impacting product development, let’s see the stages of this entire process in brief.
Brainstorming ideas
The first step of building a new product involves brainstorming new ideas that help to solve a customer problem effectively. This mainly requires startups to have a strong understanding of their target audience.
Research
After ideation, extensive research is carried out around the new product. It is to evaluate how customers perceive the new product and gather relevant feedback.
Structuring and planning
Once the product idea and research have been done, the next step is to bring it to life. This means planning out the requirements to make as well as market the product.
Making a prototype
Later, a sample product also called a minimum viable product (MVP) is created to see how well it functions and find the areas of improvement.
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Testing the product
Before launching the product into the market, it is tested by handing out the prototype version to the target audience and getting their feedback. This result is important to understand if the new product serves its intended purpose.
Development and sale
After getting the confirmation, the final product is developed that will be sold in the market and manufactured in mass. Later on, this product is released and made available to the public.
5 ways AI is impacting product development
Let’s have a look at some ways AI is revolutionising product development.
Ideation
AI tools such as ChatGPT can be utilised for idea generation. It can help startups brainstorm a wide range of product ideas or bring different perspectives to the table. Overall, it boosts human creativity and enhances the ideation process.
Rapid prototyping and testing
Building sample products and testing them in the market are quite time-consuming but crucial phases of product development. With AI tools, SMBs can easily curate prototypes within hours or a few days.
Generally, it takes months to make a 3D version of the prototype but with AI in the picture, businesses can build sample prototypes at a much faster rate. Also, it helps startups focus on other areas such as marketing, production and distribution.
Design
Graphic design AI tools have been on the rise recently. With platforms such as Midjourney, Canva, DALL-E 2 and Adobe Firefly taking the spotlight. These AI tools help to create customised images which are useful in product development and marketing.
In short, AI can be leveraged to build high-quality visuals of the product that can be shown to stakeholders and investors. Plus, it streamlines the development of an accurate sample product.
Data analysis
Data leads the way as businesses filter out mass volumes of information to understand consumer behaviour, and trends and improvise their product. Similarly, AI data analysis tools can be utilised for precise market research and competitor analysis during the second phase of product development.
Get AI-driven recommendations
Whether it is usability or user experience, AI can monitor all aspects. This is beneficial for startups to get relevant insights and identify areas of improvement to deliver improved customer experience.
During product testing, these factors are often evaluated and AI can provide a helping hand to judge the product based on customer preference, workflow, and other features.
The bottom line
Artificial intelligence has been a buzzword of 2023 and it is mainly due to its heavy impact in various industries. Likewise, product development has also been enhanced with AI helping with market research, prototyping, design and testing.
