Gen AI: Unlocking the tipping point for enterprise product launch
Gen AI is not only a trend but a game-changer for enterprises that want to launch successful products in the competitive and dynamic market.
Generative artificial intelligence (Gen AI) is one of the most disruptive and promising technologies transforming the way businesses function.
It is a subset of AI that can create new content or data similar to or inspired by existing data, such as text, images, music, code, and more. Gen AI can help businesses to accelerate product development, enhance customer experience, and optimise marketing strategies.
According to a PwC report, 90% of the organisations surveyed said Gen AI will help them add new lines of business over the next 12 months. Moreover, the global Gen AI market size is expected to grow from $358 million in 2020 to $4.5 billion by 2027 at a CAGR of 43.3%.
These numbers indicate that Gen AI is not only a trend but a game-changer for enterprises that want to launch successful products in the competitive and dynamic market.
Gen AI for enterprise product launch
A product launch is a complex and strategic process involving many steps, actions, and people across different departments and functions. A successful product launch requires a clear vision, a solid plan, a compelling story, and a well-executed execution.
Gen AI can help enterprises overcome challenges and unlock the tipping point for product launch success by:
- Accelerating product development: Gen AI can help product teams generate new ideas, concepts, designs, features, and prototypes for their products based on the existing data and feedback from customers and stakeholders.
- Enhancing customer experience: The technology can help create personalised and relevant content and experiences for customers based on their preferences, behaviours, and contexts.
- Optimising marketing strategies: Gen AI can create and distribute engaging and effective marketing content and campaigns for the product, such as headlines, slogans, copy, images, videos, and more based on the target audience, channel, and goal.
Best practices for product launch success
To leverage the full potential of Gen AI for product launch success, enterprises need to follow some best practices, such as—define the product vision and goal, choose the right Gen AI model and tool, train and fine-tune the Gen AI model and tool, test and gather feedback and measure and evaluate.
Examples of successful use cases of Gen AI
Some of the examples of enterprises that have used Gen AI for product launch success are:
- Netflix: Netflix uses Gen AI to create personalised and dynamic artwork for its content based on the preferences and behaviours of its users. It helps to increase the click-through rate and engagement of its content and attract and retain more customers.
- Spotify: Spotify leverages the technology to create personalised and curated playlists for its users based on their listening history, mood, and context. It helps enhance the user experience and satisfaction and increase the retention and loyalty of its customers.
- Airbnb: With Gen AI, Airbnb creates natural and conversational interactions with its hosts and guests, such as chatbots, voice assistants, and virtual agents, which can provide information, support, and guidance throughout the booking and staying process. It helps to improve customer service and trust and increase the conversion and retention of its customers.
Gen AI is a powerful and innovative technology that can unlock the tipping point for enterprise product launch success. By using the technology, enterprises can accelerate product development, enhance customer experience, optimise marketing strategies, and create valuable, relevant products engaging for their customers and the market.
However, to use Gen AI effectively and efficiently, enterprises need to follow some best practices, such as defining the product vision and goal, choosing the right Gen AI model and tool, training and fine-tuning the generative AI model and tool, testing and gathering feedback, and measuring and evaluating the product launch impact and outcome.
Sriram PH is the CEO and Co-founder of DaveAI.
Edited by Suman Singh
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)