New advancements in Artificial Intelligence (AI) are set to make product development a swifter, less expensive process. In this helpful article, HubSpot’s Caroline Forsey interviews Deepam Mishra, Amazon Web Services’ Senior Advisor to Startups, about the primary ways AI is transforming the product development process. Mishra discusses common obstacles to successful product development, including “poor product-market fit,” and he covers the ways AI can hasten prototyping and boost your understanding of customer feedback. He also offers valuable tips to help your start-up or small-to-medium business start using AI for product development.
Artificial intelligence (AI) can help companies more swiftly and accurately analyze market data and consumer feedback.
Inaccurate market-fit information is the prime reason 33% of all start-ups fail. Artificial intelligence’s data-gathering and analysis capabilities make it a perfect tool for helping companies assess whether the products they’re developing will serve real customer needs. AI can examine both quantitative and qualitative data to determine the likelihood that a product will catch on with its intended audience. It can also help you uncover new consumer insights, which can, in turn, spur new product development.
AI can offer a lot of help in organizing and interpreting feedback and other information. Mishra notes that as much as 70% to 80% of corporate information exists in unstructured forms, such as paper work, emails and social media posts. Historically, companies have struggled to analyze such material effectively. However, generative AI can help structure and interpret such information for maximum utility, so you can use it to determine market fit, identify your product’s best or most...