The Artificial Intelligence Revolution in New-Product Development
Dr. Robert G. Cooper
Professor Emeritus, McMaster University, Canada, ISBM Distinguished Research Fellow at Penn State University
Artificial Intelligence (AI) is poised to revolutionize all aspects of business, particularly new-product development (NPD). Leading early-adopter firms demonstrate that AI not only finds many applications in NPD, but also offers substantial payoffs, such as 50% reductions in development times.?
Did you know there are over 40 different unique applications for AI to accelerate and improve NPD in your business? They range from generating novel new product ideas through to designing the market launch strategy, and lots of applications in between!
?This 2024 article outlines these diverse and powerful applications of AI in NPD, and offers numerous real-life illustrations of how AI works in NPD from leading companies. These are the possible NPD applications you might want to consider in your business.
While AI might still resemble science fiction, that future is no longer fiction – it's here now. AI has arrived in full force! With an adoption window of about 13 years – the wave peaking by about 2030 – the time is now to embrace AI in NPD in your business.
Download this article – it appeared in IEEE Engineering Management Review – from my website (free & safe!) at this link. Article #1: Robert G. Cooper - Artificial Intelligence in NPD (bobcooper.ca)
This article follows on last week’s article in the “AI in Business” series of articles… with an emphasis on NPD. That’s the area in business where AI’s benefits appear to be the highest. This week’s article expands on the “Management Brief” you read last week.
Next week: “The Coming AI Wave in NPD!”
Educator, Researcher, Entrepreneur, and Consultant Focused on Technology, Innovation & Entrepreneurship.
3 个月I have developed a workshop focus on generative AI as an enhancer of NPD. The workshop is for practitioners, and I am glad to see Cooper's article providing the much needed conceptual background.
International Relations
3 个月ai streamlines ideation and analysis, revealing unmet needs. yet human ingenuity drives breakthrough innovation. perhaps a collaborative approach optimizes outcomes? Dr. Robert G. Cooper
Ph.D. Professor, Head, Business Administration Department, Vice Dean,Business Administration Graduate Institute
3 个月Thanks for sharing