Gen AI Co-Creation: Welcome Stranger Nuggets or Fools Gold?

With the explosion of unstructured alluvial information via #generativeai, increased globalisation and greater consumer demand for precious jewel customisation, the way in which companies mine for actionable ‘gold nugget’ insights is changing. Traditionally, companies either performed research and analytics tasks at an in-house quarry or outsourced the shovelling to a third party.

Organisations that seek the “knowledge enterprise” grail are adopting ‘Gen AI Co-Creation’ within their tent city. ?Technology Industry analysts have worked themselves up into a lather about ‘Gen AI Co-Creation’. So what is ‘Gen AI Co-Creation’?

Gen AI Co-creation is the sharing of research, innovation, customer service and product development initiatives with engaged stakeholders inside and outside the corporate boundary: key executives, specialists, brand champions, engineers, customers, suppliers and advisers. This approach, sometimes referred to as ‘open innovation’ or ‘crowd sourcing’, catches all manner of viewpoints - both inside and outside the enterprise - to jointly originate, test and develop new strategies, products and market opportunities.

Previously Qualitative in nature, the facility to mine billions of data points through Large Language Models (LLMs) offers a Quantitative Quantum Leap. ??

Here are four reasons why ‘Gen AI Co-Creation’ is making waves and seismic tremors:

1. Customers’ opinions matter: No company in today’s competitive market can ignore the voice of the customer since the Internet enables the customer to control the conversation. Although the initial pre-occupation of brands has been with the online tactical defence of reputation, co-creation offers the opportunity to bring brand advocates into the strategic creative decision-making loop;

2. Reducing redundancies: If something isn’t broke then don’t fix it. Therefore, by building on what exists, costs associated with product development and time-to-market can be substantially reduced. Co-creation substantially reduces bottlenecks;

3. Reducing failure rate. Approximately 80% of new consumer product launches fail within two years. There are huge potential gains on offer for those brands prepared to invest in increasing the volume of quality inputs to planning processes;

4. New forms of competitive advantage: As products and services become increasingly commoditised, co-creation allows stronger differentiation against competition. When you learn faster from your customers and suppliers, a company’s ability to innovate for first-mover advantage is optimised. You can also use #Generativeai Co-creation to vacuum up ‘word-of-mouth’ referral gold dust in a, hitherto elusive, structured way.

Below is a tagged response from @ChatGPT on some of these questions:

"Generative AI can be applied across various domains to enhance research, innovation, co-creation, product development, marketing, and customer service. Here are examples of how Generative AI might be utilized in these areas:

1. Research:

1. Data Analysis and Interpretation: Generative AI can help researchers analyze large datasets, identify patterns, and generate insights to inform research projects.
2. Hypothesis Generation: AI models can assist in formulating hypotheses based on existing data, potentially accelerating the early stages of the research process.

1. Innovation and Co-Creation:

1. Idea Generation: Generative AI tools can facilitate brainstorming sessions by proposing novel ideas and concepts, fostering innovation in product design, services, or business processes.
2. Collaborative Content Creation: AI-powered collaboration tools can assist teams in collectively generating content, designs, or prototypes.

1. Product Development:

1. Prototyping and Design: Generative AI can help in creating prototypes and designs for products, optimizing features based on user preferences and market trends.
2. Supply Chain Optimization: AI can analyze data to optimize supply chain processes, predicting demand and streamlining logistics for more efficient product development.

1. Marketing:

1. Content Generation: AI can assist in creating engaging content for marketing campaigns, including writing ad copy, generating social media posts, or creating visual assets.
2. Targeted Advertising: Generative models can analyze customer data to optimize ad targeting, ensuring that marketing efforts are more personalized and effective.

1. Customer Service:

1. Chatbots and Virtual Assistants: AI-powered chatbots can provide instant customer support, answering frequently asked questions and guiding users through troubleshooting processes.
2. Sentiment Analysis: Generative AI can analyze customer feedback, reviews, and social media data to gauge sentiment, helping companies understand customer satisfaction and areas for improvement.

It's important to note that while Generative AI holds significant potential in these areas, ethical considerations, transparency, and user privacy should be taken into account when implementing such technologies. Additionally, the specific tools and applications available may vary, so organizations should choose solutions that align with their goals and values."

The saying that ‘two heads are better than one’ is an apt distillation of the essence of ‘Gen AI co-creation’. In fact, the yield from billions of reference points can effectively complement traditional data analysis and the CMO’s ‘hand of faith’ eureka call.

In addition to bringing the right minds together on the right questions at the right time, Advanced Analytics & AI service providers like EXL help clients to pan for the best nuggets from the ‘free text’ opinion stream flowing forth from any given subject pool. Such is the jump-on-the-bandwagon pitch within the broader Knowledge Process Outsourcing (KPO) Mining Industry that ‘Gen AI Co-Creation’ is today’s refined misnomer mantra for the traditional ‘Collaboration’ of (y)ore.

Panning your ‘virtuous circle’ #generativeai co-creation insights flow could yield a fortune from the information gold rush!

Are you finding Welcome Stranger Nuggets or Fools Gold from Gen AI Co-Creation within your enterprise?