How You Can Apply AI to Streamline Your New-Product Development
Dr. Robert G. Cooper
Professor Emeritus, McMaster University, Canada, ISBM Distinguished Research Fellow at Penn State University
Most firms have AI initiatives underway. While productivity improvements and cost savings are usually the motivation for adopting AI, it turns out that the greatest benefit they realize is improved innovation. Thus, more companies are looking to AI to improve the way they conceive, develop, and launch new products.
The results from a handful of leading firms, such as G. E., Nestle, Unilever, Pfizer, and Siemens, have been dramatic, including significant reductions in time-to-market and accelerated innovation.
When you start on the AI journey, the if you’re typical, your AI Task Force faces a dilemma – an overabundance of riches! We’ve counted more than 40 unique applications for AI in new product development (NPD), from generating better new product ideas right through to monitoring the product after launch. And there are more than 400 AI software products from vendors that can be used in these NPD applications. It's a complex AI landscape!
So where does one start? This article, co-authored by me and the editor of Research Technology Management (a top US management journal aimed at R&D and NPD professionals), provides a good introduction to s the more important applications of AI in NPD. It also gives a number of additional resources to help you and your Team get up to speed on the topic of AI and become “AI literate”.
?Here is the direct link to the RTM article from my website for free download… (website is safe).
https://www.bobcooper.ca/images/files/articles/0/04-AI_and_New_Product_Development-_RTM_Jan_2024.pdf
?You can also check out that website for additional articles on AI for NPD.
The First In A Series
Now is the time to get on board this AI Revolution. Today's article is the first in a series we will offer thru Linked-In. Coming up are articles on how to select the right AI applications for NPD, vetting vendors, and a process map called "RAPID" to provide guidance on how to move forward. There's also the results of a research study on AI adoption for NPD by US and German firms, and their results; ?and even a study of why most AI adoption projects fail in business!
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Two Big Events Are Coming Up
Two live in-person events if you live in Europe:
Germany: 2-day “new-product best practices” seminar, which includes AI – “Excellence at Product Innovation”. Held near Frankfurt airport at a stunning country manor inn, Sept 17-18: Link: Home - Stage Gate (stage-gate.eu)
Ireland: 1-day seminar Sept 25 in central Dublin, hosted by the IRDG on ‘best practices in innovation’.
and then I’ll do workshops on ‘AI in NPD’ on Sept 26 as part of the IRDG’s Annual Conference in Dublin. Many other superb speakers there, plus exhibits. A “must attend” event.
So folks, it's really is time to get up to speed on the coming AI wave for NPD. It's expected to peak by about 2030, so we're still in the "early majority" part of the adoption curve or innovation wave. But like previous industrial revolutions, the wave comes on slowly at first, and then picks up speed quickly.
Don't wait too long and then get swamped by the AI wave -- rather, get on board now (or rather, get on your board) and ride the wave!
Start by reading the linked article first -- an easy read.
Innovation Strategist | Chief Innovation Officer | Product Management Mentor | Product Innovation Management Researcher | Transforming Businesses for the Future
3 个月Dear Dr. Robert G. Cooper, Many thanks for sharing your insightful thoughts. I completely agree. AI is revolutionizing new product development, and early adopters are seeing significant benefits. Embracing AI now will be crucial for companies to stay ahead and drive innovation. The time to get on board is now.