New Trends and Technologies: What are the newest technologies that are being introduced, and how can businesses react to them?

Key to Product Strategy: Evaluating Emerging Technologies

As a tech product leader, it's crucial to understand how new technologies will affect the market. This means looking at:

Breadth of Impact: How many industries and regions will be affected?

Depth of Impact: How much transformation will these technologies bring?

Speed of Impact: How fast are these technologies being adopted?

Important Questions to Consider

Emerging Trends and Technologies: What new technologies are appearing, and how should companies respond to them?

Innovators: Who are the key players driving these technologies forward?

Market Impact Timeline: When will these technologies start significantly affecting current markets?

Example: Generative AI (GenAI)

Generative AI is rapidly evolving and is expected to have a major impact within the next three to six years. This type of AI learns patterns from existing data to create new content, such as text, images, audio, synthetic data, and even models of physical objects.

Market Forecast

Between 2023 and 2027, it's predicted that $3 trillion will be spent on AI, with Generative AI making up 36% of that spending by 2027. Currently, Generative AI solutions can be fragmented and specialized, requiring multiple tools to meet various needs. Developing these AI models is expensive, and achieving consistent business value can be challenging.

Impact Across Industries

Generative AI has shown potential in many fields, including life sciences, media, aerospace, and energy. It can create new molecules, speed up drug development, and help preserve data privacy.

Actions for Tech Product Leaders

Internal Testing: Use and test your Generative AI products within your own company to see clear business outcomes.

Focus on Key Uses: Concentrate on popular uses like enterprise search and virtual agents, which already provide real value.

Investment Roadmap: Plan your investments, prioritizing opportunities like large language models (LLMs), models-as-a-service (MaaS), Generative AI-augmented applications, and virtual assistants because they have significant impact potential.

Competitive Edge and Trust: Build trust with customers by having strong guidelines and managing AI errors as part of a responsible AI strategy.

Cautious Long-Term Investment: Wait on investing heavily in long-term technologies like multi-agent generative systems until you have mastered the more immediate technologies.

By focusing on these strategies, tech product leaders can better navigate the rapidly evolving landscape of emerging technologies.

Vishal Sharma