Hello AI - Create a New Product

According to a McKinsey report: "Generative AI has the potential to generate $2.6 trillion to $4.4 trillion in value across industries”.

That's a mind-boggling amount of money that McKinsey is projecting. But for businesses to see any of that value requires a clearer understanding of the transformative power of AI and Generative AI in particular.

Gen AI is not just about using a chatbot to help write a product launch speech but rather it’s about using Gen AI and Natural Language to help create that hypothetical product. But what does that mean? The possibilities are endless, which is why grasping the potential for Gen AI is critical for business leaders.

In our hypothetical example – Gen AI may have been used to help capture insights from existing customer data. Maybe your CRM is full of feedback and comments about an existing product. Maybe you have a support database with issues and tickets. Maybe there are internal email threads discussing issues and possible fixes and updates.

Using an Intelligent Application, product leaders could extract insights from that data in the CRM, support DB, Roadmap plans and email to help identify new features that customers would not have been able to articulate directly. Using natural language conversations, a product leader could unearth insights into customers’ unmet needs in an existing product and provide an opportunity to implement a powerful new feature/add-on/upgrade etc. that existing customers simply could not expressly define.

This is just a simple but powerful example of how Gen AI can generate the trillions that are being predicted.