AI Technology transforming the game of Product Development

Published On - January 11, 2022

admin@kre
AI technology

According to Global News Wire, the global AI market is expected to grow at a compound annual growth rate of 40.2% from 2021 to 2028 to reach $997.77 billion by 2028. Artificial Intelligence (AI) technology is being extensively utilized by organizations across the world in terms of increasing accuracy, reducing human efforts, and lowering operational costs. When it comes to developing and launching new products, AI gets integrated into the business infrastructure. The triad of AI (Artificial Intelligence), ML (Machine Learning), and DL (Deep Learning) have reinvented product management and development to the core. In this blog segment, KR Elixir Technology will discuss how the implementation of AI proves to be lucrative for organizations associated with product development. Continue reading further to gather more information.

AI has a greater role to play in precise or streamlined project management. With the deployment of Artificial Intelligence technology, product executives do not have to spend a huge chunk of their time doing market research and data analysis, as AI can plan the right project management strategy by ensuring cost-effectiveness, agility, and resource efficiency.

Accurate Product Management

Top-notch Quality Assurance

As per Forbes’ analysis, AI implementation in consumer packaged goods leads to a 20% reduction in forecast errors. AI helps the QA teams by automatically analyzing the code against performance metrics and rectifying coding errors to preserve time and effort in manual testing.

Successful Product Deployment 

AI ensures that the products are successfully launched as per the prescribed timeline by sorting out on-site failures at full tilt before product release.

AI in Product Development – Key Takeaways

  • Product Development teams that incorporate AI & ML in their development cycle achieve greater cost-effectiveness, resource efficiency, flexibility, and speed across three core areas of development – Digital Prototyping, Product Lifecycle Management, and Product Profile Management.
  • 14% of organizations that utilize advanced AI and ML tools for new product development earn more than 30% of their revenues from fully digital products or services.
  • Generative design algorithms assist in removing design constraints to provide an optimized product framework.
  • IDC reveals, 90% of new enterprise applications will use AI-powered technology in their products and processes by 2025.

Let AI technology intensify the operational efficiency of your organization. Connect with KR Elixir Technology to receive responsive AI solutions for sustainable business growth.