Harnessing the Power of AI to Transform Product Development

  Artificial Intelligence   Innovation   Product Management   Strategy  

Artificial intelligence (AI) and machine learning (ML), used for finding and applying patterns in data in a deterministic or probabilistic way, have enormous potential to transform nearly every sector. Yet, many businesses are missing opportunities to apply these technologies, especially to the product development process. While implementing AI tools may seem daunting, organizations that take advantage of these technologies provide value to their customers and maintain relevance in the marketplace.

Sayantan Mukhopadhyay, general manager of customer experience for global digital bank Nubank, has over a decade of experience using AI for monetization, growth, and enhancing customer experience. With his extensive background in product development at companies including Facebook, Pinterest, and Twitter, Mukhopadhyay sees significant potential for AI. “No matter what domain your product is in, it can be smarter, more valuable, intuitive, and predictive in nature,” says Mukhopadhyay.

AI and the product development process

Data gathered from product development, training, testing, and experiments should inform functional and design decisions throughout product development. One of AI’s major strengths is its “ability to rapidly digest mountains of data and draw conclusions from it,” which “can significantly speed up the process of developing a product and allow employees to …

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