How to Build AI Powers Modern Product Lifecycle Management
Product design is a long-standing science. There are rules, frameworks, and extensive research that ensure that the product is market-ready and priced correctly.
Not every company has access to the entire suite of tools that can tap into the collective wisdom and knowledge of its customers. It is impossible to develop a product that will make or break your company. Although most companies adopt a product engineering mindset and approach their product development cycles using a structured framework they might not be able to take in the deep insights that can be gained from billions of conversations online about products, companies, and trends.
McKinsey correctly stated that digital product managers are “increasingly the’miniCEO’ for the product,” and they are responsible for many facets. They also hold responsibility for failures, regardless of whether or not the product was actually created. It is a sad fact that between 80% and 95% of all products fail.
AI-powered product insight platforms can make meaningful contributions to every stage of product development. They help create, optimize, market, and market products more effectively.
These are the stages of product development. We also discuss how the right product insight platform can help organizations maximize their return on investments.
The ideation phase involves assessing trends and opportunities, surveying the competitive landscape, and identifying white spaces. Many companies rely on social listening and human assessments for guidance. AI-driven product insight is a different level of guidance.
Product intelligence platforms are able to analyze the entire conversation and determine where customers’ preferences are moving, instead of latent indicators that can be uncovered by reading comments today. This allows you to create a product that is both relevant and adaptable to the market today.
After the ideation process is completed and a product has been conceptualized, product teams need to get to work and productize features. This will allow them to be a winning product. If they don’t get the details right, good ideas could die.
Originally published on The Tech Trend