Accelerating Product Innovation with Gen AI Solutions
When used properly, generative artificial intelligence (GenAI solutions) may be a potent tool for stimulating product creation. IBM will talk about a few high-profile product use examples that show how artificial intelligence (AI) has the power to completely transform the way they create, sell, and deliver goods to consumers. Elevating your product organisation to a new level requires a solid foundation of data management, predictive analytics, and GenAI.
IBM Watsonx Code Assistant
Quickening the modernization of products
Manual product modernization operations may be automated with the help of GenAI. GenAI systems are able to gather competitor data by sifting through publicly accessible sources, such press releases, and comparing the present product mix with that of competitors. Additionally, it may identify competitive advantages and recommend smart modifications to current products. Realization of these novel discoveries is possible more quickly than in the past.
GenAI’s capacity to produce code is one of its main advantages. With the help of GenAI technologies, business users may now create prototype code for new product features without heavily depending on technical teams. To cut down on testing efforts, these same technologies may analyse code, find faults in it, and address them.
A cloud-based solution called IBM Watsonx Code Assistant uses generative AI to expedite code creation and increase developer productivity. It is especially designed for IT automation and corporate application modernization. Below is a summary of its salient attributes:
Generative AI for Writing Code
- Generates function calls or code fragments from plain language instructions.
- Pre-trained models guarantee reliable and accurate results for a certain programming language.
Pay Attention to Business Needs
- Intended to speed up the modernization of programmes, particularly the conversion of old COBOL mainframe systems to Java.
- Integrates with business environments’ current processes and tools.
Personalisation and Authority
- Enables companies to adjust the underlying AI models so that they comply with best practices and coding standards.
- Makes the created code’s source transparent for security and maintainability reasons.
IBM Watsonx Code Assistant Advantages:
- Increased productivity for developers via the automation of tedious coding processes.
- Quicker cycles for developing applications, particularly while modernization is being done.
- Decreased possibility of mistakes in handwritten code thanks to AI-generated recommendations.
All things considered, IBM Watsonx Code Assistant is a potent tool for corporate development teams hoping to use AI to boost coding productivity and accelerate the production of applications, especially when working with legacy systems.
IBM Watsonx Code Assistant and other GenAI products satisfy the essential technological requirements of businesses. Businesses may earn 30% more productivity or reduce development effort by 30% using Watsonx Code Assistant. These instruments might bring about a revolution in technical procedures and accelerate the supply of technological products.
Using an AI-powered chatbot to respond to consumer enquiries
Being the first virtual chatbot driven by artificial intelligence and available to the public, ChatGPT stands apart. Businesses may now take up the fundamental ideas of this technology and incorporate them into their operations, enhancing them even further with contextualization and security. Businesses can create massive language models and train them with private data with IBM Watsonx Assistant, all while contributing to data security.
Numerous product applications for conversational AI systems may increase sales and enhance customer satisfaction. An intelligent chatbot, for example, may handle typical consumer inquiries about bill explanations. A chatbot driven by GenAI solutions can provide clients comprehensive explanations for their bills, including use and overage fee transaction records.
In addition, it may offer new product bundles or contract conditions that match a client’s historical consumption requirements, creating new income streams and raising client satisfaction. Companies using IBM Watsonx Assistant could anticipate a 20% rise in customer satisfaction and a 30% decrease in customer support expenses.
Examining consumer behaviour to provide customised product suggestions
Businesses may discover when certain consumers are most suitable for new items, get recommendations for suitable products, and get recommendations for the best ways to continue communicating with the customer by using the power of GenAI and predictive analytics. For example, predictive models based on past transactions might assess the possible demand for new goods if a client experiences a significant company shift, like an acquisition.
The salesperson may then study the email that GenAI sent to the client suggesting potential upsells. This enables sales teams to provide consumers with superior service while increasing speed to value. Enterprise data may be prepared for a variety of analytical and AI use cases using IBM Watsonx.data.
Examining client input to guide corporate strategy
By acting on consumer input more quickly, businesses may utilise GenAI to enhance the customer experience. For several forms of summarization, a range of industry-leading models are accessible via IBM Watsonx.ai. Large amounts of client input may be swiftly interpreted and summarised using this technology.
Then, with more detailed requirements and user stories, it may provide recommended product enhancements, quickening the pace of innovation and response. GenAI can identify patterns in lost client feedback, propose fresh approaches to closing deals, and provide sales teams with pre-planned follow-ups and business information.
Using client segmentation to inform strategic marketing
GenAI solutions has the power to completely transform digital marketing by making marketing procedures faster, more efficient, and more customised. Businesses may find patterns and clusters in data using common data analytics techniques, allowing for more precise consumer targeting.
GenAI can drive automated content development processes that target certain client segments across several platforms once the clusters are established. With IBM Watsonx Orchestrate, users may boost productivity by automating routine processes. Marketing teams may save time and money by using this technology, which can develop content, connect to many channels, and instantly disseminate changes across them.
The primary distinction of generative AI is its capacity for content generation and consumer engagement, which is one of the things that excites us about these emerging technologies. GenAI has the ability to convert costly, labor-intensive manual marketing procedures into quicker, automated ones.
