DECEMBER 20238 IN MY OPINIONUSING AI TO DRIVE INNOVATIONInnovation has always been a critical driver of growth and competitiveness in the global economy. Artificial Intelligence (AI) has the potential to play a key role in driving this in modern business. By enabling companies to analyze vast amounts of data and identify new opportunities, AI can help businesses stay ahead of the curve in rapidly changing markets. Let us explore how companies in Asia are using AI to drive innovation and discuss the challenges and opportunities associated with this approach.THE PROMISE OF AI FOR INNOVATIONAt its core, AI is about enabling machines to learn from data and perform tasks that would normally require human intelligence. This can include everything from recognizing patterns in data to understanding natural language and making predictions about future events that can help companies lead in rapidly changing markets and drive growth and competitiveness.One of the key benefits of AI for innovation is the ability to identify patterns and trends in data that might not be apparent to humans. By analyzing large datasets, businesses can gain insights into customer behavior, market trends, and emerging technologies, enabling them to identify new opportunities and develop new products and services that meet the evolving needs of their customers.AI can also help businesses to automate routine tasks and processes, freeing up people to focus on more innovative activities. For example, AI-powered chatbots can handle inquiries and support requests, freeing up human staff to focus on more complex tasks. Similarly, machine learning algorithms can be used to automate tasks such as data entry and analysis, enabling businesses to process large amounts of data more quickly and efficiently.Finally, AI can help businesses to improve decision-making and reduce risk by providing more accurate and reliable predictions and recommendations. By analyzing data from a variety of sources, including social media, customer feedback, and market trends, businesses can make more informed decisions about product development, pricing, marketing, and other key areas.STRATEGIES FOR USING AI FOR INNOVATIONThere are many AI strategies that businesses are using, each with its unique benefits and challenges in Asia.1. LEVERAGING AI FOR PRODUCT DEVELOPMENTOne of the most promising areas for AI in the innovation process is product development. By using machine learning algorithms to analyze customer behavior and feedback, businesses can identify new product opportunities and develop products that better meet customer needs. Similarly, by using natural language processing and sentiment analysis, BY RAVI GERALD-VISHWANATH, GLOBAL DIRECTOR: ANALYTICS, AI / ML, AUTOMATION, KERRYRavi Gerald-Vishwanath
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