How to Apply GenAI to the Innovation Process

Traditional AI vs GenAI in Innovation

Traditional Artificial Intelligence (AI), refers to the broader field of computer science that is focused on creating systems that can complete tasks without the need of human assistance. While these systems can complete certain tasks which they have been designed to to, they are not responsive.

GenAI, or Generative AI, on the other hand, focuses on automated and responsive content generation in the form of text, images, music or even virtual content. It can therefore create new content.

While many companies have started to explore with GenAI in innovation, only 8% of surveyed companies have integrated it extensively into their company's innovation functioning and are employing it at scale.

With the promise of GenAI being able to streamline the innovation process and facilitate improved approaches, the opportunities are vast for organizations. 

How to Start Using GenAI for Innovation

1. Train Employees in using GenAI

It is widely accepted that the most successful companies of the future will be those that leverage emerging technologies to drive their innovation efforts at scale. However, an organization cannot unlock the true potential of GenAI unless its employees are empowered and are able to use these technologies both in a strategic and a responsible manner. Only once employees are familiar with using GenAI tools and large language models (LLMs), is this technology truly valuable support to the innovators.

While there have been intensive debates as to the extent to which AI could replace human creativity; despite the technology being immensely powerful, human input is still required to create value to any generated output. This is  especially the case when it comes to the innovation funnel. 

2. Set Clear Objectives for Using GenAI

Research shows that up to 89% of Executives cite GenAI as a top three investment priority, and it’s not difficult to see why. GenAI can provide valuable insights and combine diverse knowledge from multiple sources at rapid speeds to streamline many parts of the innovation process. It can subsequently support sentiment analysis, software writing, and much more.

Nevertheless, using GenAI at scale is only useful when there is a clear intent behind its deployment. Innovation is often at its best when focused on client-centric ideas, which is why curating customer experiences and delivering personalized content are commonly selected goals for innovative efforts.

Alternatively, GenAI can be used to streamline time-consuming assignments to free up time for employees. Either way, a detailed strategy for how GenAI can be implemented will direct future expansions.

3. Use AI Beyond Innovation

To tap into the full potential of Generative AI, you must avoid limiting its usage to innovation. In truth, you should look to integrate GenAI into your overall strategy, covering everything from customer care (chatbots, for example) to marketing (content generated with the help of AI, etc.), as well as innovation itself.

An emphasis on the compounding capabilities of Artificial Intelligence opens the door to far greater possibilities, especially when supported by strategic alignment across the organization.

GenAI is now the most commonly used AI solution by organizations but demonstrating its value remains the biggest barrier. By using it more universally, showing value becomes easier, which should also open the door to upscaling opportunities.

4. Understand the Risks Surrounding GenAI

Finally, it is important to recognize that Generative AI is still very much in its infancy. As such, companies using it face several challenges regarding the governance and regulations of AI across the globe. If used recklessly, organizations may face significant repercussions.

The biggest risks include copyright infringement and data bias. Racial bias, gender bias, and social bias are all potential dangers of relying on datasets provided by humans.

In addition to the ethical dilemmas, cybercriminals continue to work on advanced ways to infiltrate systems while also using their own GenAI technologies with malicious intent. Avoiding both internal and external threats is vital if you wish to keep your innovation strategy on track.

Execute Ideas Faster and Cheaper Using AI with rready

Finally, the true power of GenAI in innovation can only be unleashed when deployed to align with the needs and objectives of the business. Utilizing AI, rready's innovation management solutions software, streamlines idea execution, enabling innovators to rapidly iterate and refine concepts, accelerating the innovation process while reducing costs.

This enables organizations to get products to market sooner while also placing greater confidence in ideas at every stage of the innovation process.