Business: Key Decisions for Product and Service Creation

Mar 18, 2024 | Sourcing

Continuing our journey into the world of Artificial Intelligence (AI), this article expands on previously presented information, delving into the AI product and service design process for businesses in 2024.

Continuing our journey into the world of Artificial Intelligence (AI), this article expands on previously presented information, delving into the AI product and service design process for businesses in 2024. Offering a detailed guide based on MIT recommendations, we will explore the four essential stages and eight key decisions in developing AI solutions. From defining metrics and scope, through strategy and operations, to technology selection and handling AI-specific challenges, each phase is detailed to transform ideas into impactful innovations. We will review decisions at each phase, such as tool selection, intellectual property strategy, and operations and data management, as critical to product success. 

Join us in this AI read and discover how to maximize AI’s transformative potential in your business. 

Phase 1 – Identifying Behaviors and Processes 

This stage is crucial for determining the project’s direction and goals. It focuses on:

  1. Identifying desired behaviors and outcomes of the AI system, understanding its capabilities and limitations. Experimentation to find successful use cases and gathering potential generative AI applications for each specific company is recommended.
  2. Setting realistic goals. Key questions include the specific problem to be solved with AI and how to measure the project’s success. SMART metrics should be defined to effectively evaluate the project’s progress and impact, such as:
  • Improvements in process efficiency 
  • Increased task precision 
  • Enhanced customer experience 
  • Staff productivity boost 
  • Reduction in processing time.

This phase also involves defining, along with the project’s scope, application areas, technological limitations, and available resources, which helps keep the project focused and aligned with business objectives.

Phase 2 – Strategy and Operations 

This phase is important for integrating artificial intelligence into a company’s existing structure and workflows. It focuses on how AI will be incorporated into daily operations to enhance efficiency and achieve specific business objectives. 

Key decisions about strategy and operational approach are made in this phase:

  1. Type of Tools. Deciding whether to use third-party AI tools, develop in-house solutions, or a mix of both depends on factors like costs, resources, internal expertise, and specific project goals. Third-party tools offer speed and efficiency with proven technologies, while in-house development allows for customization and full control. A mixed strategy leverages both, adapting existing solutions and developing key components internally. .
  2. Operations. Daily operations surrounding AI are also planned. This includes identifying the business processes affected, setting operational goals, and considering necessary changes in infrastructure, staff training, and alignment with overall company strategies.

This phase bridges the conceptual vision of AI and its practical application, ensuring the technology is not only advanced but also relevant and applicable in the specific business context.

Phase 3 – Choosing IP Strategy and Data 

This phase involves selecting the appropriate Intellectual Property (IP) strategy and formulating an effective data strategy.

  1. Choice of Intellectual Property (IP): The right AI technology is selected, considering the specifications derived from previous stages. The choice is challenging due to the wide range of options and the rapid obsolescence of some technologies. Patenting should be considered if the AI application is novel and useful.
  2. Data Strategy: Determining the data source, how it will be stored, protected, and processed to optimize the performance of the AI model to be obtained. This decision directly impacts the quality and effectiveness of the AI product. Fase 4. Desarrollo con enfoque aplicado de la IA

Phase 4 – Development with an Applied Focus on AI 

Phase 4 is a critical process in implementing artificial intelligence solutions. This stage involves the effective development of AI software and addresses unique technology-related challenges. Two fundamental decisions are faced:

  1. Software Development Strategy: This choice involves defining the software development approach and methodology for your AI project. Agility and adaptability are crucial, as AI is a constantly evolving field. Thus, the development plan must be flexible to adjust to changes and discoveries during the process.
  2. Handling AI Challenges: Here, strategies for addressing specific AI issues, such as biases and unwanted behaviors, lack of generalization, and other “ailments” of AI, are developed. It’s important to devise strategies to detect and mitigate these issues, ensuring the safety, efficiency, and ethics of your AI solution. This involves constant monitoring and adjustment of the model to ensure its correct operation and prevent unexpected negative impacts. La fase 4, por tanto, no solo se centra en la construcción del sistema de IA, sino también en su refinamiento continuo para optimizar su desempeño y fiabilidad.

By concluding this overview of critical decisions in implementing artificial intelligence (AI) in the business realm, we advise innovators developing products and services to emphasize an integrated and continuous approach in acquiring AI knowledge and advice. This process is not static but must evolve to adapt to changes in the technological and business environment. It’s crucial for entrepreneurs to invest in both technology and AI training. Deeply understanding AI and staying up to date with innovations allows for strategic decision-making and effectively leading the integration of AI solutions. The AI consultant acts as a complementary guide, offering not just guidance and understanding of AI principles but also managing risks and maintaining competitive advantages. This approach ensures effective and adaptive use of AI throughout its lifecycle in business, key to sustained success in the modern market.

This article was created with AI technology support, using reliable information sources, and was reviewed.

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