What is AI product development?

Definition of AI product development

AI product development is the development of an AI solution - either from scratch or building upon an AI solution that is used internally - that can be made available externally as a marketable product.

Executive view

AI development can lead to a wealth of opportunities to improve conversion rates, reduce costs and drive revenue for your business. Building these solutions into marketable products creates further opportunity to generate revenue for your business through sales and licensing.

AI product development helps businesses:

• to create innovative products that can generate revenue for your business.

Business function leader view

AI product development helps teams to offer innovative, valuable products to customers that will increase sales and drive revenue.

You may need this service if:

• you want to offer innovative, AI-driven products to your customers.

KPIs you should consider measuring for this are:

• profits from selling the product

• increased market share from adding AI products to your offering

Technical view

AI product development requires teams to turn AI solutions into marketable products.

AI product development helps:

• deliver marketable AI solutions.

• build applications that incorporate AI features such as natural language processing, personalised content, product recommendations and advanced analytical features.

Get this service if you encounter:

• difficulty bringing products to market.

• a lack of understanding of product delivery.

Key criteria to consider are:

• How will you market your product?

• Does your sales team have the appropriate knowledge to sell your product?

• How will you keep your intellectual property secure when your product is available externally?

• Is your product easy for the end-user to deploy?

• How transferable is your product?