A new approach to product development for AI based firm

Abstract

Presence of software-based companies and the role of product management have been around for more than two decades. Much of the product and services produced by these companies followed a similar software life cycle and the companies managed to thrive just with the adoption of traditional product management practices. However, the advent of AI and machine learning technologies are starting to change this traditional paradigm. More and more companies are starting to realise the enormous capabilities offered by AI technology – cost reduction, efficiency improvement, waste reduction, revenue expansion, etc. Though the adoption of AI in businesses is still in the early stages, almost 47% of companies worldwide say that they have adopted and implemented at least one AI capability in their ongoing business [1]. 61% of business professionals point to machine learning and AI as their company’s most significant data initiative for next year