While excitement about generative AI is high, some questions persist as to how much value is being delivered. AI has been used by leading firms such as Amazon and Netflix to improve shopping recommendations, but examples of significant applications to improve overall business performance are not abundant. One area where AI has considerable potential is new product development (NPD). The NPD process has not changed much in most organizations for decades with fewer than 30% of new product projects becoming commercial successes. Yet only 13% of firms are using AI in NPD.
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