Artificial intelligence (AI) has made breathtaking strides in the past few years embedding itself into the consumer subconscious. Computers are using advanced data science, machine learning (ML) and neural-network programs to learn more and more about individuals’ traits and experiences, predict outcomes and prescribe actions.
As impressive as this progress may be, current AI technologies have yet to master the abstract thinking, instincts, and judgement that drive human behavior. The technological advances that will make AI truly valuable for business (behavior intelligence and deep learning) are just over the horizon. When computers attain these human-like capabilities, AI will finally begin to create value for business and enable strategic growth by building meaningful customer relationships based on trust.
Given the rapid pace of technological change, many companies may prefer to wait and see how the AI revolution unfolds before making significant investments—but this could be a grave mistake. Very soon, machines that think, talk, and persuade like humans will become a reality and those who embrace the technology early and learn how to use it effectively will gain a powerful advantage.
But given the current state of AI, how do businesses functionally do this? Not in the next few years—but in the next six to nine months? At BCG Digital Ventures, we employ minimum viable product (MVP) methodology to quickly launch our AI concepts. The ideal innovation process for any product should live at the intersection of desirability, feasibility and viability and developing your MVP will help get there.
Feasibility and viability don’t matter if you don’t first create desirability. This is the value proposition–understanding who your customer is and what they really want. Will the AI solution you’re developing fill a genuine need? Are you building something that won’t just fit into your customers’ lives, but that they truly cannot live without?
AI ventures deliver exponential value in the long run, so initial use cases should be around validating concepts. Focus on frictions that are measurable explicitly in customer transactions. Adoption is key, so any engagement created has to fulfill a specific need and create positive change.
