Abstract:

Generative artificial intelligence (GenAI) is transforming nearly every industry, and new product development is no exception. From creating more realistic consumer personas (Smith & Johnson, 2020), to analysing vast amounts of data and to providing projections on emerging trends, marketers and insights managers are starting to embrace the game-changing technology. This is propelling a tidal shift towards a new era of faster and smarter innovation. Today, the equation of human and AI, which Ipsos identified as humanising AI (Ho & Mu, 2023), is universally recognised as a powerhouse for innovation. However, many marketers are still uncertain about how, specifically, it will impact their development cycles and their roles. GenAI is not only transforming new product development with faster innovation cycles and higher success rates, but it is reinventing how businesses understand and engage with consumers.