Innovation

The Impact of AI on Business Throughout the Innovation Cycle

By December 15, 2020April 7th, 2021No Comments

AI is changing the way organizations do business, from manufacturing to customer service. The benefits of artificial intelligence within the innovation cycle extend beyond the R&D team. The impact of AI on business reaches from ideation and validation to implementation and portfolio intelligence. To fully realize the advantages of artificial intelligence, consider utilizing its strengths throughout your IP strategy

Increase Productivity

One of the most impactful ways to utilize AI is for “mundane and repetitive” administrative and data processing tasks. Not only do AI-enabled machines complete these tasks more efficiently and effectively, but they can also work around-the-clock without breaks, food, water, or sleep. AI’s ability to process data for more effective management, research, and testing gives human employees more time for tasks that require human characteristics, such as empathy, judgment, creativity, and more. 

Increase Confidence

AI eliminates human error in administrative and data processing tasks. Therefore, the decisions AI makes based on insights pulled from the data are backed by more precise information. AI also takes into account a much wider array of scenarios and consequences than human employees generally consider when making decisions. The benefits of decisions made by artificial intelligence in business are felt throughout the innovation process. 

For example, IP.com’s InnovationQ® utilizes the advantages of artificial intelligence to help businesses conduct prior art searches. Semantic search and results filtered by relevancy give IP professionals, researchers, and legal teams confidence in their own innovations, competitive intelligence, and industry trends and forecasts. AI also helps companies decide how to allocate resources, where and when to market a product, and how to manage their IP portfolios

Increase Security

Innovation is expensive. It’s also essential to ongoing success. AI can keep both information and people safe to keep innovation moving forward. AI is impacting how businesses manage cybersecurity and monitor for data breaches. The technology is well-suited for this task because protecting data is ever-changing, making it difficult for software that is not constantly learning the way AI is. Robots can also take on dangerous physical tasks during research, development, and manufacturing, increasing the impact of AI on business.