those who are the type to utilize Gen AI for different use cases.
Creating this knowledge bank, or utilizing some kind of a knowledge center within a corporate environment, where all the key stakeholders receive periodic updates to understand the direction the innovation department is taking, would be crucial for the overall success and partnerships among multiple departments. Communication is the area where we need to make some improvements. “Innovation needs to be more inclusive overall in terms of talent. It’s not only research but also different functions or different backgrounds of people working in innovation.”
As we move into the second half of 2024, we’ll partner with innovation teams to identify more opportunities where we can create tailored and visible solutions and processes for those segments that are more prone to adopt GenAI in their day-to-day tasks. For example, people buying a vacation package might use GenAI for reviews and booking tickets, hotel stays etc. Or they look at product reviews and they want to get personalized recommendations by GenAI. You need to understand those customers, their preferences, lifestyles—who they are. Before you start creating those solutions for them, I think that’s the opportunity where we can have a synergy between consumer insights and innovation functions. In terms of improvements in the innovation function, it’s the overall communication of what projects they have in the pipeline, what is being ideated and potentially initiated, and how consumer research can play a role. Consumer insights can support those initiatives. That’s the area where great innovation initiates the process. Then, they decide the best channel to communicate with certain departments and which departments to go to.
FEI 2024 & Key Innovation Perspectives
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