Summary
Clearly, AI has the potential to radically improve the quality and speed of market opportunity identification.
But it's not just about finding better ways to do what researchers have always done or even automating tasks. Instead, AI can help us see new opportunities that we never could have uncovered before.
In a traditional BI environment, analysts must sift through hours of data on thousands of companies in order to identify promising new targets.
With an AI solution built around unstructured data sources (such as text documents or images), this task becomes straightforward; an AI system can simply scan millions of documents for identifying keywords or patterns and then provide recommended matches with commercial significance.
Commerce.AI is one of many advanced technologies available to product teams. It uses a range of machine learning techniques to find insights based on structured and unstructured data.
Understanding market opportunity identification is important for product teams to lay the groundwork for the product development process. Traditional methods have been in place for generations, and are still relevant today, while AI-based methods can give teams a competitive advantage. This understanding is crucial for the upcoming chapters, as product development should be based on a deep understanding of the market. Moving on from this understanding, we'll dive deeper into topics such as building, selecting, and iterating product ideas.
In the next chapter, we'll explore how the product creation process can be improved with AI.
