Product Development
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Product development is a process of taking the product or service from the concept to the market. New products are to meet the customers’ needs better and provide a high-quality experience. Sometimes, the existing products need some updates or packaging with additional features.
Smart product development models were developed to facilitate the design, construction, and introduction to the market of a new product. These tools and interfaces help manage multiple processes, all the involved players, and stages.
Benefits for the company
The general procedure of the product development remains the same, yet smart tools help to make it less time-consuming and cheaper while shaping future construction as a more reliable, valuable and technologically advanced.
Feasability
High
Type of expertise/ AI domain
Conjoint Analysis
Internal data required
Product Comparision, Survery data, Consumer Preference