Episode 3: Product Development with AI & Machine Learning

Podcast 3 Transcript

[Radar] This is Radar and Dorothy from the Valverus AI team with another exciting podcast exploring the new frontiers in value creation. We are on the brink of a new industrial age powered by technology that will redefine how businesses and the world will operate and grow. Stick around. We hope our series is educational and informative for our audience as we will be covering a range of topics from industry trends to contemporary management methods.

How Business is Using AI to Design and Develop New Products

We’re diving deep into AI and business today, especially how we’re using it to design and develop new products. It’s a whole new ballgame.

[Dorothy] Yeah, it really is. And it’s not just hype. We’re talking tools that solve design problems in ways we couldn’t even imagine a few years ago.

[Radar] Like, remember when everything started with sketches and blueprints, feels ancient now.

[Dorothy] Right. Now it’s all about generative design, where AI can run thousands or even millions of simulations to find the best solution.

[Radar] So we’re moving away from human intuition and letting the AI crunch the data.

[Dorothy] Exactly. And the results are pretty incredible. There’s this power generation company. They used AI to design hydroelectric Turbines.

[Radar] Interesting. Did it actually save them time?

[Dorothy] It cut their engineering time in half.

[Radar] Wow, that’s huge. But did the designs actually work better?

[Dorothy] Oh, yeah. They saw a 0.4% increase in efficiency. It might not sound like much, but that’s enough extra energy to power thousands of homes.

[Radar] Just from tweaking the turbine design. Wow. Imagine the potential for something like a wind farm. You could power a whole city just by optimizing the layout with AI.

Using Foundation Models for Specialized Tasks

[Dorothy] Absolutely. And AI is not a one-trick pony. It can be used across the entire lifecycle of a product. From brainstorming to detailed engineering, even improving existing products and the supply chain. These foundation models are built on massive data sets and can adapt to all sorts of specialized tasks.

[Radar] Hold on, foundation models. Can you break that down a bit? It sounds complicated.

[Dorothy] Think of it like a Swiss Army knife. Each tool is different, right? Well, by fine-tuning these models with specific data, you create specialized tools for specific job. The more relevant and specific the data. The more powerful and accurate the AI. This is where companies can get a real edge by developing their own datasets.

[Radar] Like a secret ingredient for AI success.

[Dorothy] You could say that. It’s augmenting human capabilities, freeing us up to focus on the more complex creative work.

[Radar] So it’s a partnership with AI handling the heavy lifting and humans providing the brains.

[Dorothy] That’s the idea. Ultimately, AI can help us be more efficient, more innovative, and create better products for everyone.

[Radar] Speaking of innovation. It seems like AI is popping up everywhere in product development these days.

[Dorothy] Oh, absolutely. It’s impacting every industry you can imagine.

[Radar] We’re talking a whole new era of innovation. But before we get ahead of ourselves, let’s look at some specific applications of AI in product development.

[Dorothy] Okay, sure. One of the biggest areas is generative design, where AI helps create later, stronger, and more efficient components for everything from cars and airplanes to consumer products and medical devices.

[Radar] And it’s not limited to physical products, right? Generative AI can design software, algorithms. Even entire business processes.

[Dorothy] Right. AI can optimize supply chains, personalize customer experiences and even predict market trends.

Where to Start Using AI in Product Development and Innovation

[Radar] It’s woven into almost every aspect of business now. All this is fascinating, but I bet some of our listeners are wondering how they can actually start using AI. What advice would you give someone just starting out?

[Dorothy] Well, first, you need a clear understanding of your business goals. What do you want to achieve with AI? What problems are you trying to solve?

[Radar] So don’t just jump on the bandwagon. Have a real purpose.

[Dorothy] Right. Once you know your goals, then you can start exploring the different AI tools and solutions out there. There are online courses, conferences, consulting firms. Tons of resources.

[Radar] And don’t be afraid to experiment. AI is constantly evolving, so learning by doing is key.

[Dorothy] Absolutely. Start small, try different things and see what works best for you. And remember, it’s about finding the right tool for the job and using it effectively to reach your goals. One of the most exciting things is the rise of these foundation models we were talking about earlier.

[Radar] Oh yeah, those Swiss army knives of AI. So versatile. adaptable to so many different uses. It’s like a master key opening up all these possibilities.

[Dorothy] Exactly. Like OpenAI’s GPT-3 and GPT-4 These foundation models are behind tons of applications, including ChatGPT, and all those content generating tools you see advertised everywhere, like Jasper and Copy.ai.

[Radar] They use them too. So one model can be the basis for a whole ecosystem of different AI tools.

[Dorothy] Exactly. And these models, they’re trained on huge amounts of data, which gives them this broad base of knowledge. But the real magic comes when companies take these models and fine-tune them with their own specific data.

[Radar] Can you give me an example? How does that actually work?

[Dorothy] Sure. Imagine a legal tech company. They want to create an AI that can draft legal documents. They could take something like GPT-3 and feed it tons of legal data, contracts, case law, you name it, then train it to generate those specific legal documents. The more data they use, the better the AI gets at understanding the nuances of legal language and drafting accurate documents.

[Radar] So they’re essentially taking this general purpose AI and turning it into a legal expert.

[Dorothy] Exactly. And that fine-tuning process, that’s where companies can gain a real competitive advantage. building up their own unique data sets.

[Radar] Makes sense. The more specialized the data, the more powerful the AI. It’s like their secret weapon that other companies can’t replicate.

[Dorothy] Right. Proprietary data is gold when it comes to developing AI. It lets businesses create tools that are highly specialized and tailored to their exact needs.

Making Use of Model Hubs

Now let’s talk about these model hubs we hear so much about. They’re essential for making these powerful AI models accessible to businesses.

[Radar] Okay, what are they exactly? And why are they so important?

[Dorothy] Well, think of them as libraries for AI models. They’re repositories for these foundation models and give you access to the tools you need to adapt and deploy them. For the closed source models where the code’s not public, the developer usually acts as the hub. You get access through licensing agreements. But for open source models, there are independent hubs like Hugging Face and platforms from companies like Amazon Web Services.

[Radar] So if a business wants to get started with AI, these hubs are like one-stop shop.

[Dorothy] You can even get help fine-tuning these models with your own data. This is especially useful for companies that don’t have their own in-house AI expertise.

[Radar] It takes planning and careful execution to really leverage the power of AI.

[Dorothy] Exactly. And as we go deeper into this AI world, we have to keep in mind that this technology is changing incredibly fast. What’s cutting edge today could be outdated tomorrow.

Staying Informed

[Radar] So how can businesses keep up and make sure they don’t fall behind?

[Dorothy] Continuous learning and adaptation. Businesses need to stay informed about the latest advancements in AI, experiment with new tools, and be ready to adjust their strategies as the technology evolves.

[Radar] Flexibility and a willingness to embrace change are crucial in the age of AI. It’s not a one and done deal.

[Dorothy] Definitely. We’ve seen AI impacting a huge range of industries, changing the way we design products, optimize processes, and even interact with customers.

How is AI Shaping our World Beyond Business

[Radar] We’ve talked a lot about the tech and the applications, but I’m curious about the bigger picture. How is AI shaping our world beyond business?

[Dorothy] That’s a great question. The impact of AI on society is profound. It’s pushing the boundaries of creativity, blurring the lines between real and virtual.

[Radar] It’s amazing to think about all the ways AI is shaping our world. And we’re just at the beginning of this technological revolution.

[Dorothy] We are. As AI evolves, it will become even more integrated into our lives, our businesses, and our societies.

[Radar] What exciting opportunities is AI opening up?

[Dorothy] I’m really excited about AI helping us solve some of the world’s biggest challenges, climate change, poverty, disease.

[Radar] How is AI being used to address these issues?

[Dorothy] We’ll look at climate change. AI is helping develop more efficient renewable energy systems. Optimize energy use in buildings and cities, even monitor deforestation in real time.

[Radar] Wow. So AI can both fight climate change and help us adapt to its effects.

[Dorothy] Exactly. And in healthcare, AI can personalize medicine, diagnose diseases earlier, discover new treatments. It’s making health care more accessible, especially in areas that need it most.

[Radar] AI has the potential to improve the lives of so many people around the world.
This has been an incredible journey exploring the world of AI, its impact on business, and how it’s shaping our future.

[Dorothy] It’s been my pleasure. I hope our listeners are thinking about what AI means for them, how they can be a part of this future we’re building.

[Radar] To our listeners, remember this, The future of AI isn’t set in stone.
We’re all creating it together. Let’s make sure we’re creating a future where AI helps us solve problems, improve lives and build a more just and sustainable world.

[Dorothy] Couldn’t have said it better myself. Thanks for joining us.

[Radar] This is Radar and Dorothy from the Valverus’ AI team, signing off until next week.

Contact us today for an assessment of how we can help you create value.