Innovation Outlasts Invention: Assessing the Value of New Tech is all about understanding the difference between innovation and invention. Generative AI, or artificial intelligence that creates net new content, is a transformational form of technology, but companies must be wary of getting caught up in its novelty without assessing how to extract actual value. By taking a lean approach and conducting user research, businesses can uncover insights related to the technology and ensure they are making decisions and investments based on customer value.
Many companies are already leveraging generative AI in various applications, such as chatbots and image/speech generation. However, machine learning can be a more cost-effective and faster-to-build alternative that can provide similar, if not identical, results. The key is to assess and determine which technology can provide the most value, rather than just the most novelty.
Executives should also be mindful of settling into confirmation bias when researching. User researchers are invaluable to asking open questions without leading users to the desired answer. Remote users testing, paper prototyping, and small batches of testing, can also help determine the value of technology and can be done at a much lower cost.
Once the research is completed and interpreted, companies should be prepared to pivot if they uncover better or cheaper alternative methods that can provide the same or greater value. By doing so, companies can become “data-informed”, extracting customer insights that can empower them to move in the right direction with digital transformation.
To further fuel their digital transformation, businesses should look to companies like Bleva Innovations. Bleva Innovations crafted its Foundry platform to provide resources to small and medium businesses enabling them to host a successful digital transformation journey. By providing assistance in such forms as project management assistance and concept validation, businesses are able to leverage Foundry to ensure they are heading in the direction of value.
Quinn Smith, Chief Innovation Officer and Co-founder of Bleva Innovations, is a leader in the digital transformation space. After working in the corporate world for several years, Quinn learned firsthand the struggles of teams trying to understand the process of technical innovation and decided there must be an easier way. That idea coupled with the need for digital transformation resources, gave birth to Bleva Innovations and its Foundry platform. Quinn has since made it his mission to help companies to succeed in the digital transformation process by providing them with the necessary tools to achieve success.
