6 Tips for Using AI to Accelerate Innovation

Not investing in innovation is costing you money.

💡Research shows that companies that invest in innovation consistently outperform their peers, interestingly especially during periods of economic uncertainty.

💡In a McKinsey survey of 1,017 executives across multiple industries and regions, nearly 60% of respondents said they were either freezing or cutting their spend on innovation.

Yet at the same time, "many companies view innovation as essential to growth." And a third of companies "expect more than a quarter of their future revenues to come from new offerings".

It's a little contradictory, right? 

You know that innovation will provide growth but at the same time, you don't want to spend any money on innovation. 

In fact, 60% of respondents to the McKinsey survey stated "that their companies would significantly underperform market expectations if they stopped investing in innovation."

Further research shows that "firms maintaining investment in innovation through downturns enjoy outsized long-term growth rates."

That "Leaders who prioritise innovation today are positioning their companies for market dominance tomorrow."

But innovation costs have increased. R&D cycles take longer, and costs are generally higher.

The answer, either surprisingly or unsurprisingly, may lie with AI.

Generative AI and automation is able to speed up research workflows and proof of concepts. 

How?

AI accelerates:

🚀 Market and competitor research

🚀 Opportunity identification

🚀 Data analysis

🚀 Hypothesis generation

🚀 Creation of Proof of Concepts (POCs) and Minimal Viable Products (MVPs)

This allows teams to increase output and reduce time-to market across industries. 

Strategic adoption of AI is helping innovators focus on high-value problems, collaborate more closely, and unlock new opportunities faster than ever before. 

What role is AI playing in your current innovation strategy?