The AI and PM blog - Issue #14
After a long hiatus, the blog is back! We'll focus more on AI trends (with the recent hype) while maintaining our product outlook. Bonus section included!
Generative AI (GenAI) is not just another tool in the product manager's toolkit; it's a transformative force that reshapes our approach to product management. Rather than replacing human effort, GenAI acts as a creative partner, enhancing our capabilities and enabling us to achieve outcomes that were once out of reach. Research by Wharton Professor Ethan Mollick and Boston Consulting Group reveals that consultants using AI completed tasks faster, more efficiently, and with higher quality results. In this edition, we explore how GenAI is revolutionizing products today and empowering teams to achieve new levels of success.
How People Are Really Using GenAI
Source: https://hbr.org/2024/03/how-people-are-really-using-genai
The article discusses the impact of generative AI, particularly ChatGPT, on various industries and everyday life. It highlights the excitement and concerns surrounding the technology, noting its widespread use but also the skepticism and challenges it faces. The author emphasizes the need for real-world, practical use cases to showcase the benefits of generative AI. Through a study, the article identifies a wide range of applications of generative AI, categorizing them into themes such as technical assistance, content creation, learning, and creativity. The article also explores how businesses and individuals are leveraging generative AI for tasks ranging from idea generation to legal document editing, making expensive professional services more accessible.
Is Generative AI beginning to deliver on its promise in India?
The article provides deeper insights on the progress of generative AI in India, highlighting its increasing adoption and impact across various sectors. Some key insights from the article include:
EY India’s analysis of the publicly disclosed adoption of AI/GenAI by India’s top 50 most valued Indian unicorns shows that approximately 66% are already using AI or GenAI technology
Some key GenAI use-cases in India include (in order from highest) Intelligent assistants for point tasks, Marketing automation, Document Intelligence, Customer facing chatbots, Coding assistance and Process automation
Despite the growth, challenges such as data privacy concerns and the need for skilled AI professionals still remain.
Spotify experiments with an AI DJ that speaks Spanish
Source: https://techcrunch.com/2024/05/23/spotify-experiments-with-an-ai-dj-that-speaks-spanish/
Spotify is developing a Spanish-speaking version of its AI DJ feature, named "DJ Livi." This represents the first language expansion for the AI DJ, currently available only in English. The new feature, discovered in the app's code, is expected to be available in Mexico and aims to cater to the Spanish-speaking demographic, aligning with Spotify's broader focus on personalization through AI technology
Reliance’s New Venture Tira Bets on AI Tools to Push Into Sizzling Indian Beauty Market
Reliance's Tira is spicing up India's beauty market with AI-driven personalized recommendations. Launched last April, Tira offers 12 stores and an online platform with features like electronic vending machines for free samples, an AI "fragrance finder," and a "skin analyzer.". The Indian beauty segment, projected to grow at 10% between 2022 and 2027, surpasses China's 7% and the US's 5% growth rates.
Recent AI Investment Deals
Atropos Health raises $33M in Series B funding for its GenAI platform.
Superlegal, a provider of an AI platform for legal contract review for small and medium-sized businesses, raises $5M in seed funding.
ThinkLabs AI raises $5M in seed funding to enhance grid planning with AI automation.
XponentL Data secures strategic investment from Databricks Ventures to fuel data transformation and generative AI.
Product of the Week: AI Image Captioning with GPT-4
Ever wondered how to use GPT-4 to understand images and generate cool captions? Dive into my Colab notebook to get started!