The last several years have reinforced the fact that innovation matters during uncertain times. Throughout the pandemic, innovation flourished out of necessity. In today’s economic climate, companies are finding opportunity in disruption, innovating to strengthen resilience and get back to growth. Through it all, the rapid emergence of new technologies is giving rise to exciting opportunities in corporate innovation.
Technology taking the world by storm
Generative artificial intelligence (AI) may be the most exciting of these emerging technologies. It has captured the world’s attention—and imagination. This technology reflects years of machine learning and natural language processing innovation, and it’s evolving all the time.
More than the latest technology buzz, generative AI is poised to revolutionize many aspects of our lives, and the transformation is already underway. Executives agree. In fact, according to KPMG’s recent U.S. survey, 77% of executives think that generative AI will have more impact on broader society in the next three to five years than any other emerging technology.
Where generative AI meets innovation
KPMG firms are enthusiastic about generative AI. KPMG Illuminate professionals are especially interested in how it can help innovate innovation. More specifically, how can generative AI improve the innovation lifecycle to transform how companies develop new products and services?
To try to get some answers, we went straight to the source. We asked ChatGPT how generative text, video and audio technologies could help across the various phases of innovation. As you can see below, it had a lot to say—from aggregating market data faster to optimizing the innovation portfolio as the market evolves.
Where does generative AI fit into the innovation lifecycle? Everywhere, according to ChatGPT.
Shaping the future of how companies innovate
While these ideas were intriguing, they were only a starting point. The power of emerging technologies like generative AI comes from how they interact with humans—from the special combination of human and machine intelligence. That’s why KPMG decided to bring humans into this exploration and launch our first-ever client co-innovation challenge focused on generative AI.
In this spirit, KPMG and ITONICS co-sponsored the Global Generative AI Innovation Challenge on KPMG Illuminate. More than 10,000 innovators were invited, including ITONICS and KPMG member firm clients to take part. Participants were asked to tackle a key question: What generative AI solutions can be developed to drive transformational innovation within an organization?
The challenge was an opportunity to gather a community of thinkers eager to collaborate, exchange best practices and cultivate breakthrough ideas for improving innovation management with generative AI. One participant described the experience like this: “It’s very inspiring to see so many brains working on this challenge of combining innovation and generative AI.” Another said, “Challenges like this give people a platform to make their ideas heard.”