Generative artificial intelligence (AI) has the potential to innovate countless aspects of how we live and work. But how could this breakthrough technology impact the innovation lifecycle itself?
To explore the possibilities, we launched the Global Generative AI Innovation Challenge, co-sponsored by KPMG and ITONICS on KPMG Illuminate. More than 10,000 innovators were invited, including ITONICS and KPMG member firm clients to share promising use cases, exchange best practices and collaborate. The focus? Uncovering some of the most groundbreaking ideas for applying generative AI to revolutionize new product and service development.
How can generative AI help across the innovation lifecycle? Here’s what ChatGPT told us:
From the fringe to the forefront
Since ChatGPT took the world by storm, everyone has been talking about generative AI. The buzz is echoing across living rooms, boards rooms—and from Silicon Valley to Wall Street.
According to a recent KPMG survey 77% of U.S. executives think that generative AI will have a bigger impact on broader society than any other emerging technology in the next 3 to 5 years.
In the spirit of co-innovation
Co-innovation is a hallmark of KPMG innovation challenges. We believe that bringing diverse groups of thinkers together in a dynamic environment is powerful way to spark new ideas.
All participants were encouraged to explore all the ideas and build on other submissions by adding comments and questions. Co-developing the winning technology solutions was also a possibility.
We recognize the paramount importance of innovation, the transformative power of generative AI, and the significance of collaboration and co-innovation.
I truly believe that we are now standing at the dawn of a new start — a new era where creativity and innovation are no longer the domain of humans alone but are being augmented by the power of AI.
The service provider-to-client relationship has evolved from trusted advisor to trusted co-innovator. Leading companies are looking for collaborators to help speed up success and failure and de-risk co-innovation.
Meet the winners: Designing the future of innovation
— Focus groups and personas can be costly and time-consuming. This idea creates an alternative: Using AI personas as representative digital twins to support design and decision making.
— The incubation stage is challenging. This idea develops a generative-AI innovation management tool that tracks progress, predicts potential issues, suggests corrective actions and optimizes resource allocation.
— The right ideas are everything. This idea designs a generative AI solution that offers employees unlimited access to resources for ideation through a panel of company “experts”—AI agents that are always available.
If you are interested in collaborating on an innovation challenge with KPMG, please contact the Global KPMG Illuminate team at illuminate@kpmg.com.
