Artificial intelligence is revolutionizing open innovation and offering companies new ways to increase their innovative strength. AI has quickly evolved into self-adapting neural networks that can recognize patterns and predict behavior. These networks process external data to identify trends and future needs, significantly accelerating innovation processes.
According to the Boston Consulting Group, 91% of innovation leaders already use AI to identify new business opportunities and 92% use it to support innovation decisions.
Together with Dr. Petra Nylund and Prof. Alexander Brem, Xavier Ferràs has summarized seven areas in the "Oxford Handbook of Open Innovation" in which companies can use AI:
1. Business model innovation: real-time databases identify successful business models.
2. Technology detection: scientific databases reveal emerging fields of knowledge.
3. Technology trajectories: AI evaluates the direction of sectors and investments.
4. Strategic detection: analyses of news and digital networks identify competitor strategies.
5. Predictions of results: historical industry data optimizes sales forecasts.
6. Market research: social media analyses provide insights into brand perception and trends.
7. Prediction of events: health databases improve the prediction of health events.
AI drives innovation and provides companies with access to new insights. Decisions on expansion, products and research are increasingly supported by AI. This field has the potential to continue to transform innovation, bringing both economic and societal benefits.
Contact
Hanna Dewes
Research Associate