Hands-on Lab: AI Product Development Challenges and Opportunities

Estimated duration: 30 minutes

Introduction

We illustrated the four stages of the AI Product Development Process. Ideation or Innovation, Data Management, Research & Development, and Deployment. We also provided an overview of how this process integrates with the Product Management Lifecycle and a list of activities required to implement an AI product development project successfully.

Objectives:

In this lab, you will perform the following tasks:

• Analyze a Smart Virtual Assistant development scenario
• Act as an AI Product Manager
• Map required activities to the AI Product Development Process
• Define key roles and responsibilities required to plan and implement the required product successfully
• Identify challenges and risks you may need to overcome and provide mitigation responses
• Validate your finding using ChatGPT

Prerequisites:

• Ensure that you have viewed the following:
  • Video: Stages of AI Product Development
  • Video: AI Integration in Product Management Lifecycle
  • Reading: AI Support for Product Management Success
• You must have access to Microsoft Word, either through the desktop or online version. If you want to sign up for Microsoft Office 365 and need help, view the Sign up for Microsoft 365 lab.

Task 1: Review the following Smart Virtual Assistant product development scenario

Your firm is geographically spread out over all of North America and Europe. Leadership believes that the development of a proprietary AI-driven Smart Virtual Assistant to serve everyone in the company will improve customer support and efficiency, reduce costs, alleviate stress, and facilitate more data-driven decisions. You have been assigned as the AI Product Manager to plan and develop this product.

The following features and functions will be required in the product:

• Management expects high user engagement with the system. They want a 100% adoption rate within 3 months of product launch. In addition, they want at least a 4.5 satisfaction score among all company users.
• They want to identify routine tasks that the system can address, analytics that show how productivity will increase, and resource requirements that will be reduced. They expect a data-based cost–benefit analysis as part of the product concept planning.
• They require that all responses be accurate and based on credible data. They expect a response accuracy rate of 98% or more when the system is prompted. In addition, they expect the system to be bias-free and secure.
• The new system must effectively integrate with the existing corporate architecture and applications. In addition, the system must only be available to authorized users in the firm.
• Management expects the initial capability to support 20,000 employees, which will be scalable to 25,000 at the end of year one.
• The system must comply with all privacy laws, ethical guidelines, and industry standards.

Task 2: Download the Scenario Evaluation Worksheet

Keeping the CTRL key pressed, click to download the Scenario Evaluation Worksheet that provides tables to complete this assignment.

Note: Use the COMMAND key instead of CTRL on Mac systems.

Task 3: Analyze and document requirements

• Map requirements to the AI Product Development process.
• Include at least three requirements in each of the following stages:
• Ideation and Innovation
• Data Management
• Research & Development
• Deployment

Task 4: Identify the AI product management team

• Define at least four roles required to plan and develop this proposed AI product.
• List the basic responsibilities associated with each role.
• Don't forget to include the AI product manager!

Task 5: Analyze challenges and risks

• Analyze challenges and risks.
• List at least four challenges or risks and your response to mitigate them.

Task 6: Hands-on practice with ChatGPT

• Use ChatGPT to validate your analysis from Tasks 3, 4, and 5
• Input each prompt separately into ChatGPT:
  • Prompt 1: Review the Smart Virtual Assistant scenario and define at least three requirements in each AI product development stage.
  • Prompt 2: Define at least four roles required for planning and development, including responsibilities, and the AI Product Manager.
  • Prompt 3: Analyze challenges and risks, listing at least four with mitigation responses.

Task 7: Review the solution

Keeping the CTRL key pressed, click to download the Product Concept Potential Solutions document.

Note: Use the COMMAND key instead of CTRL on Mac systems.

• Compare your analysis to the recommended solution.
• Update your analysis as required.

Note: Your solution does not need to match this solution. You may identify items not included in the recommended solution. That is fine.

Task 8: Compare and reflect

• Compare your initial analysis, ChatGPT output, and Potential Solution.
• Reflect on similarities, differences, and insights gained.
• Update your analysis and understanding accordingly.

Task 9: Save your final analysis

• Save your final analysis as a Word or PDF file for future reference.