The ROI of Generative AI in the Enterprise
An article by Gartner shares that companies need to “rethink how to measure ROI of your GenAI investments.”
The big picture is that companies seek improvements in productivity, and generative AI has stepped in as a significant source to boost productivity and help businesses transform.
As lovely as that all sounds, companies need to spend time “calculating the value of new investments in GenAI.” This entails building a solid business case by recognizing the costs versus the value of this technology. Simulating these processes is a great way to measure the ROI of these investments.
At the end of the day, knowledge is power, and being informed how much value you will get from different GenAI systems will help you decide whether to bring them in or leave them out of your company, as well as determine which solution is best.
Gartner recommends preparing to value the mix of GenAI investments based on outcome and risk, as well as leveraging pilots to assess value, cost, and technical feasibility.
To simulate potential cost and value realization, Gartner recommends looking at a range of GenAI activities – quick wins, differentiating use cases, and transformational initiatives.
To understand more about the focus on quick wins, differentiating use cases, and transformational activities, we urge you to have a look at Gartner’s article.
The article discusses how to navigate generative AI and gives you loads of tips on ensuring the value outweighs the costs of these systems.
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