AI Today Podcast: Artificial Intelligence Insights, Experts, and Opinion
AI Today Podcast: Different Time to ROI for Different Types of AI Projects
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Quick takeaways
- Augmented intelligence systems provide short-term ROI by adding capabilities to tasks and reducing risk.
- Conversational systems, like chatbots and voice assistants, offer short-term ROI by solving immediate problems and improving customer satisfaction.
Deep dives
Different Timeframes for ROI in AI Projects
AI projects can have varying timeframes for return on investment (ROI). Some projects, such as augmented intelligence systems, which assist humans in tasks, can provide quick ROI, while autonomous systems may take longer to realize ROI. Implementing augmented systems initially can enable faster ROI and then gradually increasing autonomy over time. Factors to consider when deciding between augmented and autonomous systems include the impact on people, the tolerance for errors, deployment challenges, data quality and availability, and labor costs. Conversational systems, such as chatbots and voice assistants, have short timeframes for ROI, improving customer satisfaction and reducing costs. Predictive analytic systems can provide significant ROI but require time for validating results. Autonomous activities, both physical and software-based, have the longest timeframes for ROI and may have high expenses and risks. It is essential to properly stage and evaluate projects to ensure their successful deployment and ROI.
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