The AI Daily Brief (Formerly The AI Breakdown): Artificial Intelligence News and Analysis Study Finds 370% ROI for Enterprise Generative AI
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Nov 21, 2024 A recent IDC study reveals that generative AI can yield an astonishing 370% ROI for enterprises, with top performers exceeding 10x returns. The discussion highlights a shift toward leveraging AI for revenue generation and industry-specific applications. However, the lack of employee skills remains a significant barrier to adoption. Meanwhile, innovations like Google’s Gemini chatbot are improving personalized user experiences, emphasizing the importance of data control and security compliance in the evolving AI landscape.
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Generative AI ROI
- Many assume that generative AI's ROI is inevitable due to its power.
- This has led to many pilot projects, but organizations now seek to quantify the actual benefits.
Shifting Focus of AI
- Businesses primarily monetize AI through productivity, focusing on employee productivity and top-line growth.
- A shift is emerging, with increased focus on functional and industry-specific AI use cases in the next two years.
Measuring AI ROI
- Most companies measure AI's ROI based on time saved through increased productivity.
- 43% of organizations reported the greatest ROI from productivity use cases like reduced task completion time.