ROI of AI

How to Get ROI out of AI

If you want to get the maximum ROI out of an AI project, first single out the value it can bring to users, determine its competitive advantage and define the financial result expected. The discovery, estimation and development of a proof of concept can be helpful to determine if adding AI is valuable.

Costs Associated with AI Projects

These are the expected costs for an AI project:

Metrics for ROI

  • Employee hours → decrease

The Bottom Line

All in all, to ensure you are getting value out of AI, start with something simple. Take for example, a recommendation system on a streaming platform. It may first simply recommend the most popular films of the day or films with the most clicks (which is actually statistics, not AI). However, based on this data an AI solution can be made to provide recommendations on what somebody might like, based on other users’ preferences. With the statistics gathered you can analyze if the number of users increases or not and if there is value being generated. Then, by accumulating more data and making the process more streamlined it is possible to create an automated AI solution that recommends films based on individual interests.

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