Muqsit Ashraf emphasized the importance of moving beyond the initial excitement surrounding AI to focus on tangible outcomes, remarking, 'There's a lot of discussion around 'Show me the money.' He pointed out that while 90% of companies are considering AI, less than a third are making important strides, with under 20% actually nearing their AI investment goals. His insights shed light on the critical need for organizations to align AI efforts with specific business challenges and demonstrate clear ROI from these initiatives.
'Leading with value', according to Ashraf, means focusing AI investments on addressing key business challenges. For instance, in the pharmaceutical industry, leveraging AI can substantially reduce the drug discovery timeline. Similarly, utility companies can enhance asset management efficiency through AI. This approach not only addresses pressing organizational issues but also guides the direction of AI investment to ensure that it meets strategic imperatives effectively, thereby enhancing the potential for returns.
Ashraf advocates for a scalable strategy, noting, 'You can start small but create a clear path to scale generative AI quickly.' This strategy is crucial for organizations aiming to achieve a higher return on investment. Companies that successfully scale their AI initiatives see consistent and significant ROI, especially in areas like knowledge management, content generation, and customer interaction. This scaling is essential for unlocking the true potential and value of AI investments.
Investing in generative AI, when done strategically, can unlock substantial value for businesses. Ashraf reminds us that the real possibility for ROI is realized when companies not only invest in technologies but also reimagine their operational models and processes. This way, companies can leverage AI as a transformative force, fundamentally altering how they operate and deliver value to customers and stakeholders.
Collection
[
|
...
]