“A report from Morgan Stanley provides quantitative examples of ROI from AI applications:
• Machine learning is analyzing wind farms to make power predictions 36 hours in advance, enabling providers to make supply commitments to power grids a full day before delivery and increase the value of wind energy output by 20%.
• In Australia, mining companies are using autonomous trucks and drilling technology to cut mining costs, improve worker safety and boost productivity by 20%.”
“Take for example Cheetos. A few years back, Cheetos announced a gift collection ecommerce site timed with traditional retail holiday promotions. The site sold pretty much everything but the popular snack, from cologne and branded leggings to bronzer and a $20,000 jewelry set. No AI parsing through Cheetos marketing data sets would ever tell their CMO to sell pricey baubles. But with over 100M impressions, countess press pieces, social medial trending topics and a complete store sell out (yes, even the $20k jewelry set), Cheetos became the hot holiday season story. It’s these brave, and sometimes silly, choices that can resonate deeply with consumers in an age where marketing is becoming increasingly formulaic.”
“According to Gartner, there are two distinct ways in which business leaders can monetize data.
Direct Monetization. The way to realize value from this avenue involves directly adding AI as a feature to existing offerings.
Indirect Monetizationinvolves embedding AI into traditional business processes with a focus on driving increased revenue. A popular example of this is corporations who come out with branded, paid-for reports based on the data they own.
AI also has huge potential to drive businesses to explore and exploit eCommerce platforms as a credible channel for sales and to help drive the digital agenda forward.”