From ROI To RAI (Revenue From Artificial Intelligence)

“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%.”

https://www.google.com/amp/s/www.forbes.com/sites/forbestechcouncil/2020/01/15/from-roi-to-rai-revenue-from-artificial-intelligence/amp/

AI Stats News: 65% Of Companies Have Not Seen Business Gains From Their AI Investments

  • “3% of executives worldwide expect to get some value from AI;
  • 65% report that they are not yet seeing value from the AI investments they have made in recent years;
  • 40% of organizations making “significant investments” in AI do not report business gains from AI; of organizations that have invested in high-risk projects,
  • 50% have seen value to date; among those that invest primarily in low-risk projects, only 23% have seen gains;
  • 45% perceive competitive risk from AI, up from 37% in 2017;
  • 71% of Chinese respondents view AI as both a risk and an opportunity to their enterprises, up from 41% in 2018″

https://www.google.com/amp/s/www.forbes.com/sites/gilpress/2019/10/17/ai-stats-news-65-of-companies-have-not-seen-business-gains-from-their-ai-investments/amp/

AI Stats News: Chatbots Lead To 80% Sales Decline, Satisfied Customers And Fewer Employees

This post from Gil Press is a gold mine of AI data from reputable sources for your next business case.

  • “A disclosure of chatbot identity before the machine–customer conversation reduces purchase rates by more than 79.7%
  • chatbots are four times more effective at selling products than inexperienced workers
  • TD Ameritrade Holding Corp. hasn’t needed to hire any new human agents since it began offering text- and voice-based chatbots to clients in 2017
  • Progressive Corp. expects to save about $5 million this year because fewer conversations require human agents
  • As of August 2019, there have been 140+ acquisitions of AI startups, putting the year on track to beat the 2018 record (166) at the current run rate”

https://www.forbes.com/sites/gilpress/2019/09/25/ai-stats-news-chatbots-lead-to-80-sales-decline-satisfied-customers-and-fewer-employees/#77df90cd48e0

Image credit: Getty

IN THE AGE OF AI, CMOS STILL NEED TO TAKE RISKS

“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.”

https://www.chiefmarketer.com/in-the-age-of-ai-cmos-still-need-to-take-risks/

Delivering Business Value Through AI To Impact Top Line, Bottom Line And Unlock ROI

  • “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 Monetization involves 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.”

https://www.google.com/amp/s/www.forbes.com/sites/cognitiveworld/2019/05/16/delivering-business-value-through-ai-to-impact-top-line-bottom-line-and-unlock-roi/amp/