Every dollar invested in AI technologies yields $3.5 -(ROI)
According to a recent study by IDC on Microsoft's behalf, businesses that invest $1 in artificial intelligence solutions typically receive a $3.5 return on their investment- ROI.
The research suggested that the new generation of intelligence known as “generative artificial intelligence” will assist boost this return on investment. The study included over 2,000 people, including business leaders who are in charge of artificial intelligence in their firms.
The AI involves creating programs and systems that mimic human thought processes . These systems and programs rely on mathematical models and algorithms for machine learning. It is capable of a wide range of functions, including problem solving, picture and voice recognition, and decision making.
ROI can be determined using the following standards:
1. Boost revenues.
• Enhance sales processes with analytics and projections
• Figure out how to bring in additional money.
• Enhancing pricing tactics
• Selecting the appropriate clients at the appropriate moment.
2. Cost savings
• Make things simpler.
• Raising the effectiveness of operations.
• Finishing processes without requiring human assistance (Automation).
3. Customer satisfaction
• Bots for chat
• Electronic assistants
• A prompt recommendation system (consumer interaction)
4. Quick decisions
• With the necessary data entry, make decisions more quickly.
• Cutting down on human mistake (enhancing service quality).
• Make task procedures simpler.
According to a study, there are five primary fields in which organizations generate the most gains by utlizing AI:
1. Increase productivity.
2. Increased profitability.
3. Raise client contentment & satisfaction.
4. Introducing new products and services.
5. Enhance employees engagement.
Companies that have profited from artificial intelligence include:
• Amazon :
By examining consumer behavior and preferences, it enhanced its recommendation system and started making tailored suggestions for each individual, which increased sales.
In order to provide more relevant search results, it incorporated AI into its search engine algorithms, which enhanced user experience and raised advertising revenue.
It enhanced its pricing strategy by utilizing AI algorithms to examine a number of variables, including demand, traffic, and driver availability. This allowed the business to guarantee customer pleasure while maximizing revenues and making dynamic price adjustments.
It was able to increase subscription rates and income, as well as grow its customer base by over 25% by using AI to learn its clients' trends and deliver them a personalized user experience.
Funds for investments in artificial intelligence
there are some private investment funds with an emphasis on AI make investments in a range of businesses and initiatives in this area. Subscribers can take advantage of the variety and experience in investment management by purchasing shares in these funds:
• Global X Foundation for Artificial Intelligence and Robotics
• Robotics & Automation Index ETF (ROBO)
• Robotics & Autonomous Technology ETF (ARK)
One of the main the compendium of these researches business intelligence (BI) users can dive deeper into the data without needing analysts to create custom dashboards or reports supported by artificial intelligence's ability to extract emotions and information from documents, emails, and texts from call centers.
Farhan Hassan Al Shammari