Generative AI (GenAI) is revolutionising industries by enhancing efficiency, improving customer experiences, and creating new revenue streams. But how can your business harness this technology to achieve significant returns on investment?
ROI in Action
When implemented effectively, tools like Microsoft 365 Copilot can quickly pay for themselves. The key lies in asking smarter questions and moving away from traditional methods, such as relying solely on search engines instead of AI-driven insights.
Users save time with Copilot, which offers incredible ROI. With just 25 users saving 10 hours a month, businesses can unlock substantial productivity gains, translating to over $8.4k in extra productivity.
Key Insights on GenAI ROI
Generative AI is being leveraged across various use cases, driving significant returns on investment. Enterprises are investing heavily in customer service chatbots, automated IT testing, and content generation, among other applications.
Customer Service Chatbots: Over 53% of enterprises prioritise this use case, leveraging GenAI to enhance customer interactions and reduce operational costs.
Efficiency Gains: Many businesses report significant productivity improvements, with some achieving up to 50% reduction in time spent on tasks like coding.
Content Generation: GenAI is being used to create high-quality content at scale, driving engagement and reducing the time and cost associated with traditional content creation.
Expert Opinions on GenAI ROI
Experts emphasise the importance of focusing on ROI when implementing GenAI. According to Gartner, businesses should leverage pilots to assess value and cost, aiming for a mix of quick wins, differentiating use cases, and transformational initiatives. This approach helps organisations achieve measurable ROI while managing risks and costs effectively.
Real-World Examples
Mercado Libre: By augmenting their developers with GitHub Copilot, they achieved a 50% reduction in coding time.
Zoom: Using Synthesia's AI video platform, Zoom accelerated video production by 90%, saving $1,500 per employee.
Conclusion
The potential ROI of GenAI is immense, but realising these returns requires strategic implementation and continuous evaluation. By focusing on high-impact use cases and leveraging expert insights, businesses can unlock significant value from their GenAI investments.
At Solentive, we specialise in leveraging GenAI and intelligent automation to streamline operations, enhance decision-making, and unlock new levels of productivity, helping businesses explore and realise the full potential of GenAI tailored to their unique needs.
Contact us to see how Solentive can help your business harness the power of GenAI to achieve remarkable ROI and drive innovation.
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