Prasad Ramakrishnan, the CIO and SVP of IT at Freshworks, highlights the increasing adoption of AI-powered solutions in companies across various industries. While many companies are integrating AI into their business operations, measuring the return on investment (ROI) of these AI investments remains a challenge. However, by establishing clear benchmarks and metrics, companies can effectively measure the impact of AI on their business outcomes as technology continues to evolve.
Industries such as retail, fitness, and healthcare are leveraging AI for tasks ranging from customer service to medical imaging. Retailers are using AI for customer self-service and virtual assistants, gyms are automating scheduling and feedback collection, and healthcare facilities are utilizing AI for medical imaging analysis. The versatility of AI is evident in its ability to optimize operations and enhance outcomes across various sectors.
To achieve a meaningful return on AI investment (ROAI), CIOs must align AI investments with organizational objectives and foster a culture of innovation. Steps for setting benchmarks and measuring the success of AI investments include focusing on value-driven solutions, conducting thorough research, engaging employees in decision-making, defining clear metrics, and continuously evaluating and optimizing AI solutions. By following these steps, companies can position themselves for success in an increasingly AI-driven world.
Gartner predicts that chatbots will become the primary customer service channel for many organizations by 2027, highlighting the potential for AI to enhance operational efficiency and growth. By prioritizing solutions that directly contribute to business goals and conducting cost-benefit analyses, companies can ensure favorable returns over the long term. Additionally, organizations can optimize AI utilization by focusing on features that deliver the most value and regularly iterating and adapting based on feedback and evolving business needs.
In conclusion, unlocking ROAI requires strategic vision, diligent execution, and a commitment to driving tangible business outcomes. By implementing the steps outlined above, CIOs can effectively measure the ROI of their AI investments and position their organizations for sustained growth and competitiveness in an increasingly AI-driven world. With clear benchmarks and metrics in place, measuring the impact of AI on business outcomes becomes not only achievable but also essential for success.
