AI continues to garner interest across industries, demonstrating clear benefits to cost savings, decision-making speed, and customer insights. However, fully realising benefits in a measurable way can prove difficult. Unsurprisingly, a return on investment (ROI) is top of mind for organisations and is vital to securing budget for further AI initiatives.
Computing's latest research on AI real world use, in collaboration with Intel®, delves into how IT leaders are responding to this challenge.
Organisations that are implementing AI overwhelmingly agree it has already had a positive impact. For those that have fully deployed an AI solution, 88 per cent report it has had a significant influence on their organisation and 100 per cent say they have seen a return on their investment.
When asked where the most benefit is being seen for their data analytics and AI initiatives, IT leaders reported on gains from improved management of risk, enhanced customer insights, and the ability to meet customer needs.
Customer experience and intelligence gains
Intelligent reporting that builds from historical data enables new marketing approaches for organisations. Customer insights, for example their preferences and purchasing behaviour, aids understanding of habits in a way that can produce actionable suggestions - driving long-term returns.
For example, retail banks making use of AI in Know Your Customer (KYC) processes are experiencing huge gains in efficiency as well as improved regulatory compliance. Dealing with documentation and information from account holders and applicants, data can become fragmented and inconsistent. With intelligent tooling, clients are more satisfied, privacy and confidentiality are reliably secure, and the cost involved in retaining business is greatly reduced without human intervention.
Digitising KYC reduces the need for customers to physically visit a branch - an attractive approach in an increasingly remote world. Accelerating KYC with AI means banks can lower the cost of compliance checks and save money on internal processes, altogether quickly delivering a tangible return on their investment.
For those that have fully implemented AI at their organisation, 100 per cent have seen an ROI. The most common use cases are within data analytics, deep learning, and natural language processing. When asked to rate the current success of all AI use cases for their organisation, the most common are rated the highest, averaging an approximate score of 8 out of 10. This demonstrates the reliability and performance of applying AI initiatives.
Budget constraints are a pervasive issue for organisations today, not least as we enter a period of economic challenge, but real-world AI use-cases are providing cost savings. Legacy technologies are a growing expense so investing in developing and managing flexible infrastructure capable of unlocking data value will significantly improve ROIs.
Cutting through the hype surrounding AI and establishing genuine business value from its use can be difficult. Success depends on strategy, culture, and using the technology in places it best suits. The gains to be made from successful AI implementation all have downstream effects on cost. Intelligent reporting facilitates actionable insights, automating mundane tasks redistributes vital resources, and accurate, reliable processes enables confident decision-making that'll guarantee ROI.
To learn more about Computing's research into real world AI use cases with real results, read the full report.
Sponsor insight - Intel
Organisations must harness AI to extract value from data, but challenges abound. Data pre-processing, from discovery to breaking down silos, to quality control, and managing it from edge to cloud, come first. Taking the right approach to modelling, from analytics to machine or deep learning, with the right technology and expertise comes next.
Intel provides a holistic and open path forward, addressing the full data, modelling and deployment pipeline, with the freedom to compute on whichever architecture is best, including the only x86 CPU with built-in AI acceleration.
This article is sponsored.