Artificial intelligence has quickly become a tech solution that businesses of all sizes across sectors are either implementing or looking to do so soon. While AI is helping companies transform operations and streamline internal processes, consistently measuring the return on investment of AI initiatives is key to ensuring continued investments result in favorable business outcomes.
Below, Forbes Business Council members share ways businesses can measure the ROI of AI initiatives. Read on to learn specific metrics they recommend businesses closely track.
Examine Gains Versus Costs
Measuring the ROI of any technological investment is rather straight forward when you look at the gains vs. costs. Oftentimes, we see that organizations fail to properly capture the hidden costs of AI initiatives. Increased costs associated with cyber security, data governance, data storage and employee upskilling are usually missed when calculating the true ROI of AI. - Cory McNeley, UHY Consulting
Read the full article published by Forbes.
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