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Measuring the business value of generative AI
Journal of AI, Robotics & Workplace Automation,
3
(1),
28-36
(2023)
Abstract
Generative artificial intelligence (GenAI) can deliver tangible and intangible values that can be calculated to decide which projects benefit from GenAI and which do not. This paper is intended to be a guide for businesses just starting to build traction for their ideas. The focus is on evaluating and leveraging GenAI’s potential to innovate faster and compete effectively in a rapidly evolving digital economy. The paper specifies the many ways GenAI can have an impact on a business and considers how to measure that impact. It starts with standard business metrics (revenue, profit, customer satisfaction, etc.) and then turns to the more esoteric task of measuring the impact on creativity, inspiration and innovation, followed by business disruption and process metrics. It finishes with a look at improving process improvement.
Keywords: generative AI; business metrics; economic impact; innovation; digital transformation.
The full article is available to subscribers to the journal.
Author's Biography
Jim Sterne Speaker, author, digital visionary and practical adviser, Jim Sterne sold business computers to companies that had never owned one in the 1980s, consulted and keynoted about online marketing in the 1990s, founded the Marketing Analytics Summit in 2002 and co-founded the Digital Analytics Association in 2004. His twelfth book is Artificial Intelligence for Marketing: Practical Applications. He is now advising companies on analytics strategy planning at Data Driven Leaders Studio as well as teaching the ins and outs of machine learning and generative AI to marketers. His most popular workshop these days is ‘Creating a Generative AI Adoption Roadmap’.
