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Achieving ROI with GenAI

Publisher IDC
Published Sep 26, 2023
Length 18 Pages
SKU # IDC18202319

Description

Achieving ROI with GenAI


This IDC Perspective provides insights on how to think about generative AI (GenAI) in the context of ROI and today's business environment, but it will not give you details on what the return on investment (ROI) for generative AI is. GenAI has flooded mindshare across all industries and markets. But as business executives examine GenAI, they are realizing that it doesn't quite fit the business models of the past. The universal tracking metric for business is ROI. But how do you apply ROI to a technology that has hundreds of use cases? GenAI is a foundational, industry-changing tech that will become part of every business. Learn more about the ROI of GenAI and the unique characteristics and challenges that are revolutionizing industry."ROI is the fundamental metric in business, but for GenAI, business executives are still drowning in the cost side of the ratio because they're not looking ahead. Executives need to think revolutionarily — not incrementally — to understand where GenAI will take them," said Ananda Chakravarty, research VP, IDC Retail Insights.

Please Note: Extended description available upon request.

Table of Contents

18 Pages
Executive Snapshot
Situation Overview
Rapid Growth of GenAI Is Record Breaking
The Technology Race with GenAI Has Started
The Business Value of GenAI Requires Business Outcomes
The Shiny New Objectification of GenAI Is More Than Cost
GenAI Offers Unique Characteristics That Drive Returns
Business Outcomes for GenAI
Tangible Returns and ROI for GenAI
Real-Time Data Structure and Categorization
Examples of GenAI Hard Returns
Intangible Returns and ROI for GenAI
Examples of Soft GenAI Returns
ROI Decision Making for GenAI
Technology Solution Assessment
Portfolio Management
Enterprise Strategic Management
Challenges to ROI for GenAI
ROI for GenAI Is Only One Metric
Advice for the Technology Buyer
Be Ready and Realize ROI with an ROI Evaluation Method
Strive for Continual Improvement In-House and with Partners
Build and Support the Right Infrastructure, Metrics, and Benchmarks for GenAI
Learn More
Related Research
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