Artificial intelligence (AI) continues to play an ever-increasing role in helping businesses on multiple fronts. You may wonder whether AI is worth using in your business or you may have concerns about the cost of implementing it. As with any investment your business is planning to make, you need to understand the return on investment (ROI).
Measuring ROI and tracking the impact of AI investments on business performance is possible. However, it does require a few specialized techniques to ensure accuracy.
When you’re ready to understand the cost savings that AI provides for your business versus the cost of implementing it, you need ROI metrics you can trust. Learn more about the methods used to measure and track ROI for your AI investments with the help of 2X Solutions.
Introducing ROI Metrics for AI Investments
Although AI technology offers a number of benefits for businesses, you shouldn’t just assume that you can spend any amount on AI and automatically receive a return. You need to be able to track ROI.
You wouldn’t spend money in other areas of your business without determining if the investment makes financial sense. You shouldn’t spend blindly with AI, either.
If you only have a basic understanding of AI, you may not feel confident coming up with ways to track the ROI of your investment. At 2X Solutions, we offer multiple AI solutions for businesses. We can help you start using AI, and we then can help you determine whether you are spending money in the best areas by using:
- Customizable AI models
- Data analytics for AI
- Performance tracking for AI
- Metrics for measuring ROI
Defining Objectives for Measuring AI Performance
The first step in measuring ROI and tracking the impact of AI investments on business performance is defining the objectives. As with any investment you make in your business, you should develop goals that you expect to achieve through an investment in AI systems.
Don’t let the idea of deploying AI intimidate you into failing to set goals. You can’t just assume that the AI is working in the way you want.
Having help in setting goals can be beneficial with an unfamiliar technology like AI. With 2X Solutions’ help, we can set objectives and goals together for the AI system you want to deploy. We help you identify the problems that AI can solve for you, which is key in setting goals.
For specific goals that fit your business, we even provide custom solutions for deploying AI. Not all businesses need to use AI in the same way, which makes customization vital.
Identifying KPIs for AI Investments
Figuring out which key performance indicators (KPIs) are going to help with measuring the ROI of your AI investment is another important step to take early in the process. Without understanding the most important KPIs, it becomes difficult to spot trends early and to make adjustments.
After setting your goals and objectives for your AI investment, select KPIs that help you accurately measure the progress toward those goals. Using both direct and indirect KPIs can offer benefits.
- Direct KPIs include measuring cost savings, customer retention, gains in productivity, and growth in revenue.
- Indirect KPIs include gaining a competitive advantage and helping your team make better and faster decisions.
At 2X Solutions, we understand the most important metrics related to AI performance. We then can adjust those metrics to fit the precise aspects of your business that benefit most from the implementation of AI systems.
Evaluating AI’s Impact on Business Performance
Using KPIs to measure ROI and track the impact of AI investments on business performance is the best way to evaluate how the AI deployment is working.
For example, you can measure the performance of your AI algorithms’ success rates through customer satisfaction scores. If you are using AI to make product recommendations for customers, you can measure how many of those recommendations resulted in direct sales.
The 2X Solutions platform can help you measure the impact of your AI deployment in areas like:
- Cost savings
- Customer satisfaction
- Operational efficiency gains
- Growth in revenue
2X Solutions achieves insights through its data-driven approach to measuring AI’s impact on the performance of your business. It also uses the data measurements in its predictive analytics algorithms to determine what the future performance of the business should look like. 2X Solutions harnesses AI automation to improve the accuracy of making these evaluations.
Deploying Best Practices for Measuring ROI for AI Investments
Simply stating that 2X Solutions follows best practices when measuring ROI for your AI investments isn’t enough. We have a number of best practices that we use to help with ROI measurements, depending on your business goals.
For example, when we are working with a finance business that wants to use AI to enhance fraud detection, we can measure improvements in detecting fraud before and after deploying AI. We also measure the accuracy of the AI system for the transactions it flagged versus the percentage of those flagged transactions that actually were fraudulent. We then can guide you to make adjustments that enhance your ROI for this benefit.
We have similar tools we can use for other segments of your business. We then take all of the data and run it through our AI modeling and performance tracking tools. Because 2X Solutions has customization options for each of our business customers, we can adjust the tools to ensure they give you the most pertinent information.
Overcoming Challenges in Measuring ROI for AI Investments
One of the biggest challenges when working to measure the ROI of your investment in AI systems is the quality of the data. If you don’t have enough data on hand, you won’t receive accurate insights. The data needs to be accurate, too, or you may end up adopting strategies that go in the wrong direction.
You may need to hire employees or train current staff in how to operate the AI systems. Mistakes from your human employees can throw off the results, giving you an inaccurate picture of your ROI.
By partnering with 2X Solutions, though, you receive the expertise required to make the most of the measurement systems. Our team knows how to extract the most accurate data and explain what it means.
You can count on 2X Solutions to deliver useful tools for measuring ROI and tracking the impact of AI investments on business performance. We can help you overcome the challenges associated with this type of work.
Instead of issues with data collection, perhaps you are having challenges related to data integration, stakeholder alignment, and performance tracking for your AI systems. 2X Solutions provides tools to help you work through all these problems and more.
Monitoring Future Trends for Measuring ROI for AI Investments
Deployment of AI systems is all about being on the cutting edge of using technology that can improve your business. However, choosing to perform the deployment isn’t the end of the line.
As you use your AI system, you need to stay on top of trends for measuring ROI. You may need to make changes to your measurement tools to account for changes in the market and in AI technology.
Because 2X Solutions uses AI to collect the data that measures your business’s ROI, we keep you on the cutting edge. As developments occur that improve the collection of data and the spotting of trends, 2X Solutions makes sure your business is taking advantage of such developments.
However, we do not just suggest that you deploy every new development in AI’s capabilities. It’s important for us to understand how you’re using AI and how you need to measure the ROI of your AI investment. That’s why we work so closely with you to set goals and identify KPIs at the start of your AI deployment. It helps us understand which new AI advancements will fit your business needs in the future.
When we at 2X Solutions take these steps as your AI systems partner, we can often squeeze even more ROI out of your AI investment as the technology evolves.
Tracking AI Investments on Your Business Performance
Just purchasing AI systems and expecting magical revenue growth is not likely to happen for your business. You need to be able to track the performance of the AI measures you take so you can be certain you are spending your money wisely.
Perhaps the metrics show that you should focus more on enhancing customer experiences with your AI investments. Instead of deploying a blanket customer service AI system, the metrics may reveal that you need to focus your spending on specific areas of customer service to maximize ROI.
When it comes to measuring ROI and tracking the impact of AI investments on business performance, you understandably may need some help. At 2X Solutions, we deliver multiple solutions that help businesses make the most of their AI investment dollars. We specialize in performance tracking and data analytics, all with an eye on ROI.
To learn more about how 2X Solutions can help you make the most of your AI investments, reach out to us today.
