Driving Business Growth: Generative AI Strategies for Enhanced ROI

The CDO Vision New York, organized by AIM Research, brought together a panel of distinguished industry experts to explore the transformative impact and potential of generative AI across various business landscapes. This event, held at the forefront of technological innovation, offered a unique platform for leaders in data, analytics, and digital strategy to share insights, experiences, and predictions about the rapidly evolving role of artificial intelligence in shaping future business strategies. 

The panel discussion, themed around “Unlocking the value of generative AI strategies for quantifying ROI in business investments” delved into the practical applications, challenges, and opportunities presented by generative AI technologies, providing attendees with a comprehensive understanding of how these tools are reshaping the competitive dynamics of industries worldwide. 

Accelerating Research with AI: A Leap from Weeks to Hours

In the rapidly evolving landscape of business technology, the panel discussion on generative AI’s value proposition revealed groundbreaking insights. With a focus on the tangible benefits that generative AI brings to various sectors, industry leaders shared compelling case studies demonstrating the technology’s profound impact on operational efficiency and innovation.

Krishna Cheriath, Chief Data & Analytics Officer at Zoetis, highlighted an innovative application of generative AI in accelerating research and development processes. Zoetis, a global animal health company, has embarked on testing generative AI copilots to aid research scientists in knowledge search and summarization tasks. 

Cheriath noted, “We are testing Gen AI copilots in R&D to see if they assist our research scientists. The AI will assist in knowledge search and summarization. Early results show a significant productivity gain.” 

This leap from weeks to hours in research processes underscores the transformative potential of generative AI in enhancing scientific inquiry and innovation.

Boosting Efficiency and Profits with Real-Time Client Insights

Giorgio Suighi, Global Executive Leader, shared another compelling use case of generative AI. Mindshare’s creation of models for generating real-time results and analysis exemplifies how generative AI can streamline and enhance client services. 

Suighi said, “We created a set of models to generate results and analysis based on data sets pre-checked. Quality is paramount for the output. We put it in the face of a client automatically, so they have real-time information getting from PSP, from execution, advertising execution real-time, pre-process it, regenerating the insights straight to what they’re trying to achieve.” 

This initiative not only improved internal ROI through time and efficiency savings but also significantly boosted profit margins by delivering actionable insights directly to clients.

Collaboration Key to Navigating Disruptive Tech Opportunities

Dinesh K, Region Sales Leader at Quantiphi, emphasized the necessity of collaboration in unlocking the full potential of generative AI. Recognizing the technology’s disruptive nature.

Dinesh remarked, “It’s not impossible; it’s plausible. However, it requires people to come together and collaborate considering the opportunity cost associated with technology like generative AI. Disruptive technologies, by their very nature, disrupt. They challenge the traditional and outdated models for valuation and ROI.” 

This perspective highlights the importance of collective effort and strategic foresight in navigating the opportunities and challenges presented by innovative technologies.

Evaluating the Hidden Costs: The Significance of Opportunity Cost in ROI Analysis

Swapnil Srivastava, Global Head of Analytics at EvalueServe, brought attention to a crucial aspect often overlooked in ROI analysis—the significance of opportunity cost. By considering what might be lost by not adopting new technologies, businesses can gain a fuller understanding of the potential impacts on market competitiveness. 

Srivastava pointed out, “Sometimes when we are thinking about ROI metrics, we forget about the opportunity cost. There could be a huge cost for not doing something as opposed to doing something. Clients have told me it’s useful to think more about the consequences of inaction, what your competition could do, and what kind of market share they can gain.”

The panel discussion underscored the critical role of generative AI in driving business innovation and efficiency across sectors. Through real-world examples and expert insights, the conversation illuminated the path forward for organizations looking to harness the power of this transformative technology, emphasizing strategic planning, stakeholder engagement, and a holistic view of ROI that includes the often-overlooked factor of opportunity cost.