How do you use the right AI tools to drive business growth?

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At a time when companies are looking for new growth levers through AI, BCG publishes two overwhelming figures. 

Fewer than 18% of executives have tried using AI to generate new profits, and only 10% of companies consider they have been successful in generating revenue through AI.

These figures illustrate a trend that has been observed for more than two years in business. The latter have difficulty scaling AI projects, and even more difficult to measure the ROI of these initiatives. Paradoxically, the adoption of AI is progressing at high speed. Thus, 59% of companies have an AI strategy, 20 points more than three years ago.

Why such a dichotomy between the difficulties encountered in the field concerning the generation of value by AI and the absolute need to invest in the right devices? 

In 2020, it is no longer a question of the maturity of the technology, nor of a difficulty in concretely defining the concept.

 

At Factonics, our answer is simple. 

 

AI must first and foremost be seen as a tool. However, too many organizations are locked into a logic of means, without defining the business purpose. However, it is only on this condition that a positive ROI can be measured.

By way of comparison, it would not occur to a craftsman to use a 15 tons to exercise his profession in the city center. He will undoubtedly prefer a utility, considered more suitable.

 The choice of the AI ​​tool in business follows the same logic. Most often, failed AI strategies are synonymous with technological oversizing and a gap between the choice of tool and the needs of operational staff.

Our conviction at Factonics: the main purpose of AI must be to enable business functions to make smarter decisions.

 

What are the essential criteria to ensure a positive ROI? 

Business pragmatism must drive any AI project. To do this, a few reminders are in order:

 

  • An essential question defined and measurable by the business teams is essential for any AI project.

 

  • The technicality must be masked for the user with the aim of creating new reflexes to the routines of operational staff. In one quote, “ Hide this algorithm I don’t want to see ”.

 

  • Result measurement must be inherent in every initiative, both to measure results, but above all so that operational staff recognize the strengths of AI as an additional weapon for an offensive business strategy.

 

What is Factonics’ value proposition?

At Factonics, we are developing an AI platform where the user is at the center and not the algorithm. We are creating an AI platform that has the sole objective of supporting users towards smarter decision-making. We design a ready-to-use AI platform on which the ROI is continuously measurable.

 

For more information, and to benefit from a demo contact us.

https://calendly.com/charles_factonics

 

Bibliography

 

https://www.bcg.com/publications/2020/deploying-ai-artificial-intelligence-to-maximize-revenue

 

https://www.bcg.com/publications/2020/is-your-company-embracing-full-potential-of-artificial-intelligence

 

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