AI has been a game-changing technology since its inception. Many businesses are looking to implement it but the path to real benefits is full of challenges.
There are so many hurdles that prevent AI solutions from extracting value, such as high initial investments, siloed efforts, and lack of clarity about the AI roadmap. But, there’s a change in how businesses can adapt AI models, as they can see ROI in just a few months.
AI’s Promise: More Than Hype
There is a lot more to AI than just becoming the latest trend, it can improve efficiency, reduce costs, and help build new products. However, organizations need to go beyond using AI in limited test programs or separate projects. They require a thorough plan that focuses on ROI.
The Emergence of RoAI: A Way To Ensure Artificial Intelligence Investment Yields Profits
At TimeMint, we believe that RoAI needs to be a part of an organization's DNA. It transforms AI from an investment to a profitable one by helping organizations transform AI into a concrete value. The focus of our methodology is on three key elements:
Monetization: Maximizing the benefits of Artificial Intelligence and uncovering hidden insights in your data.
Optimization: Enhancing multiple departmental processes utilizing multi-variable enhancement.
Governance: Managing assets lifecycle, minimizing risks, and maintaining all forms of accountability.
Ways to Invest Profoundly in AI and Make Quick Returns
Pick Out Use Cases That Are Right To Start AI Practice
With AI systems being costly and complex, organizations strategically plan their management and use them in specific sectors and functions, which would be of great value when implemented, for instance, those with repetitive tasks, handling a lot of data, or decision-making.
Case study: The medical unit managed to cut down on 20% of operational costs as TeamPeak optimized staff and physician scheduling.
Scenario Analysis with "What-If" Modeling
AI has the ability to produce data analysis of revolutionary standards to stimulate various decisions through what is termed “What-If” modeling, which allows for maximum time efficiency in a real-time setting.
Case study: Wind energy could conduct maintenance by managing to perform a What-If analysis which assisted in optimizing the scheduling and enabled a reduction in their computational time while increasing durability.
Using Existing Infrastructure
Make use of AI systems only when necessary to not interfere with current operating solutions used for efficient performance by targeting what areas are lacking due endorsement.
Create an AI Center of Excellence (CoE)
Set an AI Center of Excellence which will act as the backbone for all the AI strategies and solutions the organization shall implement. TimeMint for example helps start businesses establish CoEs that:
Facilitate cross-departmental AI asset creation.
Provide Plan B safety nets for AI initiatives.
Ensure best practices for AI governance & lifecycle management.
Focus on Governance and Enterprise Risk Management
The proper structures and policies for OAI are critical in ensuring that AI use is sustainable. Solutions provided by TimeMint seek to provide incident management plans and management of the life cycle to ensure risks are alleviated.
Real-World Impact: Tangible Gains within a Few Months
Changed Scheduling for an Insurance Company.
TimeMint partnered with a multinational insurance company to use AI/ML for data extraction, integration, and analysis. What was achieved? Costwise, a 20 percent operational cost reduction in a few months.
Integrated Transportation and Delivery Cost Policies.
For a logistics client, TimeMint’s technology for AI-enabled scheduling eliminated scheduling bottlenecks and optimally mentored resources leading to 15 percent savings.
The Roadmap
There needs to be a consensus in an organization between the business side of the organization and the technology side for AI to be useful. Focusing on RoAI, TimeMint allows organizations to:
Secure cost benefits over a short time.
Boost productivity levels and the efficacy of the processes within the organization.
Create an environment that is firmly dominated by strong governance mechanisms to reduce business risks.
Ready to Succeed in Realizing AI Returns?
There is no need for AI to be treated as a bet that requires a long-term investment. If the right strategy is embedded into the business, it can create benefits in no time.
Get on the board with TimeMint and together formulate an AI timeline that reverses the investment dynamics.
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