74% of business enterprises using Generative AI are already generating a healthy ROI, while 86% have seen their revenues grow by around 6%. These are key findings from a Google Cloud survey conducted between February and April 2024.
What’s even more insightful is that most business leaders and C-level executives do not view Generative AI as just another technology – but as a key driver for business transformation.
This is hardly surprising. Sean Shin, the research head at Kakao Healthcare reacted to this finding by saying “I’m not surprised to hear that companies are growing their revenue by 6% with Gen AI. It makes such a big impact that in two or three years, I could see it being 60% or more.”
Besides its financial impact, Generative AI can also drive business growth and productivity. While employee productivity has doubled (or more) in 45% of the companies, 63% have reported a direct impact of Generative AI on their business growth.
In this blog, let’s discuss some of the key insights from this Google Cloud survey – and how Onix can help you maximize ROI from investing in Generative AI solutions.
Key insights from Google Cloud’s Gen AI survey
In this Forbes article, Oliver Parker, Vice President of Google Cloud for Generative AI talks about the important role C-level executives play in achieving success with their Generative AI use cases. He believes that early adoption and commitment from C-suite executives drive a “cultural shift that gets pushed down the organization.”
Parker also emphasizes that enterprises must first identify the Generative AI use cases that will have the biggest business impact – or the ones with the highest ROI. This involves answering questions such as:
- What are the key metrics that will measure this opportunity?
- Is this investment for cost savings or to drive business growth?
According to Gartner, Generative AI promises significant improvement in business productivity and transformation. Based on the deployment costs and complexity, enterprises must categorize Gen AI use cases as:
- Quick wins have a shorter “time-to-value” of less than 1 year and can drive task-specific productivity improvements.
- Differentiating use cases have a medium “time-to-value” between 1-2 years and can provide a better competitive advantage – and improve revenue generation.
- Transformational initiatives have a longer “time-to-value” of over 2 years and can drive strategic business benefits that score over immediate task (or process-specific) benefits.
Among the key findings of this survey, 84% of enterprises with AI systems moved from the “pilot” to the “production” stage within 6 months. This ability can enable enterprises to:
- Increase their revenues by 6% (or more) within 1 year.
- Reduce their product innovation cycle significantly.
- Improve their business agility and respond effectively to changing market conditions.
Thanks to the accelerated “time-to-value” driven by Generative AI, enterprises can now choose their best AI-driven use cases – based on their unique business needs. Across industries, Generative AI is generating ROI for the following use cases:
- Customer and field service operations
- Employee productivity
- Sales and marketing
- Digital commerce
- Back Office operations
Partner with Onix for your AI-driven transformation
At Onix, we have enabled our customers to build their “Data to AI” journey with our customized AI and ML solutions. Our team can help you build the right business case with a measurable ROI – and chart out a unique roadmap for AI-driven transformation.
Here are a few ways we can help you leverage your investment in Generative AI solutions:
- Modernize your traditional data warehouses for a variety of AI-driven possibilities.
- Modernize your contact center with our Contact Center AI (CCAI) accelerators.
- Train your Generative AI model with synthetic data generated by our Kingfisher tool.
- Accelerate your document processing with our Document AI capabilities.
Here are some of our customer success stories with Generative AI:
- 34% improvement in call resolution after implementing CCAI for a telecom company.
- 55% faster drug discovery process using gen AI for a pharmaceutical customer.
- 44% increase in computation speed using Predictive AI for a higher education institution.
Looking to maximize your ROI from Generative AI technology? Speak to our experts today.
