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Measuring the business value of generative AI

Author

Listed:
  • Sterne, Jim

    (Target Marketing of Santa Barbara, USA)

Abstract

Generative artificial intelligence (GenAI) can deliver tangible and intangible values that can be calculated to decide which projects benefit from GenAI and which do not. This paper is intended to be a guide for businesses just starting to build traction for their ideas. The focus is on evaluating and leveraging GenAI’s potential to innovate faster and compete effectively in a rapidly evolving digital economy. The paper specifies the many ways GenAI can have an impact on a business and considers how to measure that impact. It starts with standard business metrics (revenue, profit, customer satisfaction, etc.) and then turns to the more esoteric task of measuring the impact on creativity, inspiration and innovation, followed by business disruption and process metrics. It finishes with a look at improving process improvement.

Suggested Citation

  • Sterne, Jim, 2024. "Measuring the business value of generative AI," Journal of AI, Robotics & Workplace Automation, Henry Stewart Publications, vol. 3(1), pages 28-36, September.
    • Handle: RePEc:aza:airwa0:y:2024:v:3:i:1:p:28-36
    as

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    More about this item

    Keywords

    generative AI; business metrics; economic impact; innovation; digital transformation.;
    All these keywords.

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • G2 - Financial Economics - - Financial Institutions and Services

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