Deloitte modelled AI efficiency by using a range of simulations which evaluated level of investment against the average level of efficiency achieved based on that investment. The following table shows the outcomes:
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This means, even at low level investment, 20% saving can be achieved using even the most simple AI system.
Robotic process Automation (for more on RPA click here) could improve on that up to 100% efficiency saving.
But how to get to that point, from a company perspective, be it start up, or multinational organisation?
It needs to start with an interaction with a consultant, this can kick off that project in simple terms. This can lead to a quick evaluation of “can AI help me or not”. To set up one of these meeting for free, click here
If there is a fit for AI, the next step would be to conduct a business evaluation of the company in question, this spits into 3 different areas:
Putting together all these metrics, a design can be made, including what the AI would include, what systems would be needed, how long the project would take, how much the project would cost, what resources are needed and a road map to deliver such a system.
If the proposal was accepted this would lead to the delivery of a minimum viable product (read more on what MVP is here) This would start providing Ai powered efficiency into the company!
From there, using further cost evaluations based on how effective the MVP system is, the project could be scaled in the right direction based on what the system is doing best, what further evaluations found when using the system and much more. The best thing is that (if the system is user focused) the system evolves organically depending on real requirements.
Good AI projects are based from expectations, keeping the project grounded on financials and expected returns are an easy way to keep the business case for AI systems relevant in any company.
To conclude, repeating the scaling and building of this process can lead to better and better things, maybe even 200% extra efficiency saving as Deloitte simulates.