Good morning.
C-suite leaders understand that there’s definitely a business case for AI. But a big looming question for many leaders is: What’s the return on investment?
I sat down with Alysa Taylor, corporate VP for Azure and Industry at Microsoft to talk about this topic and new research.
“We hear the potential from our customers every day on AI,” Taylor explains, “and what we understand is that organizations are just starting to scratch the surface on what's possible.”
There’s still the notion of demystifying the business value, she says. “People are starting to understand the tech and the use cases, but how do you then monetize the value of AI?" Taylor says.
To answer these types of questions, Microsoft commissioned a global study through IDC that surveyed over 2,000 business leaders across the C-suite who are responsible for bringing AI transformation to life at their organizations.
The study shows that AI has real tangible benefits, Taylor says. According to IDC's research, for every $1 companies invest in AI, they are realizing an average of $3.5 in return, and 5% of organizations worldwide are realizing an average of $8 in return. Taylor refers to these organizations as “leading adopters.”
The study was about AI in its entirety, she says. “But we're seeing generative AI really be a catalyst for this return on investment," she adds.
Seventy-one percent of the respondents say their companies are already using AI. And of those respondents, 92% say AI deployments are taking 12 months or less. “What used to take years is now happening in less than a year,” Taylor says.
AI use cases
What have been some of the use cases for AI? It's accelerating the marketing department with the ability to generate copy, Taylor says, and running simulations on a factory floor. The technology is also being used to automate whatever has been a heavy burden on operating expenses, business processes, and workflows, she says.
Taylor offered an AI case study in health care. Microsoft-owned Nuance has an automated clinical documentation tool called DAX Copilot, which is integrated with the latest generative AI capabilities. Atrium Health has deployed DAX Copilot to its primary care physicians and the AI generates a clinical summary automatically and securely “in seconds,” according to Microsoft. The physician doesn’t have to actively enter notes during the appointment.
Physicians at Atrium Health are already reporting saving up to 40 minutes per day with this advanced documentation, according to Taylor. Eighty-four percent have reported improved documentation experience and 68% have recognized an improved experience providing care.
CFOs should identify those areas of the business that are a burden on the top line, and then apply AI technologies to that, she says. For example, “anomalies on a factory floor have a real cost to an organization,” Taylor says.
Sheryl Estrada
sheryl.estrada@fortune.com
