When discussing AI investment with business leaders one of their biggest concerns centers around the uncertainty of exactly how to calculate their return on this growing area of technological investment – which then brings into question whether the practice is even worth doing in the first place. It’s time to reconsider what you think you know about AI and the bottom-line.
Why the hesitation?
Lack of direct historical experience with the technology (and subsequent comfort levels), among other factors, have made it challenging for some business leaders to generate a comprehensive method of calculating ROI for AI, planting apprehension in the minds of some businesses. A 2017 McKinsey report surveyed over 3,000 firms and found, “41 percent reported that one of the biggest barriers preventing them from further adoption of AI was the uncertain return on investment, while 26 percent reported a lack of relevant AI products on the market.”
Another survey by TechRepublic reinforced that from a slightly different angle, “Organizations recognize the value of AI/ML projects, however, they lack confidence in their team’s readiness for implementation and management of such projects.” While businesses do acknowledge the inevitable value of investing in AI for their projects, a mind-shift must take hold because inertia toward AI investment initiatives will come at a steep cost down the line. Predictably, rivals will capitalize on the potential of AI capabilities – whether or not you choose to take that step as well.
AI’s role in the future of technology
The next revolution for technology depends on the continued evolution of artificial intelligence, and it matters that we recognize AI as the future of tech. Businesses that don’t shift their tentative attitude toward investing in AI will be left in the dust as this disruptive technology continues to ramp-up and accelerate. All the truly innovative enterprises won’t hesitate to actualize this investment; they will be the ones left standing. They’ll be able to boost production efficiency thus increasing product margins and grow existing revenue as a consequence of the competencies provided by established and cutting-edge AI solutions. When that happens, how can late-in-the-game skeptics possibly compete within their respective marketplaces? At that stage, forget about even being a challenger, it’ll become less of a competition and more of a race to not be left behind.
How Beyond Limits Cognitive AI solutions maximize RAI within this era of progress
Beyond Limits is growing in authority throughout entire value chains in heavyweight industries like Energy, Power/Natural Resources, and Manufacturing for implementing a hybrid of conventional techniques with symbolic approaches to power Cognitive AI solutions that explain the reasoning behind their recommendations (XAI) via observable (and interactive) audit trails. This transparent artificial intelligence system builds trust, enabling numerous industries to confidently leverage solutions that solve their most complex problems.
For example, highlighted in a recent announcement, Beyond Limits has partnered with XCELL to build the world’s first power plant guided by Cognitive AI. Beyond Limits Founder & CEO, AJ Abdallat said, “Beyond Limits is committed to improving efficiencies across the energy value chain. If we can help a power plant operate more efficiently, a refinery more economically, or an exploration rig more accurately, it helps the environment and the economy – and the resulting revenue from AI quickly adds up to millions per year.”
Examples of Revenue from Artificial Intelligence:
+ An oil rig that operates more productively because Beyond Limits’ Cognitive AI for Field Management supports operators in staying ahead of maintenance and efficiency issues with expert guidance on every platform, significantly accelerates data integration and analysis that pinpoints drilling prospects and evaluates opportunity vs risk. Competencies at this scale could deliver a few thousand barrels more per day and expedite time-to-decisions, which could then yield an extra $30-40MM and $100MM per year, respectively.
+ Beyond Limits Cognitive AI for Refinery provides a comprehensive picture of what is happening in a facility from the big picture to the smallest detail, identifying trends and determining whether operations are headed in an undesirable direction. This solution is designed to decrease operational cost and increase refinery efficiency by up to 10%, improving overall margin performance.
+ A power plant guided by Beyond Limits Cognitive AI is designed to improve insights into the entire facility – maximizing efficiency and productivity, reducing CO2 emissions, saving fuel, and improving quality plus stabilization of raw materials supply. The enhanced ability to control cost, boost production, and provide support for operators with entire system monitoring can help them better manage production for peak efficiency, generate superior maintenance planning, and further extend long-term lifespans.
Moreover, a recent Forbes Technical Council Article by Beyond Limits Founder & CEO Founder AJ Abdallat, called-out numerous additional industry examples of how AI solutions have more than proven their value as well.
It’s time to reconsider what you think you know about AI and the bottom-line. Pioneering solutions, like Beyond Limits’ Cognitive AI, are already etching a path of proof that artificial intelligence investments can (and do) move beyond the point of just discussing ROI, into the realm of revenue from AI (RAI). You’ll never experience RAI unless you take that first plunge into the transformative business-driver known as artificial intelligence.