From the course: Generative AI for Business Leaders
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AI value: Revenue, cost, and competitive advantage
From the course: Generative AI for Business Leaders
AI value: Revenue, cost, and competitive advantage
When leaders assess generative AI opportunities, it helps to separate three types of value. Cost reduction, revenue growth, and competitive advantage. Cost reduction is often the easiest place to start. General AI can help people work faster by summarizing documents, drafting content, answering internal questions, supporting customer service, and reducing time spent searching for information. These use cases can deliver visible efficiency gains, but efficiency should not be the whole ambition. Revenue growth comes in when AI helps the business sell more, serve customers better, personalize experiences, create new products, or improve conversion and retention. For example, AI might help a sales team tailor proposals, help a retailer deliver more relevant recommendations or help a software company create smarter product features. Then there's competitive advantage. This is where the biggest opportunity sits. Simply overlaying AI onto existing business processes can be useful. It may…
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