Evaluating Business ROI for Generative AI: Steps to Consider

Generative AI, and in particular LLMs like OpenAI’s ChatGPT, have been making waves in the corporate realm, with the business buzz echoing the undeniable potential of this technology. Business leaders are increasingly realizing the immense return on investment (ROI) that AI can deliver. As a testament to this, global spending on AI-driven solutions is expected to surge to $154 billion this year, a 27% increase over 2022. The answer is nuanced. The potential ROI from integrating generative AI into your business hinges on a myriad of factors. These include your business model, the specific issues you aim to address, the nature and quality of your data, and the resources you're willing to allocate. Before jumping on the bandwagon, organizations must objectively assess the potential i