ROI on automation and AI

Businesses of various scales are currently facing the challenge of assessing and enhancing the return on investment (ROI) in artificial intelligence (AI) and automation.

According to Fabian Calle, the managing director for small and medium businesses, SAP Concur Australia and New Zealand, the path to unlocking the full potential of these technologies is filled with complexities.

"It’s the tried and tested saying: work smarter, not harder. It may be a cliché, but it’s true. AI and automation can have a significant impact on how a business runs, especially when it comes to managing expense and invoice processes, which are universally known as complex and often frustrating tasks," said Calle.

Business leaders are eager to reap the benefits of AI and automation while managing the associated risks. Finance managers are in a pivotal position to provide rapid and accurate assessments of AI investments' value. However, traditional ROI calculations become challenging due to the unique characteristics of AI projects, coupled with the ever-evolving landscape of applications and uncertain timing of benefits.

A holistic ROI calculation is essential. Beyond measuring efficiency and productivity, businesses should consider factors such as quality improvements, innovation potential, enhanced compliance, fraud reduction, and long-term benefits of a data-driven culture. User adoption rates and training effectiveness are also critical in determining the success of an AI implementation.

Businesses need to approach AI and automation strategically to unlock their true value. There are three main areas where these technologies can drive transformation. Read more about the details in the full article on CFOTech website.