Grow the pie 🥧

AI is fundamentally an automation technology. As such, it is natural for enterprises to gravitate toward use cases that promise to reduce costs through the automation of routine tasks. These use cases are attractive because they offer a clear and easily quantifiable value proposition. And calculating the savings associated with automating a specific process is relatively straightforward, making it easier to secure buy-in from stakeholders.

But focusing solely on cost-cutting use cases can be shortsighted. While they may provide immediate benefits, they fail to capitalise on the true potential of AI: to drive business growth and create new opportunities.

Use cases that leverage AI to enhance customer experiences, optimise marketing efforts, and develop innovative products and services have the potential to generate significant returns for enterprises.

The real power of AI lies in its ability to "grow the pie" by increasing revenue.

Consider the success of companies like Google and Meta. These AI giants have built their empires on the back of advertising platforms that utilise AI to help businesses reach their target audiences more effectively. By growing the pie for their customers, these companies have not only achieved tremendous success but have also revolutionized the advertising industry.

Despite the immense potential of revenue-growing AI use cases, they often face a higher barrier to adoption within enterprises. Unlike cost-cutting use cases, the value associated with growing the pie is not always immediately apparent. It may require pilot projects, extensive testing, and patience from stakeholders to demonstrate the tangible benefits and quantify the additional revenue that can be generated.

This uncertainty can make it harder to secure buy-in from decision makers who are more inclined to invest in initiatives with a clear and immediate ROI. It is crucial for AI professionals and advocates within enterprises to champion these growth use cases and communicate their long-term value.

Adopting a growth mindset is essential for enterprises looking to fully harness the power of AI. Revenue-growing use cases not only have the potential to deliver far greater value but also foster a more positive and forward-thinking culture within the organisation. By leveraging AI to drive innovation, enhance customer experiences, and unlock new opportunities, enterprises can position themselves for sustainable growth and success in the AI age.

While cost-cutting uses cases may offer immediate and easily quantifiable benefits, revenue-growing use cases hold the key to unlocking the true potential of AI and driving long-term business success.

Don't be afraid to grow the pie.

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Euan Wielewski is an AI & machine learning leader with deep expertise of deploying AI solutions in enterprise environments. Euan has a PhD from the University of Oxford and leads the Applied AI team at NatWest Group.