2023 AI Investments Fall Short; Experts Advise Faster Deployment and Patience for ROI in 2024
• Many businesses did not see expected returns from generative AI tools in 2023, leading some to believe the technology is overhyped • Expert says 2024 is the year businesses will demand results from AI investments • Average ROI on generative AI projects last year was just 5.9%, below the 10% cost of capital benchmark • Long implementation times are preventing ROI for many companies, projects should take hours to weeks • Quick deployment with ongoing refinement is key, "perfect data is a pipe dream" says expert - AI improves progressively