How we calculate our AI’s ROI
If you missed our webinar on “Leveraging AI for Business,” we took a look at how to know whether an AI investment is merely a flashy tech accessory, or one that can provide tangible value for your business. Here’s a quick rundown on how to discern between the two:
AI with true business ROI:
-Solves a business problem that is wasting tangible money, time, or resources
-Can be adopted at scale to address depth of problem
-Is more cost-effective than pre-existing or internal solutions
-Features AI/Machine Learning that’s vital to the solution
AI with limited or no business ROI:
-Seems fun or intriguing, but promises no clear trackable ROI
-Is too complicated to use for easy teamwide adoption
–Costs a lot or doesn’t offer significant savings of time/money/resources vs. other solutions
-Features AI/Machine Learning that seems like a superfluous add on
At the risk of inflating their egos, our two AI scheduling assistants, Amy + Andrew, are firmly in the former category. In fact, their raison d’etre comes from our CEO’s desire to win back the hours he spent scheduling 1,019 meetings in 2012, 672 (66%!) of which ended up being rescheduled.
Dennis’ obsession with that initial data insight led to a lot of number crunching, and what emerged from those sessions became the basis for our ROI calculation.
The tally for Dennis’ emails behind those meetings was staggering: over 8,000, an 8:1 email to meeting ratio (and that’s not including the reschedule emails).
It’s that data that informs one of our most popular features for anyone looking to ballpark the value Amy + Andrew could provide them: our ROI calculator (scroll a bit, you’ll see it). We use that ratio to multiply the average time it takes to write an email and the amount of personal weekly meetings, then cross-reference the resulting mathematical product with employee salary. Obviously, the higher the salary, the more egregious the opportunity cost of wasted scheduling hours.
Our individual ROI calculator is an excellent baseline for estimating an individual user’s time and money savings. However, we’re also constantly making Amy + Andrew better, which improves their ROI even further. For instance, we recently unveiled Time UI (stay tuned for more about that), which offers secondhand ROI to meeting guests that don’t have calendars connected to x.ai.
Of course, Amy + Andrew’s value can rise exponentially when working on connected calendars across a team (even more so if the team uses meeting tools that we integrate with like Slack and Zoom), so we also offer a team ROI calculator. That said, because there are more variables, we like to go beyond Dennis’ personal meeting data and send over an estimate that’s even more granular for our team and enterprise sign ups, so that they have accurate benchmarks before they even start their free trial.
If you’d like a custom ROI estimate for your team, sign up for a team trial today and we’ll crunch the numbers for you (don’t be shy, we’re huge data nerds, we love doing this stuff).
Image via the astronomically-talented Robert McCall
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