From the course: AI Product Foundations: Planning Strategies for Data Scientists
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Defining the value of an AI product
From the course: AI Product Foundations: Planning Strategies for Data Scientists
Defining the value of an AI product
- Not all AI products are built the same, and to show the value of an AI product or feature, you need to tie it to a specific use case. In other words, as I've said throughout this course, what's the business problem it's solving? Once you know that, you can figure out the ROI, return on investment. This forces you to shift your focus from the tech itself to how it benefits the users. There are different ways to find value in an AI product. First, increased efficiency. AI can boost productivity, whether for an individual, a team, or the whole company. For example, say you have an AI tool for generating blog posts. What used to take four to five hours, now only takes one to two hours. That's a massive time saving. Plus, those extra hours can now be used for other tasks. In a business context, this kind of efficiency also means cost savings since less manpower is needed for the same output. Both users and company leadership love that. Second, more personalized experiences. Imagine your…
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