According to Statista, worldwide investment in Generative AI has almost doubled from $49B to $92B in just three years. So, the time is here to start planning your GenAI strategy and applications. GenAI can transform your business in ways other technologies couldn't do before. From business operations to client service, GenAI can enable new business models to improve efficiencies and enhance customer experience. How exciting! But, there is something you need to do first - convince your board. And what's the best way to do this? But, of course, with a comprehensive Generative AI Business Case!
In this case, we have excellent news for you! This blog will guide you through how to write a winning Generative AI Business Case. And, bonus! You can download an interactive - editable GenAI Business Case Template to kickstart your journey and win your board's approval!
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Some essential tips for a successful business case
- Your document should be brief and easy to read.
- Your copy should be clear, concise and engaging.
- Limit technical terms and jargon.
- Include visuals where possible.
- Mention both tangible and intangible benefits and limitations of your project.
What to include:
Below, we mention some significant parts of a business case structure. However, you are free to pick and choose the ones that are relevant to your situation.
- Executive summary
- Background
- Objectives
- Generative AI Market Trends and Statistics
- Competitor Analysis
- Use Case Identification
- Investment
- Resources
- Potential Risks
- Mitigation Strategies
- Roadmap for Implementation
- Timeline
- Risks assessment
Writing a Winning GenAI Business Case: Step-by-step
1. The Executive Summary: Setting the Stage
At the heart of any successful business case lies a compelling Executive Summary. Begin by articulating the "Why" – why does your organisation need GenAI? Emphasise the benefits that a GenAI-driven digital transformation can bring to the organisation.
2. Introduction: Navigating the Current Landscape
Background: Your current situation
Provide an overview of the current organisation's challenges. Identify the most serious ones and elucidate how GenAI can surmount them.
Stress the urgency of staying ahead in technological advancements, particularly in the realm of GenAI.
Objectives: Defining Clear Goals
Explicitly state measurable objectives for your GenAI project. Define Key Performance Indicators (KPIs) that will gauge the effectiveness of the implementation. For example:
Objective: Enhance customer engagement by 15% through personalised recommendations within the first six months.
KPI: Satisfaction Scores
3. Unveiling the GenAI Landscape
GenAI Market Trends and Statistics
Support your case with statistical data showcasing the growing adoption of AI in the industry. Reference GenAI trends and success stories in similar industries to fortify your argument. For instance, highlight a statistic like:
GenAI could boost labour productivity by 0.1-0.6% annually through 2040, based on tech adoption and worker time allocation. (McKinsey, 2023)
Competitive Analysis: Bridging the Gap
Conduct a thorough competitive analysis to identify how competitors are leveraging GenAI applications. Uncover gaps in your industry that GenAI can fill and pinpoint specific use cases that can enhance your competitiveness. Use a table to summarise competitor GenAI use cases, providing a clear overview of the landscape. For example:
Competitor: Company X
GenAI Use Case: Company X usesGenerative AI for dynamic pricing. In our business dynamic pricing could make a huge difference, save us time and money and make us more competitive.
4. Strategically Identifying GenAI Use Cases
Generative AI Use Cases
Delve into the heart of your GenAI strategy by identifying and prioritising specific use cases. Provide a detailed breakdown of selected use cases, tying them to current business challenges and projecting expected benefits. Prioritise use cases based on their impact, assigning them a priority level such as "low," "medium," or "high." For example:
Business Function: Sales
Current Challenge: Low conversion rates
GenAI Use Case: Personalised sales recommendations
Priority: High
Your Investment
Outline the projected investment and resources needed for successful GenAI strategy and implementation. Include a link to a detailed budget spreadsheet for transparency.
Investment
Detail the total implementation costs, total cost of ownership (TCO), and projected return on investment (ROI). For example, "With a projected ROI of Z% over 24 months, the investment in GenAI is expected to yield substantial returns."
Resources
Highlight the human and technological resources required for successful GenAI strategy and implementation, offering a comprehensive view of the investment landscape.
5. Anticipating and Mitigating Risks
Foresee potential risks associated with the project and present clear mitigation strategies. Use a table to organise risks and their corresponding mitigation plans.
Risk: Data Security Breach
Mitigation Strategy: Partner with an AI Agency to ensure data security and compliance
6. Roadmap for Implementation
Map out the implementation journey through carefully structured phases. For example:
Phases of Implementation
Phase 1: Research and Vendor Selection
- Importance: Lay the foundation for GenAI implementation by thoroughly researching vendors.
- Practical Instruction: Evaluate vendor reputation, scalability, and compatibility.
Phase 2: Pilot Implementation of Selected Use Case
- Importance: Validate chosen GenAI use case in a controlled environment.
- Practical Instruction: Define success criteria and closely monitor performance metrics.
Phase 3: Full-Scale Rollout and Integration
- Importance: Gradual integration to minimise disruptions.
- Practical Instruction: Develop a comprehensive communication plan for stakeholders.
Phase 4: Continuous Improvement and Optimisation
- Importance: Ensure GenAI applications evolve with changing needs.
- Practical Instruction: Implement feedback loops and agile development practices.
Timeline
Present a detailed timeline with milestones and dependencies, taking into account resource availability. A well-structured timeline ensures a smooth and efficient GenAI implementation process.
Find out more about how to leverage GenAI to gain a competitive advantage. Download The Ultimate GenAI Guide.
Conclusion: Reinforcing the Strategic Importance
In the conclusion, recap key points, re-emphasising the strategic importance and potential benefits of GenAI. Align GenAI with the company's overarching vision and goals, solidifying its place as a catalyst for sustained success.
This step-by-step guide offers a comprehensive framework for professionals aiming to construct a winning GenAI business case. Each section provides practical instructions and real-world examples to illuminate the path toward a successful GenAI implementation.
Don't forget to download our editable Generative AI Business Case Template! For those seeking personalised guidance, consider booking a free consultation with our team. Embark on the journey to transform your organisation through the power of Generative Artificial Intelligence.
Getting Started with End-to-End AI Transformation
Partner with Calls9, a leading Generative AI agency, through our AI Fast Lane programme, designed to identify where AI will give you a strategic advantage and help you rapidly build AI solutions in your organisation. As an AI specialist, we are here to facilitate the development of your AI strategy and solutions within your organisation, guiding you every step of the way:
- Audit your existing AI capabilities
- Create your Generative AI strategy
- Identify Generative AI use cases
- Build and deploy Generative AI solutions
- Testing and continuous improvement
