TL;DR:
- Microsoft Azure emphasizes the importance of applying AI to serve unmet user needs and drive business growth.
- Azure customers like CarMax, H&R Block, the NBA, and Mercedes-Benz are leveraging Azure AI services to transform their operations and differentiate themselves.
- A recent Forrester study reveals that Azure AI services deliver a remarkable 284 percent return on investment over a three-year period.
- Azure AI services demonstrate potential payback in less than six months, with accurate pre-trained models and seamless integration with other Azure and Microsoft Cloud products.
- Starting with a planful pilot approach and scaling up innovation has proven to generate strong financial results.
- Azure AI enables organizations to create unique solutions in the cloud, building proprietary value and staying ahead of competitors.
Main AI News:
At the recent Microsoft Build event, CEO Satya Nadella reaffirmed the primary goal of AI technology: to better serve unmet user needs. He emphasized that the value of AI tools lies not in their technological capabilities alone, but in their application and impact on people’s lives. Microsoft Azure is at the forefront of infusing AI into various industries, enabling businesses to differentiate themselves and reap the economic benefits even in challenging economic times. The combination of Azure AI services, backed by Azure’s trusted cloud platform, has proven to be a catalyst for innovation. In this article, we will explore the economic benefits of innovating with Azure AI, as highlighted in a recent Total Economic Impact™ (TEI) study conducted by Forrester Consulting.
Several renowned organizations, including CarMax, H&R Block, the NBA, and Mercedes-Benz, have harnessed the power of Azure AI to enhance their respective businesses. By leveraging Azure AI services, these companies have demonstrated how investments in innovation can yield substantial returns, even during economic downturns. For instance, CarMax utilizes a combination of Azure OpenAI’s Chat GPT, Azure Cognitive Search, and Azure Machine Learning Responsible AI dashboard to create their own data-driven AI solution. This approach exemplifies how Azure customers can merge different Azure AI products to develop their digital intellectual property using the same building blocks trusted by Microsoft.
To assist customers in making the financial case for their AI investments, Microsoft has shared the findings of Forrester Consulting’s TEI study. This study analyzes the costs and benefits of innovating with Azure AI services over a three-year period. By considering the cumulative effect of multiple Azure AI services, the study reveals a remarkable 284 percent return on investment. The report breaks down the value generated into two categories: $12.6 million in gains from business growth and $16.1 million in gains from spending optimization. The impact achieved through Azure AI services may not be immediate, but with a well-architected cloud foundation, organizations can smoothly infuse AI into their applications and automate cumbersome processes quickly.
Forrester’s study demonstrates that Azure AI services offer potential payback in less than six months. This rapid return on investment is attributed to the accuracy of Azure’s pre-trained models and the seamless integration with other Azure and Microsoft Cloud products. Azure AI also provides turnkey services that expedite task completion out of the box. Azure Form Recognizer, for example, has gained popularity due to its ability to make documents intelligent and searchable, combining business logic, multiple AI skills, and a user interface for agile app deployment.
Creating an environment conducive to technological innovation has always been a challenge, but it is crucial for companies to stay competitive, especially during economic uncertainties. The transformative potential of generative AI has piqued interest across industries, prompting organizations to reimagine their products and services. Forrester’s study highlights that Azure AI helped generate revenue from new products, with their value compounding year-over-year. Calculated risks and a planful pilot approach have proven to produce strong financial results. The study underscores the importance of adopting a startup mentality within larger organizations. By embracing Azure AI, businesses can build their proprietary value in the cloud, creating unique solutions that their competitors cannot simply purchase.
Technology is often seen as a journey, and in this journey, AI adds a sense of adventure and purpose to digital transformation. The cost savings and optimization offered by cloud computing continually fuel the magic of AI. Microsoft Azure stands ready to support organizations in realizing their vision and empowering their teams. By partnering with Azure to build and deploy AI solutions, businesses can unlock economic benefits, drive innovation, and enhance customer experiences.
Conclusion:
Azure AI offers a transformative opportunity for businesses in the market. The economic benefits of investing in Azure AI are evident, with substantial returns on investment and the ability to drive business growth even during challenging economic conditions. By embracing Azure AI services, organizations can unlock new levels of innovation, create differentiated offerings, and enhance customer experiences. Azure AI is empowering businesses to harness the power of AI technology and gain a competitive edge in the market.
