Maximizing the ROI of Artificial Intelligence

As executives pursue how to measure the ROI of artificial intelligence, organizations worldwide risk optimizing processes that are on the verge of becoming obsolete. Instead, CIOs and technology leaders should shift their attention to the parts of their businesses that require comprehensive AI transformation―ensuring they remain competitive and resilient in an increasingly interconnected and AI-driven world.

Enabling this AI transformation was the topic of the opening keynote from Ryan Snyder, Senior Vice President and CIO of Thermo Fisher Scientific, at the Global CIO Community Executive Summit. Snyder shared strategies with peers on accurately assessing the ROI of AI, guiding teams as responsibilities shift, and identifying areas that may require total AI transformation in his keynote session, Maximizing the ROI of Artificial Intelligence.

To kick off the session, Snyder stressed the importance of service in IT leadership roles. He emphasized Thermo Fisher Scientific’s mission to enable its customers to make the world healthier, cleaner and safer, and said that “customer success is our success.” 
 

Framing the AI Strategy

Snyder believes that a company’s AI strategy must align with its mission and be clearly communicated to all employees. He also shared that Thermo Fisher’s approach to harnessing the value of AI focuses on creating operational efficiency, enhancing products and services and improving the customer experience.

We are enabling our customers through AI – accelerating science, simplifying complexity and assuring trust.

Lessons Learned from AI Implementation 

Snyder shared insights from his experience with AI adoption and implementation. He warned against overly narrow AI pilots, and he recommended focusing on a broad, yet prioritized, framework for AI. He also encouraged fellow CIOs to think about the differentiation of AI solutions depending on the area in which they are deployed. 

These are a few of his other takeaways:

• CIOs should help service businesses look for new ways to operate; for product businesses, leaders should explore partnerships and external capabilities to help integrate AI into offerings.
• Avoid launching AI as a standalone brand; instead, integrate it into existing process-improvement programs.
• Some immediate AI deployments showed initial benefits but quickly plateaued.
• Establish cross-functional teams (including finance, process improvement and IT) to set up methodologies for ROI tracking, focusing beyond purely generative AI.

Developing a measurement process is crucial to identify opportunities for AI impact at scale.

Snyder explained that at Thermo Fisher Scientific they created digital productivity tracking, which provides accountability for measuring productivity created by digital tools within their businesses.
 

Evolving Your Approach and Demonstrating Value

Snyder noted that communications, measurement and change management are all important aspects of AI implementation, emphasizing that a sole focus on productivity can affect colleague energy and stifle innovation. 

When it comes to measurement, he says that “lagging indicators are not enough” and that engagement and soft metrics, like employee participation, can correlate to real value and provide direction. He also cautions against using legacy measurements after introducing new ways of working.

Thermo Fisher has adopted a new strategy Snyder calls “a barbell approach” to GenAI implementation with top-down prioritization of high-impact use cases, as well as democratized generative AI access for all employees. They offer tools and guidance, share use cases and have a growing group of ambassadors.

To measure their effectiveness, they tracked tool usage and training to measure engagement. They found that active, engaged teams produced better digital ROI, and the ambassador programs helped ease anxiety and encourage widespread adoption.

Snyder concluded his session by reminding CIOs that “point solutions only improve efficiency incrementally – real transformation requires reimagining core processes.” He emphasized the adoption of an iterative process that involves remapping, trial, and adjustment with strong leadership engagement and support. 
 

For more discussions on AI and other critical topics for IT leaders, join your local Gartner CIO Community. Or, if you are already a member, sign in to the app to explore opportunities to get together and exchange best practices with your CIO peers. 
 

Content adapted from the Global CIO Executive Summit. Special thanks to Ryan Snyder and Thermo Fisher Scientific.