Generative AI promises to revolutionize ServiceNow workflows, but how do you measure the true return on investment (ROI)? While the technology is still evolving, here at MJB Technologies, we've developed a framework to help you estimate the potential value of generative AI within your ServiceNow environment.
Understanding the Benefits
Generative AI can impact ServiceNow in several ways, leading to:
Increased Efficiency: Automating tasks, streamlining workflows, and improving search accuracy can lead to significant time savings for employees.
Reduced Costs: Faster ticket resolution, proactive maintenance, and fewer support calls can translate to cost reductions.
Improved Customer Satisfaction: Faster resolution times, personalized experiences, and 24/7 support through AI chatbots can lead to happier customers.
Enhanced Productivity: Empowering employees with the right information and automating repetitive tasks can boost overall productivity.
The Generative AI ROI Calculator Framework
Our ROI calculator framework considers these benefits and allows you to estimate the potential value of generative AI for your specific needs. Here's how it works:
1.Identify Use Cases: Pinpoint areas within your ServiceNow workflows where generative AI can make the biggest impact. Consider repetitive tasks, areas prone to errors, and opportunities to personalize the user experience.
2.Estimate Time Saved: For each identified use case, quantify the time currently spent on the task by employees. Generative AI can automate tasks, improve search accuracy, and reduce back-and-forth communication. Estimate the time saved per task with AI implementation.
3.Calculate Cost Savings: Factor in the average hourly cost of the employees involved in the tasks identified. Multiply the time saved per task by the cost per hour to estimate the potential cost savings per use case.
4.Quantify Customer Satisfaction Improvement: Consider how generative AI chatbots, faster resolution times, and personalized experiences can enhance customer satisfaction. Assign a qualitative value (e.g., reduced customer churn rate by X%) or a hypothetical customer satisfaction metric improvement.
5.Estimate Productivity Gains: Generative AI can empower employees with the right information and automate tasks. Estimate the potential increase in overall employee productivity based on improved efficiency.
Putting it All Together:
By aggregating the estimated cost savings, improved customer satisfaction value, and productivity gains across your identified use cases, you can develop a preliminary ROI estimate for generative AI implementation in your ServiceNow environment.
Beyond the Numbers:
This framework is a starting point. Generative AI offers intangible benefits like improved employee morale and a more innovative work environment, which are difficult to quantify but shouldn't be ignored.
Next Steps: Bringing Generative AI to Life
With a grasp of the potential ROI, you can start planning your generative AI implementation in ServiceNow. MJB Technologies can help you:
Identify the right use cases for your specific needs.
Choose the appropriate generative AI tools and integrations.
Develop and deploy AI-powered workflows within ServiceNow.
Embrace the Future of Work
Generative AI is poised to transform how you manage ServiceNow. By using our ROI framework and partnering with MJB Technologies, you can unlock the true potential of this transformative technology and build a more efficient, intelligent, and user-centric ServiceNow environment.
Stay tuned for more!
In future posts, we'll delve deeper into specific use cases for generative AI within ServiceNow and showcase real-world examples of how companies are calculating the ROI of this technology.