Can anyone provide recommendations or frameworks to help track the benefits and outcomes of Generative AI? Including developed templates or frameworks to measure Gen AI outcomes, categories of results, everyday use cases such as revenue, cost, or productivity opportunities, Key Performance Indicators (KPIs) such as LLM adoption, etc., and Benchmarks relating to productivity improvements.
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Use a framework such as the Generative AI Maturity Model (GAMM) or the Generative AI ROI Calculator.
Track key metrics such as revenue, cost, productivity, and customer satisfaction.
Use a variety of data sources and track your progress over time.
Share your findings with others to raise awareness of the benefits of Generative AI.
Some specific KPIs that you can track include LLM adoption, time to market, customer satisfaction, revenue growth, cost reduction, and productivity gains.
Consider using data analysis and visualization tools like Microsoft Excel, Google Sheets, or data analytics platforms to track and present your Generative AI outcomes effectively. Customized templates can be created to suit your organization's specific needs.
Remember that the effectiveness of your measurement framework will depend on your organization's unique goals and context. Regularly reviewing and updating your approach will help ensure that you capture the most relevant and valuable outcomes of Generative AI for your business.
To track the benefits and results of Generative AI, two main types of metrics are critical:
One related to model performance, such as response time, accuracy, and precision, and the other related to value provided, such as reduced work time, increased throughput, or demand generation.
Custom metrics are recommended for specific use cases, human evaluations, and feedback loops. Criteria may vary based on job performance and services provided, so detailed presentation of new tools and models with evaluation in pilot groups is recommended.
I think in first step you should extract metrics based on your business requirements and build custom solution for tracking.
To effectively track the benefits and outcomes of Generative AI, start by defining clear objectives and developing measurable Key Performance Indicators (KPIs) aligned with those goals. Categorize results into revenue opportunities, cost savings, productivity improvements, and quality enhancements. Create measurement templates, benchmark against industry standards, collect and analyze data regularly, and report findings to stakeholders. Consider ethical implications, monitor long-term impact, and gather user feedback. Continuously iterate and adjust your approach to ensure Gen AI delivers value tailored to your organization's needs and objectives.