Strategic AI Adoption: Economic Impact, Case Studies from Handy.ai, and Industry Readiness

Kochkina, Nataliia

;Andriushchenko, Iryna;Gatto, Gianluca

2024-01-01

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Abstract

The present study investigates the economic impact of AI adoption, with a particular focus on industry readiness and return on investment. With a nested approach based on case studies from Handy.ai, a Ukrainian-Canadian provider of AI-driven applications, the research demonstrates AI solutions' usable applications and economic benefits. The paper demonstrates both direct and indirect financial benefits, such as reduced expenses, higher income, and improved worker engagement and productivity. The research also presents a comprehensive checklist for industry readiness that highlights the significance of process, data, ethics, team, marketing, sales, and partnership readiness to facilitate the successful adoption of AI. The results emphasize that businesses can maximize return on investment and attain long-term success in their respective fields by undertaking trial projects, scaling successful implementations, and coordinating AI initiatives with strategic goals. The study contributes to the existing literature by showing the broad economic impact of AI and offering practical guidance for successful AI integration.