The document below can be modified to suit an individual customer’s needs, and sent to the customer to advise them on how best to calculate their ROI for VAIA. The below example is specifically for HSE use cases which often do not have a monetary benefit attached to them; however, this work process can be repeated for other types of use cases and a monetary benefit calculated to show VAIA’s business value.
Objective:
The objective of this document is to guide the customer in calculating the business value or Return on Investment (ROI) provided by their Visual AI Advisor HSE solution. The calculation of this ROI is the customer’s responsibility in justifying their internal investment in Visual AI Advisor, but SparkCognition provides the below suggestions.
Recommended Steps for Calculating ROI:
- Observe the number of alerts generated when your Visual AI Advisor solution is productionalized and stabilized, meaning that model improvements and tweaks are minor in nature and no major changes are anticipated in the near future
- Choose the time interval of your preference. We recommend a 2-week period of observation to start.
- Make note of the number of alerts raised for each use case in the time interval chosen in step a)
- Determine the use case you would like to focus on for calculating ROI
- We recommend choosing just one use case at a time to best observe the business value provided by Visual Ai Advisor. For example, you may observe 42 PPE-helmet violations were raised by Visual AI Advisor in the first 2 weeks of observation. Therefore, you choose to first focus on helmet education of your employees.
- Educate your employees on the importance of abiding by the rules represented by your chosen use case. See below for examples of education techniques that may be used in the case where PPE-helmet is chosen as a focus area:
- Provide the number of Visual AI Advisor PPE-helmet alerts raised in the last 2 weeks
- Explain how Visual AI Advisor works and where cameras are mounted
- Put up posters in areas where helmets are required but commonly missed
- This can be determined by tallying the cameras with the most violations for a given type of PPE
- Hold a special safety meeting to provide instructions on wearing helmets
- Observe the number of alerts generated over another time interval of your preference. We recommend using the same interval chosen for the previous period of observation.
- Calculate the difference in alerts between the initial observation period and the second period which occurred after employee safety education
- For example, if the first observation period had 42 helmet violations and the second observation period had 17 helmet violations, you can explain to your business stakeholders and site personnel that Visual AI Advisor resulted in a 60% improvement in adherence to helmet safety protocol.
- Repeat as necessary for other types of PPE and other use cases
- Repeat for longer periods of time as your site becomes familiar with Visual AI Advisor
- For example, you may choose to repeat the analytics exercise on a quarterly basis to better draw trends. Longer periods of time will have increased accuracy in determining true ROI, but shorter periods of time may be necessary when first assessing the value of the solution.