The Economic Value of AIOps
When evaluating the financial benefits of an AIOps platform, it’s essential to look beyond its ability to reduce costs. Don’t ignore the benefits side of the equation — both direct benefits and the technology’s future impact on enhancing flexibility and reducing risk.
AIOps’ impact can be often directly traced to business benefits. For example, AIOps helps prevent disruptions of critical digital services and accelerates detection and resolution. In that way, AIOps optimizes revenue generation, because when apps malfunction, sales are lost.
It also plays a direct part in customer experience, satisfaction, and retention, as well as in brand reputation protection, all of which are directly related to business performance and profitability.
Let’s look at a real world example.
A large financial services institution cut its MTTR by a whopping 85%, and slashed its Level 1/2 tickets by 75%, its Level 3 tickets by 15%, and its Level 4 tickets by 50%. The financial benefits to the business beyond simple cost reduction: Tens of millions of dollars.
This was achieved via a multi-pronged strategy encompassing several key use cases, including:
A dramatic improvement in the clustering of alerts around incidents. The company went from a limited, inefficient process, to an AIOps-driven ingestion and correlation process that consolidated alerts into contextually-rich incidents and a massive ticket reduction.
An integration with the ITSM / CMDB system. This drastically simplified and accelerated ticketing, leading to faster, more effective routing, prioritizing, handling and resolution of incidents.
Automated knowledge capture and recycling. With the knowledge capture and recycling process totally automated, operators are notified of resolved past incidents that are similar to current ones, and provided all resolution documentation, accelerating MTTR.