The AI Payoff Gap: Where's the ROI?

AI investment is booming. But where's the ROI?

Apollo's chief economist, Torsten Slok, sees little evidence that AI is lifting revenues or margins outside Big Tech. I don't think that's necessarily a technology problem.

Three recent reads offer some interesting perspectives.

The Economics

Slok's data shows revenue per worker and margins rising among the Magnificent Seven, but largely flat across the other 493 S&P 500 companies.

The Leadership

Dana Gower, writing in the Financial Executives Journal, highlights a critical ownership gap:

• CTO owns capability

• CHRO owns adoption

• CFO owns measurable value

The Execution

Section, an AI training firm, shares lessons from 150 AI transformations:

• Temper near-term expectations, raise longer-term ambitions

• Leaders need to build with AI, not just champion it

• Reinvest workforce savings into transformation

My strategic finance takeaway: AI capabilities are advancing faster than organizational readiness. Real ROI requires aligning capital, talent, and governance, with Finance helping lead the charge.

Are we investing ahead of the evidence, or underestimating the time required to realize value?

Further reading: Apollo | Financial Executives Journal | Section