Artificial intelligence (AI) has the potential to transform every business – in the same way (and possibly more) as the internet has utterly transformed the way we do business. From smarter products and services to better business decisions and optimised (or even automated) business processes, AI has the power to change almost everything. Those businesses that don't capitalise on the transformative power of AI risk being left behind. That's why you need an AI strategy for your business. One question people often ask me is, 'Do I still need a separate AI strategy if I've already got a data strategy'? In my view, yes, you should have both.

No organization can afford to sit back and ignore the potential of AI. Yet, rushing to adopt AI just because the technology exists can be just as damaging to a business. To fully realize the potential of AI – indeed, any new technology – you need to approach it with a clear business goal or need in mind. In other words, you need to identify and narrow down to the most valuable AI opportunities for your business (which means your approach could be quite different from that of your competitors). Let's explore each step in a little more detail.

The COVID19 outbreak has changed the world faster than anyone could have imagined. Forced isolation has shifted meetings and activities to go on through web collaboration tools. Arguably most importantly, the virus has ground the entire economy to a halt. For some industries (travel, retail, food services, fitness), unemployment is already rampant, and for more remote-friendly industries (tech, media), work may go on, but sales are slowed or frozen, and receivables less likely to convert to revenue than ever. The downsides of the virus are easy to see – but business and public sector leaders are forced to think about the silver lining.

No organization can afford to sit back and ignore the potential of AI. Yet, rushing to adopt AI just because the technology exists can be just as damaging to a business. To fully realize the potential of AI – indeed, any new technology – you need to approach it with a clear business goal or need in mind. In other words, you need to identify and narrow down to the most valuable AI opportunities for your business (which means your approach could be quite different from that of your competitors). Let's explore each step in a little more detail.

The COVID19 outbreak has changed the world faster than anyone could have imagined. Forced isolation has shifted meetings and activities to go on through web collaboration tools. Arguably most importantly, the virus has ground the entire economy to a halt. For some industries (travel, retail, food services, fitness), unemployment is already rampant, and for more remote-friendly industries (tech, media), work may go on, but sales are slowed or frozen, and receivables less likely to convert to revenue than ever. The downsides of the virus are easy to see – but business and public sector leaders are forced to think about the silver lining.

The future of AI is here. Once the realm of science fiction, artificial intelligence (AI) is now not only a fact of science but a fact in our daily lives. With a global market projected to reach $70 billion by 2020, artificial intelligence is poised to have a transformative effect on society, the consumer, business, education, governments, and markets around the world. AI has the potential to assist in medical breakthroughs, democratise costly services, elevate poor customer service, and even free up an overburdened workforce. The story of AI is an exciting one, but it's not without challenges.

Artificial intelligence (AI) has the potential to transform every business – in the same way (and possibly more) as the internet has utterly transformed the way we do business. From smarter products and services to better business decisions and optimised (or even automated) business processes, AI has the power to change almost everything. Those businesses that don't capitalise on the transformative power of AI risk being left behind. That's why you need an AI strategy for your business. One question people often ask me is, 'Do I still need a separate AI strategy if I've already got a data strategy'? In my view, yes, you should have both.

Artificial intelligence (AI) offers a major opportunity for global businesses, as the technology could add up to $15.7 trillion to the global economy by 2030. However, many businesses still struggle to actually use AI throughout the business to drive value and ROI, according to a Wednesday report from PwC. Of the 1,000 US executives surveyed, 20% said their companies will deploy AI across their businesses in 2019. However, major concerns over new privacy threats (43%), new cyberthreats (41%), new legal liabilities and reputational risk (34%), the technology's complexity (33%), and an inability to meet demand for AI skills (31%) stand in the way of implementation. Companies must focus on the following six key areas to become AI leaders, according to the report. SEE: IT leader's guide to the future of artificial intelligence (Tech Pro Research) Businesses will feel pressure in 2019 to scale AI initiatives to improve decision-making and forward-looking intelligence for workers across every department and function, PwC predicted.