Data lies at the core of all business strategies. It has been generated at an unparalleled rate since the outbreak of the epidemic that has led the entire world to go digital. Organizations have experienced an exponential increase in footfall on their web properties and become data-rich. Now, the majority of organizations want to tap into this data asset to improve their business further and gain a competitive edge. Once the business objective is decided, the executives bake it into their strategic goals which is what the business wants to position itself in the next three to five years.

To many leaders, it comes as a surprise to learn that the investment needed to develop AI solutions cannot realize a return through the deployment of single, disconnected use cases, or even a handful.1 This is why it's so important to have an AI strategy that is connected and coordinated across the enterprise, in tight alignment with the overarching business strategy. All too often, however, business leaders get the planning process out of order, focusing too much on use cases or abdicating leadership of the AI strategy to IT or data sciences. This can be a slippery slope, diminishing the organization's ability to use AI to create new ways of competing for customers, launching products, accelerating time-to-market, securing supply chains, and beyond. The strongest AI strategies tend to begin without ever mentioning AI.

Artificial intelligence is the most electrifying and exciting technology in the business landscape. It has the potential to drive value across the business, particularly delivering enhanced customer experience, reducing cost and spurring revenue. From smarter products and services to better business decisions and optimized business processes, the technology can transform almost everything. However, before getting started with this disruptive technology businesses need to define their AI strategy effectively in order to boost revenue and accomplish business goals. They must ask themselves how do they create a utilitarian AI strategy to harness its power?

An effective artificial intelligence strategy uses the right tools to solve the right problems, an analyst says. Dean Lacheca, Senior Director Analyst for Gartner, told delegates at the Gartner IT Symposium/Xpo in the Gold Coast on Monday that they need to stop seeing AI as a futuristic piece of technology. "AI, in reality, is more than just a tool. It's a whole range of tools with different variations in complexities, costs of ownerships, consequences and opportunities," he said. A good strategy allows organisations to manage risks, address and mitigate concerns and accelerate the role of AI within an organisation, Mr Lacheca says.

It is necessary to have the right artificial intelligence (AI) strategy before planning to deploy the technology in the organization. As the need for new and advanced technologies like artificial intelligence is proliferating, both industry behemoths and start-ups are actively making huge investments to leverage the power of AI. To drive competitive advantage and conduct their business better, various organizations are implementing AI in their work. But, before adopting AI, organizations should develop the right AI strategy, one that ensures that processes, use cases, and workforce are in place. While some of the major organizations have already charted an AI strategy, more than 50% of organizations are still struggling to gain clarity on what makes an effective AI strategy.