Business is being revolutionized by three factors — generative AI, advanced analytics and a cloud backbone. Business will have to formulate its AI strategy to maximize benefits from data and analytics. There should be a focus on defining the right problem and a supporting value framework. AI and data analytics have transformative power. Innovations play a role to provide a competitive edge. There should be an approach of experimentation — innovation at speed and innovation at scale. If there is failure, it should be fast recognized. Failing fast is key to innovation. Experimenting businesses transform faster with AI by creating differential advantage.

A business can adopt three strategies. It can become AI-native. The organization should become AI-driven. The enterprise data should be ready for AI. The intelligence should augment existing functions, productivity, efficiency and human interactions. A second strategy could be to rethink business, using AI initiative to create business as a platform. The third strategy is to create an AI ecosystem. The businesses expand beyond their traditional boundaries. Ecosystems are created by tie-ups with other units by sharing intelligence.

An organization’s ability to leverage data for disruptive and innovative business will take it far, and they will outcompete their peers.