Impact of Artificial Intelligence: Applications, Transformation Strategy and Future Potential

Abstract

In recent times Artificial Intelligence (AI) has climbed to the forefront of enterprises’ technology priorities, owing to the presence of a large amount of data at disposal as well as the rapid advances in tools and capabilities. With the growing AI adoption, some companies are capturing value and generating revenue from AI at an enterprise level, while many cost reductions are at the functional level. But with the forthcoming stage of transformation, the companies need to go the extra mile beyond the traditional digital transformation. Quintessentially, the next wave of transformation would be focused on the broad use of AI across sectors but the key focus shifting to fully leveraging its products using advanced analytics and algorithms. Research methodology: A case study approach has been adopted to analyze different use cases of AI adoption in some sectors and the benefits of the same. Implications of the study: This paper will be useful for academicians and consultants in formulating AI design and build solutions. Uniqueness: The paper provides a systematic analysis of the literature, highlighting AI implementation in three sectors which are identified by categorizing them by near-term, mid-term, and long-term adoption maturity. The paper aims to provide a synopsis of elements for successful AI transformation and help in understanding how AI can add value into four categories i.e., objectifying, generating, stimulating, and offering successful application across the Retail, Energy, and financial industry.

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