Artificial Intelligence (hashtag#AI) has been a buzzword in the business world for several years now, but it seems as if we have reached the peak of it in the past year. This comes with some challenges, one of them being- separating the hype from reality. It is getting hard to determine what’s actually feasible and what’s just pure hype and imagination. This is why companies need better understanding of this technology phenomena.

Six years ago, Harvard Business School announced that, for successful organizations to stay on top and their hashtag#CEOs to keep their job, it will be necessary for them to find a way to apply AI in their business. Fast forward to today and it looks like they were right. All the players in the business field are looking into how they can optimize their operations by using AI.

The big question on that journey is – where is the golden grail? What will guarantee success for me and my company, and with-its competitive advantage? The answer is – hashtag#DATA, and the way you utilize it for different business cases. Many companies have huge amounts of internal data still not in use and should start acting on it while also considering and analyzing outside data. Keep in mind that outside-in data represents 90% of company data. This may seem like a tough job, but it has never been easier than today, thanks to the evolution of technology.

Some may argue that with everyone fighting for their piece of the AI cake at the moment, you would need pure luck to come through. And sure, luck is always a nice touch, but for success to be achieved a good, all-inclusive, strategy is key. You cannot apply AI in just a few business cases and call it transformation. This could be defined as nothing more than an incident. In order to achieve real, sustainable transformation and success you must find a way to apply AI to every aspect of your business and day-to-day operations.

Does this exist? Has anyone done it?

Of course, it does, but there is no magic pill for it. It requires a structured approach with a thorough analysis and understanding of which business segments can be impacted with AI the most. Another important thing to remember is that AI will not work and bring results on its own. It must be properly integrated into the company’s processes, exposed through appropriate tools, accepted, and used by staff and supervised.

And last, an equally important ingredient in the mix is expert domain knowledge. We, at Intellya, a Noventiq company, know something about this. AI will do nothing for you unless you adjust and specialize it for your needs. Success requires a constant ongoing process of improving and going through phases that should be accepted as a necessary part of your corporate culture.

In the end, maybe the main question shouldn’t be who will do it first but more about who will create real value for their business with everything that AI brings to the table.