Abstract
Artificial intelligence (AI) is one of the most transformative information technologies of our century. Despite high expectations across all industries and corporate functions, companies have difficulties to realize the full potential of AI and struggle to move beyond AI pilots. This article provides empirical evidence from survey data and three case studies to better understand the value drivers of AI. Leading companies specify use cases from a business perspective and leverage domain expertise to tap into value pools by combining technology with human capabilities. They provide fundamental enablers for AI like digital and data platforms, a data-centric organization with solid governance, and a dedicated human resource base to facilitate AI value creation. Moreover, these firms assess the financial and business impact of AI initiatives and reprioritize projects if the expected value does not materialize. Based on these insights, recommendations to better scale and derive value from AI projects will be offered.
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