The rapid advance of AI into our collective psyches has created an astounding period of exploration and experimentation across industries in hopes that a breakthrough might take individual businesses to the next level. But like any emerging technology, fully understanding the innovation’s future impact remains elusive.

Different types of AI technologies include machine learning (ML) and deep learning (DL). ML creates algorithms from datasets. DL builds and learns iteratively. Generative AI, a subset of DL, is particularly getting a lot of the hype today because, "Generative AI has put the power of AI in the hands of the practitioners," says Sahil Bhardwaj, partner at PwC.

The use of AI can also help businesses deepen their focus around more advanced areas, such as innovation in design and automated workflows. It can also help enable sustainable business practices. Through AI, “Let's do things quicker, faster, safer, greener. It need not be an add-on and an afterthought – it can be embedded into a lot of the work that we do today," says Karoliina Torttila, director of AI at Trimble.

Speaking of getting work done, AI is having a broader impact on workforce development and transformation. "It's about shifting those skill sets and figuring out how you leverage the technology from a business perspective, in order to add that value to our economy," says Chris Harmon, principal at PwC.