When it comes to innovation in technology, I always have to think about what tools are available to me to not only solve business problems but also to maintain a competitive edge. From cloud computing 10 years ago to blockchain 5 years ago, each wave of technology has reshaped industries and revolutionized operations. Now, artificial intelligence (AI) emerges as the next big revolution, creating the opportunity for transformative capabilities and giving new players in the tech space the ability to ramp up ideas quickly. Today, every tech company, whether a startup or established, needs to have an AI strategy.

According to a report by IDC (https://www.idc.com/getdoc.jsp?containerId=IDC_P32575), worldwide spending on new digital technologies was expected to reach $2.3 trillion by 2023. This figure emphasizes the growing importance of technology in driving business innovation and development. Cloud computing offered scalability and flexibility and blockchain opened everyone up to the idea of decentralized trust. Companies have always managed to adapt their strategies to leverage emerging technologies and AI is now here to do the same.

While these technologies have delivered significant benefits, they also presented challenges and limitations for technology teams trying to figure out a way to incorporate them. For example, despite the initial hype surrounding blockchain, widespread adoption faced hurdles with regulatory uncertainties and a general idea of how to best utilize it in existing frameworks. AI on the other hand seems to be the the game-changer we haven’t had for the last few years, offering the potential to unlock new opportunities and address complex business challenges.

Now, with artificial intelligence, it’s not just about staying ahead of the curve but also about defining and redefining what’s even possible. The IDC report underscores the immense investment pouring into these digital advancements, highlighting their critical role in shaping the future of business. While past technologies have had their hurdles, AI appears ready to break through barriers and create a new wave of possibilities. It’s not just about having an AI strategy anymore – it’s about embracing the potential it offers to drive innovation forward.