This white paper aims to help CEOs, their leadership teams and boards articulate the strategic preferences essential for crafting an effective artificial intelligence (AI) strategy. It highlights the use cases that deliver real ROI at pace, both for efficiency gains and pursuing real competitive advantage. Our goal is to support Australian and New Zealand businesses to move beyond experimentation to genuine AI-powered business transformation as we shift from the ‘art of the possible’ to the ‘art of the practical’. The race is on to deliver on the promise of enterprise AI. Global AI spending is expected to reach $632 billion by 2028, according to IDC. McKinsey estimates that AI will generate $2.6-$4.4 trillion in value annually, and the vast majority of that value, 75 per cent, is expected to come from front-line functions, such as customer operations, sales and marketing. McKinsey also estimates that AI could boost Australian labour productivity by up to 1.1 per cent a year by 2030.