New Delhi, May 4 -- The buzz around Artificial Intelligence (AI) is inescapable. While there are no widespread examples of substantial impact yet-outside specific areas like software development-many believe AI could be transformative for businesses. McKinsey & Company, for instance, estimates that AI could add up to $4.4 trillion to annual global output by 2030.

While the possibilities prompt excitement, sceptics argue that they have seen such hype before, that an earlier wave of digital transformations was powered by lofty promises that did not convert to measurable business value. McKinsey research found that about 70% of transformation projects failed to meet their goals-not because of the digital technology employed, but because of ...