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Conclusion: In seeking to achieve their vision, goals and objectives, organisations constantly evaluate internal and external factors in order to take action. Although tuned to the unique needs of each enterprise, there have been identifiable waves of factors and responding actions that have occurred since 2000 in the form of business and digital transformation.

Business transformation addressed the changing nature of markets in a connected and globalised world by focusing on delivering cost savings through new models of operation, while the subsequent wave of digital transformation sought to employ technology and exploit pervasive connectivity to increase the efficiency of internal processes and customer-facing interactions.

IBRS has identified a new wave we call “artificial intelligence-enabled (AI-enabled) transformation”, which is focused on optimising business operations through the use of emerging technologies that leverage “self-learning” algorithms to make predictions, respond to real-world objects and events, and possess user interfaces that mimic how humans communicate.

However, in order to successfully exploit this new wave of transformation, organisations must first understand what exactly AI is and how AI-enabled transformation differs from the waves that have come before it.

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