Artificial Intelligence has reached a tipping point. Hailed as "the next big thing" for the past few years, AI is poised to fundamentally change businesses and people's lives - a shift described as the "fourth industrial revolution".

It is always a challenge to successfully adopt new technology, but AI is a strategic market that cannot be ignored. The challenge is no longer realising the importance of AI, but in applying and sustaining it.

Getting started with AI can seem daunting, and there are many facets to assessing readiness, including governance and strategy practices, process and data practices, technology enablement practices and talent management practices. On the talent-readiness side, CEOs and CHROs can look within the organisation, asking questions such as: Do we have communication and training programs to develop AI skills for all employees? Do we have a skills re-training framework in anticipation of the impacts of AI? Do we have reward and recognition incentives for those who innovate with AI?

Of course, a key piece of the puzzle is recruiting top AI talent from outside the organisation. With a global shortage of AI expertise, the time is now to take advantage of the world-class talent emerging from our universities and research centres.

While the change won't happen overnight, businesses can become AI ready and remain competitive by recruiting the leaders of tomorrow. Their future may depend on it.

Darren Raycroft discusses the preparedness of Canada to meet the needs of the AI revolution.

Read "The AI Revolution: Fast Rising To The Top Of The C-Suite Agenda" leadership insights