With a growing number of connected devices producing exponentially more data, the value of artificial intelligence and machine learning (AI/ML) is increasing rapidly for businesses. We outline the value add of AI/ML for decision-making in firms and present use cases and tools to generate data-driven value. We discuss various implementation challenges and solution approaches. Successfully executing on AI/ML applications hinges on preparing the company, managing the portfolio of projects, using interdisciplinary teams, establishing strong technical foundations, and, importantly, generating trust in AI/ML throughout the system lifecycle.