Using artificial intelligence (AI) to grow revenue demands human imagination. As the first wave of AI-based applications (such as data analytics and robotics) gain ground, it’s evident that companies are deploying the technology primarily to replace people and reduce costs. Although cost cutting may be unavoidable in these trying times, playing defense with AI is unlikely to be enough for companies to thrive in the postpandemic world.

Digitization, the rise of the big data era, and the growth of the Internet of Things (IoT) have created conditions in which AI-based applications and services that generate revenue can flourish. As business emerges from the COVID-19 crisis, it must go on the offense and find ways of using AI to generate more revenue. BCG finds that revenue growth generates up to 70% of total shareholder returns in a five-year period.

Almost 90% of executives agree that AI represents an opportunity, but a mere 18% have tried to use the technology to generate revenue, according to a 2019 MIT Sloan Management Review and BCG AI survey of more than 2,500 executives. Even though deploying AI can be challenging, more companies need to focus on using the technology to create value. On the basis of our studies, we provide a framework in this article that will help executives think through the key issues, so that they can use AI to recover, rebound, and find new roads for growth.