We expect AI technologies to continue growing in sophistication and ubiquity, that the impact on firms will continue to increase and that industry investments in AI will continue to grow. In this panel we will focus on the “transformational impacts” of AI on business models, processes and firm architectures. The debate will explore a range of positive benefits while also analyzing risks such as assessing long term vs. short term priorities for firms; how AI can shape business function and business models as a whole; new skills, capabilities and the access to expert workforce; the role of R&D and Open AI; security in data management; and finally, ethical aspects.