Artificial intelligence (AI) has become the next frontier of exploration and development for not only private businesses but also public organizations globally. The term has been defined in many diverse ways, but broadly it can be said to be intelligence that is manifested by machines as opposed to that shown by human beings, commonly referred to as the natural intelligence. The term artificial intelligence can therefore swiftly be interchanged with machine intelligence. In a colloquial sense, artificial intelligence can be said to be a phenomenon where machines can perform critical cognitive duties and responsibilities which were traditionally associated with the human mind. An example of such a function is problem-solving through critical thinking. In the recent past since the dawn of the 21st century, artificial intelligence has metamorphosed from a theoretical concept to application. Many businesses today have leveraged AI to carry out many business functions as a lesser coast and with increased efficiency. This paper discusses several factors and principles that surround the application of AI in contemporary society. It establishes that any business that will want to remain competitive in the future will have to learn and use AI in their operations.