This article explores the role of artificial intelligence (AI) in the process industries such as the chemical and pharmaceutical industry. We start by classifying the most prominent technologies comprised under the generic term of AI, define them, and delineate their applicability in various functions along the organizational value chain. Further, we illustrate the boundary conditions for AI application by describing what data are required to initiate and sustain the ”intelligence” of algorithms. We continue with thought-provoking case studies that exemplify the status quo and possible future applications of AI in the chemical and pharmaceutical industry. Based on academic insights, we discuss potential barriers and pitfalls that firms might face while integrating AI into their business processes and present remedies.