As AI takes hold of the business world, is long-term competitive advantage a thing of the past? In this four-part special series, we'll share conversations from the recent HBR Strategy Summit to help you get ahead. In this episode, Columbia Business School professor Rita McGrath explains how she thinks companies must adapt when they can no longer depend on their competitive advantage lasting. She explains the most important strategic decision an organization can make today, and what it looks like to run an "unbossed" organization. HBR editor in chief Amy Bernstein contributes audience questions.