Despite the increasing application of Artificial Intelligence (AI) techniques to business over the past decade, there are mixed views regarding their contribution. Assessing the contribution of AI to business has been difficult, in part, due to lack of evaluation criteria. In this study, we identified general criteria for evaluating this body of fiterature. Within this framework, we examined applications of AI to business forecasting and prediction. For each of the seventy studies located through our search, we evaluated how effectively the proposed technique was compared with alternatives (effectiveness of validation) as well as how well the technique was implemented (effectiveness of implementation). We concluded that by using acceptable practice and providing validated comparisons, 31% (22) of the studies contributed to our knowledge about the applicability of the AI techniques to business. Of these twenty-two studies, twenty supported the potential of AI in forecasting. This small number of studies indicates a need for improved research in this area.