The technological developments on artificial intelligence (AI) are going to diffuse in all scales of firms in different industries. AI is increasingly used in diverse business functions, including marketing, customer service, cost reduction, and product improvement. Although there exists a large number of studies on AI, those focusing on the businesses are rather rare, and there is no holistic conceptual framework that brings the information on defining AI business strategy. The aim of this paper is to develop a conceptual framework on defining AI business strategy through a systematic literature review (SLR) of research conducted between 2015 and 2019. Consolidating business and technical views of AI, the paper discusses the major elements of AI in business like abilities and limitations of AI, economics and AI, business functions and AI, workforce, industries and AI, and regulations and ethics of AI on defining AI business strategy.