IMPACT OF ARTIFICIAL INTELLIGENCE ON BUSINESS TRANSFORMATIONS
DOI:
https://doie.org/10.5281/hrthb563Keywords:
Business Models, Automation, Robotic Process Automation, Robotic Process Automation, Artificial Intelligence,,Abstract
Artificial Intelligence has emerged as a dynamic force reshaping business operation
across diverse industries. It encompasses a broad spectrum of applications, from automation
and data analytics to personalization and customer service. AI's growing significance in
business value creation is undeniable. Organizations are increasingly relying on AI to gain a
competitive edge and enhance their operations. However, despite substantial investments in
time, effort, and resources, many AI initiatives end in failure due to a lack of comprehensive
understanding of how AI technologies can create tangible business value. To address this
knowledge gap, this paper presents a narrative review that identifies how organizations can
effectively deploy AI and the mechanisms through which AI generates value. This review delves
into the multifaceted influence of AI on businesses, discussing its implications for research,
innovation, market deployment, and the evolving landscape of business models. Drawing
insights from Neo-Schumpeterian economics, we explore the pivotal roles of innovation,
knowledge, and entrepreneurship in AI-driven business transformations. The research model
employed offers a three-dimensional perspective that navigates through the significant
dimensions of AI's impact. As AI continues to evolve, businesses must navigate ethical,
regulatory, and workforce-related considerations. This review underscores the evolving
dynamics of AI in the business domain and its transformative potential in an increasingly AI
driven world.
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