AI-powered business model innovation: Analyzing the implications of generative AI on value creation, operational efficiency and market dynamics
1 Department of Business Administration, Division of International Trade and Logistics Management, Anadolu University, Eskisehir, Turkey.
2 Department of Psychology, Division of Industrial and Organization Psychology, Ankara University, Ankara, Turkey.
Review
World Journal of Advanced Engineering Technology and Sciences, 2024, 13(02), 215-228.
Article DOI: 10.30574/wjaets.2024.13.2.0564
Publication history:
Received on 07 October 2024; revised on 12 November 2024; accepted on 15 November 2024
Abstract:
The revolutionary way that generative AI disrupts business models today is by delivering radical shifts in important things like value delivery, business operations, and competitiveness. It allows businesses to perform difficult tasks, orchestrate customized client interactions, and foster change throughout sectors. With endless possibilities, generative AI's risks upon implementation are as follows: Data protection, Ethical and legal spheres, and Talent demand. Some challenges must be overcome when adopting AI in any organization to harness this technology for work benefits. Generative AI will continue to define future business models ' directions and contours through innovation, support of the decision-making process, and a focus on the principles of ethical entrepreneurship. This paper discusses the opportunities of generative AI for business model innovations, its effect on operational improvement, and entering a new kind of competition in a market. Finally, it reveals the factors that companies experience when implementing AI and presents the possible future trend of deploying business models based on artificial intelligence.
Keywords:
Generative AI; Business model innovation; Value creation; Operational efficiency; Market dynamics; AI-driven business models
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0