Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence
Artificial intelligence (AI) has been altering industries as evidenced by Airbnb, Uber and other companies that have embraced its use to implement innovative new business models. Yet we may not fully understand how this emerging and rapidly advancing technology influences business model innovation....
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2019-07-01
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| Series: | Journal of Open Innovation: Technology, Market and Complexity |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2199-8531/5/3/44 |
| _version_ | 1797426308509073408 |
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| author | Jaehun Lee Taewon Suh Daniel Roy Melissa Baucus |
| author_facet | Jaehun Lee Taewon Suh Daniel Roy Melissa Baucus |
| author_sort | Jaehun Lee |
| collection | DOAJ |
| description | Artificial intelligence (AI) has been altering industries as evidenced by Airbnb, Uber and other companies that have embraced its use to implement innovative new business models. Yet we may not fully understand how this emerging and rapidly advancing technology influences business model innovation. While many companies are being made vulnerable to new competitors equipped with AI technology, this study attempts to focus on the proactive side of the use of AI technology to drive business model innovation. Describing AI technology as the catalyst of business model innovation, this study sheds light on contingent factors shaping business model innovation initiated by the emerging technology. This study first provides a brief overview of AI, current issues being tackled in developing AI and explains how it transforms business models. Our case study of two companies that innovated their business models using AI shows its potential impact. We also discuss how executives can create an innovative AI-based culture, which rephrases the process of AI-based business model innovation. Companies that successfully capitalize on AI can create disruptive innovation through their new business models and processes, enabling them to potentially transform the global competitive landscape. |
| first_indexed | 2024-03-09T08:28:26Z |
| format | Article |
| id | doaj.art-1934005a1a9c4dc0a975790e9ed22562 |
| institution | Directory Open Access Journal |
| issn | 2199-8531 |
| language | English |
| last_indexed | 2024-03-09T08:28:26Z |
| publishDate | 2019-07-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of Open Innovation: Technology, Market and Complexity |
| spelling | doaj.art-1934005a1a9c4dc0a975790e9ed225622023-12-02T20:29:27ZengElsevierJournal of Open Innovation: Technology, Market and Complexity2199-85312019-07-01534410.3390/joitmc5030044joitmc5030044Emerging Technology and Business Model Innovation: The Case of Artificial IntelligenceJaehun Lee0Taewon Suh1Daniel Roy2Melissa Baucus3AI Center, Samsung Research, Seoul 05510, KoreaMcCoy College of Business, Texas State University, San Marcos, TX 78666, USAMcCoy College of Business, Texas State University, San Marcos, TX 78666, USAMcCoy College of Business, Texas State University, San Marcos, TX 78666, USAArtificial intelligence (AI) has been altering industries as evidenced by Airbnb, Uber and other companies that have embraced its use to implement innovative new business models. Yet we may not fully understand how this emerging and rapidly advancing technology influences business model innovation. While many companies are being made vulnerable to new competitors equipped with AI technology, this study attempts to focus on the proactive side of the use of AI technology to drive business model innovation. Describing AI technology as the catalyst of business model innovation, this study sheds light on contingent factors shaping business model innovation initiated by the emerging technology. This study first provides a brief overview of AI, current issues being tackled in developing AI and explains how it transforms business models. Our case study of two companies that innovated their business models using AI shows its potential impact. We also discuss how executives can create an innovative AI-based culture, which rephrases the process of AI-based business model innovation. Companies that successfully capitalize on AI can create disruptive innovation through their new business models and processes, enabling them to potentially transform the global competitive landscape.https://www.mdpi.com/2199-8531/5/3/44business model innovationartificial intelligencecase studyemerging technology |
| spellingShingle | Jaehun Lee Taewon Suh Daniel Roy Melissa Baucus Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence Journal of Open Innovation: Technology, Market and Complexity business model innovation artificial intelligence case study emerging technology |
| title | Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence |
| title_full | Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence |
| title_fullStr | Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence |
| title_full_unstemmed | Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence |
| title_short | Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence |
| title_sort | emerging technology and business model innovation the case of artificial intelligence |
| topic | business model innovation artificial intelligence case study emerging technology |
| url | https://www.mdpi.com/2199-8531/5/3/44 |
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