AI-driven disruption in business models: innovating through 4IR technologies
1 Sanctus Maris Concepts Ltd.
2 Independent Researcher, Clarksville, Tennesse, USA.
3 Independent Researcher, Abuja, Nigeria.
4 Independent Researcher, Lagos, Nigeria.
Review
Open Access Research Journal of Multidisciplinary Studies, 2023, 06(02), 072–085.
Article DOI: 10.53022/oarjms.2023.6.2.0050
Publication history:
Received on 11 October 2023; revised on 14 December 2023; accepted on 17 December 2023
Abstract:
The Fourth Industrial Revolution (4IR) has catalyzed a profound transformation in business models, driven by the integration of Artificial Intelligence (AI) and other advanced technologies. This paper explores the disruptive impact of AI on traditional business frameworks, emphasizing how organizations leverage 4IR technologies to innovate and remain competitive. AI enhances decision-making processes, optimizes operations, and personalizes customer experiences, fundamentally reshaping value creation. The analysis begins by delineating the key characteristics of AI-driven business models, highlighting their reliance on data analytics, machine learning, and automation. These technologies enable firms to analyze vast datasets, uncover insights, and make informed decisions in real-time. For instance, predictive analytics powered by AI can forecast market trends, allowing businesses to adapt proactively rather than reactively. Moreover, AI facilitates the emergence of new business models such as platform-based ecosystems, subscription services, and collaborative consumption. These models thrive on interconnectedness, leveraging AI to enhance user experiences and streamline operations. The paper provides case studies from various industries, demonstrating successful AI implementations that have resulted in increased efficiency and customer engagement. However, the transition to AI-driven models is not without challenges. Organizations must navigate ethical considerations, data privacy concerns, and the need for workforce reskilling. The paper addresses these challenges, proposing frameworks for responsible AI deployment that align with corporate social responsibility (CSR) principles. In conclusion, AI-driven disruption in business models represents both an opportunity and a challenge for organizations. By embracing 4IR technologies, businesses can innovate and create sustainable competitive advantages. This research contributes to the growing discourse on digital transformation, offering insights into how AI can be harnessed to reimagine business strategies in an increasingly complex and dynamic marketplace.
Keywords:
Artificial Intelligence; 4IR Technologies; Business Models; Digital Transformation; Innovation; Data Analytics; Predictive Analytics; Competitive Advantage
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0