The Impact of AI on Business, Economics and Innovation

Abstract

This chapter, based on previous bibliographic review, offers guidance from consultants as well as prior identification of documented professional practices about the current overall impact of Artificial Intelligence (AI) in business, economics and innovation.

Consequently, this chapter discusses the role of AI in the future economy considering increases in productivity, innovation and technological maturity. Consequently, attention shall be paid to business-oriented design, AI tools for business processes modelling and the benefits of AI technologies. It will also be shown how business leaders can remain competitive in the new economic environment, developing the required skills for understanding the economic implications of AI, considering the changes that businesses will need to do to address the economic and social implications of large-scale applications of AI. In addition, we highlight the importance; benefits and applications of Machine Learning in business shall be applied.

Finally, the conclusions propose a future research agenda for AI for certain industries (Strategy, Relationship Marketing, Servicescape, Customer acceptance, Social acceptance, Management, Workforce and Transhumanism).