WorkDifferentWithAI.com Academic Article Alert!
Written by Dominik K. Kanbach, Louisa Heiduk, Georg Blueher, Maximilian Schreiter, Alexander Lahmann
Category: “Enterprise AI”
Article Section: Generative AI applications
Publication Date: 2023-09-13
SEO Description: “Exploring generative AI’s impact on business model innovation and its potential industry applications.”
AI Generated Article Summary
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The text delves into the impact of generative artificial intelligence (GAI) from a business model innovation perspective, focusing specifically on its application in the fields of software engineering, healthcare, and financial services. The manuscript addresses the shift in business model innovations influenced by the rapid advancement and integration of AI technologies. The rise of AI is compared to historical growth patterns of well-established tech innovations such as personal computers and the internet. The article provides insights into the disruptive growth of AI-enabled applications like ChatGPT, their potential to increase efficiency, spark creativity, and potentially impact job availability. The text also analyzes GAI’s potential role in business model innovation and the ongoing academic discussions about the technology across various sectors.
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Based on my review, here are some key insights on the novelty and potential commercial applications of this academic paper:
Novelty:
- Provides an early and comprehensive analysis of the implications of generative AI (GAI) technologies like ChatGPT for business model innovation. This is a very new and rapidly evolving topic, so the paper offers valuable initial insights.
- Adopts a business model perspective, looking at how GAI could impact value creation, value proposition, and value capture. This viewpoint is novel compared to more technology-focused papers on GAI.
- Develops six propositions summarizing the potential cross-industry impacts of GAI on business models. These propositions help synthesize key takeaways and provide a framework for future research.
- Presents case studies in software, healthcare, and finance to demonstrate industry-specific BMI implications. The analysis of different industries illustrates the variety of possible GAI applications.
- Combines academic sources with industry reports and expert opinions for a balanced perspective. This helps capture the latest real-world developments in addition to theoretical concepts.
- Overall, provides an early and thoughtful analysis of an emerging phenomenon from a business model angle – an approach still rare in current literature.
Commercial Applications:
- The propositions could guide businesses on assessing and implementing GAI tools to transform processes, offerings, skill needs, and cost structures.
- Technology firms could leverage the findings on new capabilities and customer demand to develop GAI products, features, and services.
- Consultancies could use the framework to advise clients on GAI adoption strategies tailored to their business model and industry.
- The case studies highlight opportunities in software, healthcare, and finance suitable for commercialization like AI coding platforms or virtual healthcare assistants.
- Providers of GAI could monetize the technology via fees for API access, customized models, support services, and premium features.
- Companies could harness GAI for personalized offerings and frictionless customer experiences to drive growth.
- Overall, the paper provides insights to help businesses capitalize on GAI, serving as a starting point to spark commercial innovation.
In summary, the paper delivers valuable early-stage analysis on how GAI could transform business models across contexts. Both the theoretical concepts and practical examples offer novel perspectives to inspire further academic research and commercial applications.
Keywords
Generative artificial intelligence, business model innovation, content creation, monetization strategies, skill requirements
Author’s Abstract
The introduction of ChatGPT in November 2022 by OpenAI has stimulated substantial discourse on the implementation of artificial intelligence (AI) in various domains such as academia, business, and society at large. Although AI has been utilized in numerous areas for several years, the emergence of generative AI (GAI) applications such as ChatGPT, Jasper, or DALL-E are considered a breakthrough for the acceleration of AI technology due to their ease of use, intuitive interface, and performance. With GAI, it is possible to create a variety of content such as texts, images, audio, code, and even videos. This creates a variety of implications for businesses requiring a deeper examination, including an influence on business model innovation (BMI). Therefore, this study provides a BMI perspective on GAI with two primary contributions: (1) The development of six comprehensive propositions outlining the impact of GAI on businesses, and (2) the discussion of three industry examples, specifically software engineering, healthcare, and financial services. This study employs a qualitative content analysis using a scoping review methodology, drawing from a wide-ranging sample of 513 data points. These include academic publications, company reports, and public information such as press releases, news articles, interviews, and podcasts. The study thus contributes to the growing academic discourse in management research concerning AI’s potential impact and offers practical insights into how to utilize this technology to develop new or improve existing business models.