As artificial intelligence re-writes business models, how will its application and adoption revolutionize business and commerce further?
From the production and marketing era to the relationship and intelligence era, business models have been evolving over the centuries. Over the years, the rise of artificial intelligence (AI) has fundamentally transformed the very meaning of ideas, innovation, and inventions. As a result, business models are evolving further. As we witness businesses across industries undergo a profound and dramatic shift in the relative balance of intelligence power, AI applications and adoption are offering each business entity as many new opportunities as it does challenges.
AI capability is already transforming business and commerce across nations. Rich or poor, developed or developing, small or large, AI has leveled the playing field for countries and brought their businesses a unique possibility to move forward and grow.
While access to technology and information is universal, what is not common is how each business uses that information — for what purpose and goals. Although emerging technology levels the playing field to a degree for businesses across industries in their ability to access intelligence from the growing digital data and information, it is necessary to understand what the other parameters are that will help define individual and collective success in developing AI capabilities for businesses.