A Literature Review on AI and Its Economic Value to Businesses

Abstract

The vast array of technologies that make up artificial intelligence (AI) holds great potential for several benefits that enterprises may reap in terms of increased value for their businesses. In response to the data flood and the dramatic rise in computing power, more and more companies are looking to artificial intelligence (AI) to help them achieve a competitive edge. The adoption and utilization of AI in business processes remains a challenge for many firms. A comprehensive knowledge is necessary since there is currently no consensus on how AI technologies generate value for businesses or what kind of value can be anticipated from them. The purpose of this study is to offer a comprehensive literature analysis on the topic of artificial intelligence (AI) and its potential applications in business operations, with the goal of shedding light on the ways in which these technologies might generate value. In this review of the literature, we identify three main points: (1) the factors that promote or discourage AI acceptance and use; (2) the many types of AI implementations in business settings; and (3) the immediate and long-term consequences of AI. Finally, the report lays forth a research plan for future studies by pointing out where the current literature is lacking and what needs to be investigated further.