Skip to main content
SpringerLink
Log in

The Application of Artificial Intelligence to Business Models: A Systematic Literature Review

  • Chapter
  • First Online:
Intellectual Capital, Smart Technologies and Digitalization

Part of the book series: SIDREA Series in Accounting and Business Administration ((SSABA))

Abstract

The uncertainty and increasing competitiveness of markets, also linked to the progressive spread of digital technologies, make it necessary to implement flexible business management policies that can ensure business continuity (Marques & Ferreira, 2009). The digital age has led to the spread of different technologies (Schwab, 2016) that have changed the habits of consumers and companies (Jovanović et al., 2018; Kaartemo & Helkkula, 2018). Industry 4.0, Artificial Intelligence (AI), Big Data, Internet of Things, cloud databases, social networks, blockchain and fintech applications are considered the engine of the fourth industrial revolution (Schwab, 2016). Among these, Artificial intelligence is considered one of the most promising digital technologies, having already brought important benefits in different business sectors (Serafini & Garcez, 2016). AI represents a complex of “intelligent” systems “created to use data, analysis and observations to perform certain tasks without the need to be programmed to do so” (Antonescu, 2018).

Author’s Contribution:

Simona Ranaldo: 2. Research Method; 3. The Application of Artificial Intelligence to Business Models

Vittorio Dell’Atti: 4. Conclusion

Mario Turco: 1. Introduction

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 139.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 179.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 179.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Antonescu, M. (2018). Are business leaders prepared to handle the upcoming revolution in business artificial intelligence? Quality Access to Success, 19, 15–19.

    Google Scholar 

  • Baden-Fuller, C., & Haefliger, S. (2013). Business models and technological innovation. Long Range Planning, 46, 419–426.

    Article  Google Scholar 

  • Bagnoli, C., Bravin, A., Massaro, M., & Vignotto, A. (2018). Business Model 4.0 -I Modelli Di Business Vincenti per Le Imprese Italiane Nella Quarta Rivoluzione Industriale. Edizioni Ca’ Foscari.

    Google Scholar 

  • Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. (2013). Digital business strategy: Toward a next generation of insights. Management Information Systems Quarterly, 37, 471–482.

    Article  Google Scholar 

  • Bogataj, D., Bogataj, M., & Hudoklin, D. (2017). Mitigating risks of perishable products in the cyber-physical systems based on the extended MRP model. International Journal of Production Economics, 193, 51–62.

    Article  Google Scholar 

  • Brock, J. K.-U., & Von Wangenheim, F. (2019). Demystifying AI: What digital transformation leaders can teach you about realistic artificial intelligence. California Management Review, 61, 110–134.

    Article  Google Scholar 

  • Brooks, C., Gherhes, C., & Vorley, T. (2020). Artificial intelligence in the legal sector: Pressures and challenges of transformation. Cambridge Journal of Regions, Economy and Society, 13(1), 135–152.

    Article  Google Scholar 

  • Charniak, E., & McDermott, D. (1985). An introduction to artificial intelligence. Addison-Wesley Longman.

    Google Scholar 

  • DaSilva, C. M., Trkman, P., Desouza, K., & Lindič, J. (2013). Disruptive technologies: A business model perspective on cloud computing. Technology Analysis and Strategic Management, 25(10), 1161–1173.

    Article  Google Scholar 

  • Davenport, T. H., & Ronanki, R. (2018). Artificial intelligence for the real world: Don’t start with moon shots. Harvard Business Review, 96(1), 108–116.

    Google Scholar 

  • de Souza, C. A., Szafir-Goldstein, C., & Aagaard, A. (2020). IoT in the context of digital transformation and business model innovation: The case of a traditional Brazilian wholesaler. IEEE Global Internet of Things Summit, Proceedings.

    Google Scholar 

  • Di Vaio, A., Boccia, F., Landriani, L., & Palladino, R. (2020). Artificial intelligence in the Agri-food system: Rethinking sustainable business models in the COVID-19 scenario. Sustainability (Switzerland), 12(12), 4851.

    Article  Google Scholar 

  • Dirican, C. (2015). The impacts of robotics, artificial intelligence on business and economics. Procedia—Social and Behavioral Sciences, 195, 564–573.

    Article  Google Scholar 

  • Dixon-Woods, M. (2011). Systematic reviews and qualitative methods. In D. Silverman (Ed.), Qualitative research. Sage.

    Google Scholar 

  • Garbuio, M., & Lin, N. (2018). Artificial intelligence as a growth engine for health care startups: Emerging business models. California Management Review, 61(2), 59–83.

    Article  Google Scholar 

  • Gassmann, O., Frankenberger, K., & Sauer, R. (2017). A primer on theoretically exploring the field of business model innovation. The European Business Review, 4 45–48.

    Google Scholar 

  • Glova, J., Tomáš, S., & Viliam, V. (2014). Business models for the internet of things environment. Procedia Economics and Finance, 15, 1122–1129.

    Article  Google Scholar 

  • Glushko, R. J., & Nomorosa, K. (2013). Substituting information for interaction: A framework for personalization in service encounters and service systems. Journal of Service Research, 16(1), 21–38.

    Article  Google Scholar 

  • Grubic, T., & Jennions, I. (2018). Remote monitoring technology and servitised strategies–factors characterising the organisational application. International Journal of Production Research, 56, 2133–2149.

    Article  Google Scholar 

  • Huang, M. H., & Rust, R. T. (2018). Intelligence in service. Journal of Service Research, 21(2), 155–172.

    Article  Google Scholar 

  • Ignatyeva, O., Sokolov, D., Lukashenko, O., & Shalakitskaia, A. (2019). Business models for emerging technologies: The case of affective computing. In 8th International Conference on Affective Computing and Intelligent Interaction Workshops and Demos (ACIIW).

    Google Scholar 

  • Jalal, M. E., Hosseini, M., & Karlsson, S. (2016). Forecasting incoming call volumes in call centers with recurrent neural networks. Journal of Business Research, 69(11), 4811–4814.

    Article  Google Scholar 

  • Johansson, N., Roth, E., & Reim, W. (2019). Smart and sustainable emaintenance: Capabilities for digitalization of maintenance. Sustainability, 11, 3553.

    Article  Google Scholar 

  • Jovanović, M., Dlačić, J., & Okanović, M. (2018). Digitalization and society’s sustainable development—Measures and implications. Zbornik Radova Ekonomskog Fakultet Au Rijeci, 36(2), 905–928.

    Google Scholar 

  • Jung, I., Sun, H., Kang, J., Lee, C. H., & Lee, S. (2018). Big data analysis model for MRO business using artificial intelligence system concept. International Journal of Engineering and Technology (UAE), 7(3), 134–138.

    Article  Google Scholar 

  • Kaartemo, V., & Helkkula, A. (2018). A systematic review of artificial intelligence and robots in value co-creation: Current status and future research avenues. Journal of Creating Value, 4(2), 1–18.

    Article  Google Scholar 

  • Kasabov, N. (2018). Evolving and spiking connectionist systems for brain-inspired artificial intelligence. Elsevier.

    Google Scholar 

  • Kim, S. Y. (2011). Prediction of hotel bankruptcy using support vector machine, artificial neural network, logistic regression, and multivariate discriminant analysis. Service Industries Journal, 31(3), 441–468.

    Article  Google Scholar 

  • Langley, D. J., van Doorn, J., Ng, I. C. L., Stieglitz, S., Lazovik, A., & Boonstra, A. (2020). The internet of everything: Smart things and their impact on business models. Journal of Business Research, 122, 853–863.

    Article  Google Scholar 

  • Lee, H. J., & Oh, H. (2020). A study on the deduction and diffusion of promising artificial intelligence technology for sustainable industrial development. Sustainability, 12(14), 5609.

    Article  Google Scholar 

  • Lee, Y. K., & Park, D. W. (2018). Design of internet of things business model with deep learning artificial intelligence. International Journal of Grid and Distributed Computing, 11(7), 11–22.

    Article  Google Scholar 

  • Lee, J., Suh, T., Roy, D., & Baucus, M. (2019). Emerging technology and business model innovation: The case of artificial intelligence. Journal of Open Innovation: Technology, Market, and Complexity, 5, 44.

    Article  Google Scholar 

  • Liu, X., Singh, P. V., & Srinivasan, K. (2016). A structured analysis of unstructured Big Data by leveraging cloud computing. Marketing Science, 35(3), 363–388.

    Article  Google Scholar 

  • Lombardi, R. (2019). Knowledge transfer and organizational performance and business process: Past, present and future researches. Business Process Management Journal, 25(1), 2–9.

    Article  Google Scholar 

  • Lundvall, B. A., Johnson, B., Andersen, E. S., & Dalum, B. (2002). National systems of production, innovation and competence building. Research Policy, 31, 213–231.

    Article  Google Scholar 

  • Maffei, A., Grahn, S., & Nuur, C. (2019). Characterization of the impact of digitalization on the adoption of sustainable business models in manufacturing. Procedia CIRP, 81, 765–770.

    Article  Google Scholar 

  • Marques, C. S., & Ferreira, J. (2009). SME innovative capacity, competitive advantage and performance in a “traditional” industrial region of Portugal. Journal of Technology Management and Innovation, 4(4), 53–68.

    Google Scholar 

  • Massa, L., Tucci, C. L., & Afuah, A. (2017). A critical assessment of business model research. Academy of Management Annals, 11(1), 73–104.

    Article  Google Scholar 

  • Matt, C., Hess, T., & Benlian, A. (2015). Digital transformation strategies. Business and Information Systems Engineering, 57, 339–343.

    Article  Google Scholar 

  • Mawlad, A. A., Mohand, R., Agnihotri, P., Pamungkas, S., Omobude, O., Mustapha, H., & Razouki, A. (2019). Embracing the digital and artificial intelligence revolution for reservoir management. Intelligent Integrated Subsurface Modelling IISM. Society of Petroleum Engineers.

    Google Scholar 

  • McCorduck, P. (2009). Machines who think: A personal inquiry into the history and prospects of artificial Intelligence. AK Peters/CRC Press.

    Google Scholar 

  • Met, İ., Kabukçu, D., Uzunoğulları, G., Soyalp, Ü., & Dakdevir, T. (2020). Transformation of business model in finance sector with artificial intelligence and robotic process automation. In U. Hacioglu (Ed.), Digital business strategies in blockchain ecosystems. Contributions to management science. Springer.

    Google Scholar 

  • Müller, J. M., Kiel, D., & Voigt, K. I. (2018). What drives the implementation of industry 4.0? The role of opportunities and challenges in the context of sustainability. Sustainability, 10, 247.

    Article  Google Scholar 

  • Neligan, A. (2018). Digitalisation as enabler towards a sustainable circular economy in Germany. Intereconomics, 53(2), 101–106.

    Article  Google Scholar 

  • Ng, A. (2018). AI transformation playbook: How to lead your company into the AI era. Mcgraw-Hill.

    Google Scholar 

  • Nilsson, N. J. (2010). The quest for artificial intelligence: A history of ideas and achievements. Cambridge University Press.

    Google Scholar 

  • O’Leary, D. E. (2013). Artificial intelligence and big data. IEEE Intelligent System, 28, 96–99.

    Article  Google Scholar 

  • Osterwalder, A., Pigneur, Y., & Tucci, C. L. (2005). Clarifying business models: Origins, present, and future of the concept. Communications of the Association for Information Systems, 16(1), 1–27.

    Google Scholar 

  • Pappas, I. O., Mikalef, P., Giannakos, M. N., Krogstie, J., & Lekakos, G. (2018). Big data and business analytics ecosystems: Paving the way towards digital transformation and sustainable societies. Information Systems and e-Business Management, 16(3), 479–491.

    Article  Google Scholar 

  • Parida, V., Sjödin, D., & Reim, W. (2019). Reviewing literature on digitalization, business model innovation, and sustainable industry: Past achievements and future promises. Sustainability, 11(2), 391.

    Article  Google Scholar 

  • Parris, D. L., & Peachey, J. W. (2012). A systematic literature review of servant leadership theory in organizational contexts. Journal of Business Ethics, 2015, 1–11.

    Google Scholar 

  • Prem, E. (2019). Artificial intelligence for innovation in Austria. Technology Innovation Management Review, 9(12), 5–15.

    Article  Google Scholar 

  • Reim, W., Åström, J., & Eriksson, O. (2020). Implementation of artificial intelligence (AI): A roadmap for business model innovation. AI, 1(2), 180–191.

    Article  Google Scholar 

  • Renz, A., & Hilbig, R. (2020). Prerequisites for artificial intelligence in further education: Identification of drivers, barriers, and business models of educational technology companies. International Journal of Educational Technology in Higher Education, 17(14), 1–21.

    Google Scholar 

  • Rich, E. (1985). Artificial intelligence and the humanities. Computers and the Humanities, 19(2), 117–122.

    Article  Google Scholar 

  • Ruessmann, M., Lorenz, P., Gerbert, M., Waldner, J., Justus, P. E., & Harnisch, M. (2015). Industry 4.0:The future of productivity and growth in manufacturing industries (Vol. 9). Boston Consulting Group.

    Google Scholar 

  • Salin, E., & Winston, P. (1992). Machine learning and artificial intelligence: An introduction. Analytical Chemistry (Washington, DC), 64(1), 49–60.

    Article  Google Scholar 

  • Schmarzo, B. (2017). What is digital transformation? Available at: https://www.cio.com/article/3199030/analytics/what-is-digital-transformation.html

  • Schwab, K. (2016). The fourth industrial revolution. World Economic Forum, Cologny, Switzerland.

    Google Scholar 

  • Schwab, K. (2016). The fourth industrial revolution. World Economic Forum.

    Google Scholar 

  • Serafini, L. & Garcez, A.A. (2016). Logic tensor networks: Deep learning and logical reasoning from data and knowledge. In Proceedings of the 11th International Workshop on Neural-Symbolic Learning and Reasoning co-located with the Joint Multi-Conference on Human-Level Artificial Intelligence (HLAI 2016), New York City, NY

    Google Scholar 

  • Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49.

    Article  Google Scholar 

  • Tonchev, K., Lindgren, P., Manolova, A., Neshov, A. N., & Poulkov, V. (2017). Digitizing human behavior in business model innovation. Global Wireless Summit (GWS), 97–101.

    Google Scholar 

  • Valter, P., Lindgren, P., & Prasad, R. (2018). The consequences of artificial intelligence and deep learning in a world of persuasive business models. IEEE Aerospace and Electronic Systems Magazine, 33, 80–88.

    Article  Google Scholar 

  • Valter, P., Lindgren, P., & Prasad, R. (2020). The future role of multi-business model innovation in a world with digitalization and global connected smart cities. Wireless Personal Communications, 113(3), 1651–1659.

    Article  Google Scholar 

  • Vicente-Saez, R., & Martinez-Fuentes, C. (2018). Open science now: A systematic literature review for an integrated definition. Journal of Business Research, 88, 428–436.

    Article  Google Scholar 

  • Wamba-Taguimdje, S., Wamba, S. F., Kamdjoug, J. R. K., & Wanko, C. E. T. (2020). Influence of artificial intelligence (AI) on firm performance: The business value of AI-based transformation projects. Business Process Management Journal, 26(7), 1893–1924.

    Article  Google Scholar 

  • Yun, J. H. J., Won, D. K., Jeong, E. S., Park, K. B., Yang, J. H., & Park, J. Y. (2016). The relationship between technology, business model, and market in autonomous car and intelligent robot industries. Technological Forecasting and Social Change, 103, 142–155.

    Article  Google Scholar 

  • Zaheer, A., & Bell, G. G. (2005). Benefiting from network position: Firm capabilities, structural holes, and performance. Strategic Management Journal, 26(9), 809–825.

    Article  Google Scholar 

  • Zott, C., & Amit, R. (2007). Business model design and the performance of entrepreneurial firms. Organization Science, 18, 181–199.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Economics, Management and Business Law, University of Bari Aldo Moro, Bari, Italy

    Simona Ranaldo & Vittorio Dell’Atti

  2. Department of Economic Sciences, University of Salento, Lecce, Italy

    Mario Turco

Authors
  1. Simona Ranaldo
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Vittorio Dell’Atti
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Mario Turco
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Simona Ranaldo .

Editor information

Editors and Affiliations

  1. Department of Management, Università Politecnica delle Marche, Ancona, Italy

    Maria Serena Chiucchi

  2. Department of Law and Economics of Productive Activities, Sapienza University of Rome, Rome, Italy

    Rosa Lombardi

  3. Faculty of Law, University of Teramo - Campus “Aurelio Saliceti”, Teramo, Italy

    Daniela Mancini

Rights and permissions

Reprints and permissions

Copyright information

© 2021 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Ranaldo, S., Dell’Atti, V., Turco, M. (2021). The Application of Artificial Intelligence to Business Models: A Systematic Literature Review. In: Chiucchi, M.S., Lombardi, R., Mancini, D. (eds) Intellectual Capital, Smart Technologies and Digitalization. SIDREA Series in Accounting and Business Administration. Springer, Cham. https://doi.org/10.1007/978-3-030-80737-5_22

Download citation

Publish with us

Policies and ethics

Search

Navigation