TY - CHAP
T1 - Smart Business and the Social Value of AI
AU - Leszkiewicz, Agata
AU - Hormann, Tina Marie
AU - Krafft, Manfred
N1 - Publisher Copyright:
© Emerald Group Holdings Ltd.. All rights reserved.
PY - 2022/7/18
Y1 - 2022/7/18
N2 - Organizations across industries are increasingly using Artificial Intelligence (AI) systems to support their innovation processes, supply chains, marketing and sales and other business functions. Implementing AI, firms report efficiency gains from automation and enhanced decision-making thanks to more relevant, accurate and timely predictions. By exposing the benefits of digitizing everything, Covid-19 has only accelerated these processes. Recognizing the growing importance of AI and its pervasive impact, this chapter defines the social value of AI as the combined value derived from AI adoption by multiple stakeholders of an organization. To this end, we discuss the benefits and costs of AI for a business-to-business (B2B) firm and its internal, external and societal stakeholders. Being mindful of legal and ethical concerns, we expect the social value of AI to increase over time as the barriers for adoption go down, technology costs decrease, and more stakeholders capture the value from AI. We identify the contributions to the social value of AI, by highlighting the benefits of AI for different actors in the organization, business consumers, supply chain partners and society at large. This chapter also offers future research opportunities, as well as practical implications of the AI adoption by a variety of stakeholders.
AB - Organizations across industries are increasingly using Artificial Intelligence (AI) systems to support their innovation processes, supply chains, marketing and sales and other business functions. Implementing AI, firms report efficiency gains from automation and enhanced decision-making thanks to more relevant, accurate and timely predictions. By exposing the benefits of digitizing everything, Covid-19 has only accelerated these processes. Recognizing the growing importance of AI and its pervasive impact, this chapter defines the social value of AI as the combined value derived from AI adoption by multiple stakeholders of an organization. To this end, we discuss the benefits and costs of AI for a business-to-business (B2B) firm and its internal, external and societal stakeholders. Being mindful of legal and ethical concerns, we expect the social value of AI to increase over time as the barriers for adoption go down, technology costs decrease, and more stakeholders capture the value from AI. We identify the contributions to the social value of AI, by highlighting the benefits of AI for different actors in the organization, business consumers, supply chain partners and society at large. This chapter also offers future research opportunities, as well as practical implications of the AI adoption by a variety of stakeholders.
KW - AI implementation
KW - AI risks
KW - Artificial Intelligence
KW - benefits of AI
KW - business-to-business
KW - social value of AI
UR - http://www.scopus.com/inward/record.url?scp=85133728358&partnerID=8YFLogxK
U2 - 10.1108/S1877-636120220000028004
DO - 10.1108/S1877-636120220000028004
M3 - Chapter
AN - SCOPUS:85133728358
SN - 9781801177153
T3 - Advanced Series in Management
SP - 19
EP - 34
BT - Smart Business and Better Management
A2 - Bondarouk, Tanya
A2 - Olivas-Lujan, Miguel R.
PB - Emerald
ER -