Smart Business and the Social Value of AI

Agata Leszkiewicz*, Tina Marie Hormann, Manfred Krafft

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterAcademicpeer-review

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Abstract

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.
Original languageEnglish
Title of host publicationSmart Business and Better Management
EditorsTanya Bondarouk, Miguel R. Olivas-Lujan
PublisherEmerald Group Publishing Ltd.
Number of pages28
ISBN (Print)9781801177153
Publication statusAccepted/In press - 2021

Keywords

  • Artificial Intelligence
  • social value of AI
  • benefits of AI
  • AI risks
  • Business-to-business

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