IMPLEMENTING AI IN BUSINESS MODELS: STRATEGIES FOR EFFICIENCY AND INNOVATION

Authors

  • David Olanrewaju Olutimehin Christfill Global Enterprise, Lagos Nigeria
  • Onyeka Chrisanctus Ofodile Sanctus Maris Concepts, Nigeria Ltd
  • Irunna Ejibe Independent Researcher, Lagos, Nigeria
  • Olusegun Gbenga Odunaiya Havenhill Synergy Limited, Nigeria
  • Oluwatobi Timothy Soyombo Havenhill Synergy Limited, Nigeria

DOI:

https://doi.org/10.51594/ijmer.v6i3.940

Abstract

This review delves into the profound impact of artificial intelligence (AI) integration on contemporary business paradigms. The paper meticulously explores diverse AI applications, including machine learning, natural language processing, and predictive analytics, illustrating how these technologies can revolutionize operational processes, augment decision-making capabilities, and foster unparalleled innovation within organizations. Drawing from case studies and industry examples across various sectors such as finance, healthcare, retail, and manufacturing, the study elucidates successful AI implementation strategies. It examines the importance of robust data governance frameworks to ensure quality and integrity, the acquisition of AI talent, and the imperative of fostering a culture of innovation and adaptability within organizations undergoing AI transformation. Furthermore, the paper addresses the nuanced challenges and risks inherent in AI adoption, spanning ethical considerations surrounding data privacy and bias mitigation, cybersecurity vulnerabilities, and the potential impact on the workforce. By providing a comprehensive overview of the opportunities and challenges associated with AI integration in business models, the study equips organizational leaders, policymakers, and stakeholders with invaluable insights to navigate the evolving landscape of AI-driven innovation. It underscores the significance of strategic foresight, cross-functional collaboration, and continuous learning in harnessing the full potential of AI technologies to drive sustainable growth and competitive advantage in the digital era.

Keywords:  AI, Business, Models, Strategies, Efficiency, Innovation.

Published

2024-03-23

Issue

Section

Articles