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How to succeed with an AI-first strategy?

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Názov: How to succeed with an AI-first strategy?
Autori: Ritala Paavo, Ruokonen Mika
Zdroj: Journal of Business Strategy. 45:396-404
Informácie o vydavateľovi: Emerald, 2023.
Rok vydania: 2023
Predmety: 0502 economics and business, 05 social sciences
Popis: Purpose The purpose of this paper is to identify the potential and the challenges for different firms in adopting an AI-first strategy. The study attempts to discern if any company can prioritize AI at the forefront of their strategic plans. Design/methodology/approach Drawing from illustrative examples from well-known AI-leaders like Netflix and Spotify, as well as from upcoming AI startups and industry incumbents, the paper explores the strategic role of AI in core business processes and customer value creation. It also discusses the advent and implications of generative AI tools since late 2022 to firms’ business strategies. Findings The authors identify three types of AI-first strategies, depending on firms’ starting points: digital tycoon, niche carver and asset augmenter. The authors discuss how each strategy can aim to achieve data, algorithmic and execution advantages, and what the strategic bottlenecks and risks are within each strategy. Originality/value To the best of the authors’ knowledge, this paper is the first to systematically describe how companies can form “AI-first” strategies from different starting points. This study includes actionable examples from known industry players to more emerging startups and industrial incumbents.
Druh dokumentu: Article
Jazyk: English
ISSN: 2052-1197
0275-6668
DOI: 10.1108/jbs-08-2023-0178
Rights: Emerald Insight Site Policies
Prístupové číslo: edsair.doi.dedup.....e0c6fcdc8a62fd00f3862799e431e0d7
Databáza: OpenAIRE
Popis
Abstrakt:Purpose The purpose of this paper is to identify the potential and the challenges for different firms in adopting an AI-first strategy. The study attempts to discern if any company can prioritize AI at the forefront of their strategic plans. Design/methodology/approach Drawing from illustrative examples from well-known AI-leaders like Netflix and Spotify, as well as from upcoming AI startups and industry incumbents, the paper explores the strategic role of AI in core business processes and customer value creation. It also discusses the advent and implications of generative AI tools since late 2022 to firms’ business strategies. Findings The authors identify three types of AI-first strategies, depending on firms’ starting points: digital tycoon, niche carver and asset augmenter. The authors discuss how each strategy can aim to achieve data, algorithmic and execution advantages, and what the strategic bottlenecks and risks are within each strategy. Originality/value To the best of the authors’ knowledge, this paper is the first to systematically describe how companies can form “AI-first” strategies from different starting points. This study includes actionable examples from known industry players to more emerging startups and industrial incumbents.
ISSN:20521197
02756668
DOI:10.1108/jbs-08-2023-0178