Some future projection of AI-based business models are discussed below:
1.Data Privacy Improvement
AI technology has played an essential role in detecting fraud and protecting against unauthorized access in various sectors including finance services, f inconclusive sector, and banking, where data privacy is essential (Mishra & Tripathi, 2020a; Rong et al., 2013).
2. Increase Consumer Understanding And Retention
AI-powered chatbots are prominent in elaborating rapid responses and insightful communication skills that can help companies improve their relationship with existing consumers and attract more new ones (Johnson, Christensen, & Kagerman, 2008).
3. Improve Effectiveness And Efficiency
Companies can quickly eliminate many of their tasks by adopting AI technologies and deep learning models in their sustainable business environment. Voice recognition, Alexa, Siri, and Google Assistant are more prominent examples of universal and innovative AI technology; They have a significant rendezvous (Mishra & Tripathi, 2020). Most of the Indians, Americans, European, and Chinese companies have recently witnessed the use of voice recognition software, and they have provided very positive responses to its proper implementation in their workplace (Rong, Lin, Shi, & Yu, 2013).
4. AI-based Innovative Business Models
Nowadays, businesses are paying great attention to adopting Artificial Intelligence (AI) and providing importance to R&D features in business operations. Top businesses and many industries across the world are introducing AI-based power and Applied Artificial Intelligence (AAI). To enhance brand image and improve consumer satisfaction, most industries are revealing the important role of machine learning methods in identifying business fraud (Casades-Mesnel & Ricart, 2011). To enhance the business of innovative activities, there should be a significant upliftment of application-based tools, machine learning tools, and business platforms. These cutting-edge technologies can ease the quality of the software industry with the internet and other verticals, including healthcare systems, automobiles, legal, and manufactured. Most of the top-notch businesses, including Apple, Google, Facebook, and Flipkart, invest their funds in hiring R&D for AI technology and providing intelligence to customers and companies to provide opportunities.
5. Combination of AI-based algorithms with various emerging technologies
A new innovative and advanced business model has been introduced by combining AI with Blockchain and IoT with AI (Casadesus-Masanell and Ricart, 2011). Indeed, without the close incorporation of IoT with AI, it would be very difficult to introduce self-driving cars. In the upcoming years, companies may be able to launch driverless cars by systematically adopting AI and IoT technology. This technological model is indeed introducing an innovative and paradigmatic business model that can further strengthen the software industry along with decision theory and optimization theory in a particular business. AI models can effectively match with specific software, which leads to appropriate decision making, and IoT sensors can extract the required real-time data using car sensors (Mishra and Tripathi, 2020a). With the help of these required data, AI-based algorithms and deep learning models can engage with the necessary actions along with making comprehensive and effective business decisions.
6. Deep Learning Models
Emerging AI technology has become increasingly valuable over the past few years with AI jobs requiring deep learning expertise. Deep learning is an important branch of machine learning that introduces algorithms treated as AI networks, which work by modeling the cognitive process and infrastructure and activities of the human brain. (Leon et al., 2016; Mishra & Triptahi, 2019).
7. Fueling innovation and research activities
Some systems of governance may have hidden flaws in their progress or operations. When these concealed flaws are brought to light, it can pave the way for innovation. The integration of machine learning and AI has provided organizations with the ability to address these shortcomings (Hedman & Kaling, 2003). In the field of medicine, this may include assessing patient risk or introducing a new diagnostic invention to the market. In manufacturing, it enhances the ability to predict defects before they occur.
Conclusion
Artificial Intelligence (AI) is an innovative technology that is transforming various aspects of our lives, including how we communicate and work. In the business world, AI is being used to improve efficiency, increase productivity, and drive innovation. It plays a vital role in developing sustainable business practices by emphasizing the importance of companies adapting to technological advancements and contributing to sustainability goals. AI can assist companies in reducing their environmental impact, improving energy efficiency, and developing more sustainable products and services. The Indian government is constantly taking several initiatives to promote AI applications in various sectors. Thus, it can be said that the strategic implementation of AI within businesses has the potential to bring profound transformation into their new digital business models and practices, ultimately allowing them to reshape the global economic landscape. It becomes critical for top-level executives and leaders to lead this cultural shift within their organizations, serving as role models for embracing change and demonstrating a commitment to ongoing learning and innovation with cutting-edge technology.
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