The Red Queen Effect and how to evade the Red Queen Effect by using Generative AI: Preparing companies for Industry 5.0

Abstract

The red queen effect is a metaphor used in the business world to describe the unsuccessful efforts of a company to get ahead of its competition. The red queen effect is the need to continually adapt and evolve to maintain relevance in an ever-changing environment. Companies must constantly innovate and find new ways to stay ahead of the competition to ensure their survival and success. Companies typically research or study the competition and then implement strategies to help boost their company sales and profits. This is an effective and practical method of outmaneuvering the competition. While this technique works in theory, companies might not achieve their goals because the competition engages in the same business practice. Despite a company's efforts to surpass the competition, the company does not move forward or grow. The aims of research paper are bifold firstly it attempts to identify the contributions of the RQE theory and secondly to enable corporates to evade the Red Queen Effect by using generative artificial intelligence to be prepared for Industry 5.0.