Development Of New Business Models Research Articles

Harnessing Text and Web Analytics to Enhance Decision-Making in Job Opportunity Categorization

Text analytics is defined as a method of analyzing compilations of structured text such as dates, times, locations, semi structured text, such as HTML and JSON as well as unstructured text, such as word documents, videos, and images, to extract and discover trends and relationships without requiring the exact words or terms to convey those concepts. Web analytics on the other hand is the technology that collects, measures, analyses, and provides reports of data on how users use websites and web applications. It is used to track a number of aspects of direct user-website interactions, such as the number of visits, time spent on the site, and click pathway. It also aids in the identification of user interest areas and the enhancement of web application features. We used clustering techniques to categorize the job opportunities that are available for the job seekers. By implementing text analytics, text data may be grouped with the goal of providing outcomes in the form of word frequency distribution, pattern identification, and predictive analytics. Text analytics may create one-of-a-kind values to use in the improvement of decision-making and business processes, as well as the development of new business models.

Best Business Models for the Fast-Moving Consumer Goods Sector: Patterns for Innovation

Mankind’s consumption exceeds our natural resources, so among other things, the development of new business models at the company level is needed. This paper aims to generate systematic business model innovations in the field of fast-moving consumer goods using business model patterns to foster sustainability. Based on a literature search, the most relevant patterns for the industry are identified as part of a multi-stage selection process that is based on the value generated by the patterns. Expert surveys are the central instrument for data collection. Here, the connection of the patterns to the strategy is central. The result is a list of relevant patterns, which includes patterns from completely external industries. This is the first evaluation of its kind, which shows that patterns focusing only on the circular economy are not enough to succeed and, therefore, break the scientific paradigm.

The impact of digital transformation on business development strategies: Trends, challenges, and opportunities analyzed

Digital transformation has become a crucial driver of business development, reshaping industries and redefining how companies operate. This review analyzes the trends, challenges, and opportunities arising from this transformative process. Companies are increasingly adopting digital technologies such as cloud computing, AI, IoT, and big data analytics to streamline operations, improve customer experiences, and drive innovation. Digital transformation has led to a focus on understanding and meeting customer needs through personalized experiences and targeted marketing strategies. COVID-19 pandemic accelerated the adoption of remote work and digital collaboration tools, leading to new ways of working and collaborating across teams and organizations. Many organizations struggle with outdated legacy systems and infrastructure, making it challenging to integrate new digital technologies. As companies collect and analyze more data, ensuring data privacy and security has become a major concern. There is a growing demand for professionals with digital skills, but many organizations face challenges in finding and retaining talent. Digital transformation enables companies to collect and analyze vast amounts of data, providing valuable insights into customer behavior and preferences. Automation and digital technologies can streamline processes, reduce costs, and improve efficiency. Digital transformation opens up new opportunities for innovation and the development of new business models, enabling companies to stay competitive in a rapidly changing market. Digital transformation is reshaping business development strategies, driving innovation, and creating new opportunities for growth. However, it also presents challenges, such as legacy systems, data security, and skills gaps, that organizations must address to fully realize the benefits of digital transformation.

Product-Service System business model for plastics industry

Traditional business models increasingly less accurately accommodate changes taking place in the market. Growing competition, sharing economy, digital transformation, corporate environmental responsibility, and increasing customer requirements exert pressure on enterprises to change their business mentality. One can easily observe the need for integrated, environment-friendly solutions that generate new value added to customers. To achieve that, we need new business models that would allow to discover new potential in new markets.In the face of dynamic market changes, traditional business models are increasingly less capable of addressing the growing competition, sharing economy, digital transformation, corporate environmental responsibility, and the rising demands of customers. There is a clear need for integrated, environmentally friendly solutions that generate new added value for customers. Achieving this goal requires the development of new business models that enable the discovery of potential in new markets.Therefore, searching for and creating new business models that would stand up to requirements is vital. These problems could be solved by a PSS considered a personalized business model operating in an extended time horizon. PSS is an opportunity to sell product functions and availability, as well as a perspective for multiple uses of products.This paper presents a pioneering attempt to develop a Product-Service System (PSS) business model specifically tailored for the plastics industry. An innovative approach consists in the integration of a machinery and a tool into a production unit and adding an array of services to it. This groundbreaking research, unprecedented in its scale, involved a comprehensive questionnaire-based study conducted across 60 plastics processing plants employing prevalent production techniques. The study is unique in its extensive scope and depth, as such an analysis of PSS business models within the plastics industry has not been previously explored in the open literature. The research methodology applied is thorough, covering a wide range of practical aspects crucial for the effective implementation of PSS in the plastics sector. This paper stands out for its detailed examination of 60 enterprises in the plastics industry, focusing on their interest in 95 services essential for the optimal operation of plastics processing plants and their engagement with representatives from the plastics industry. This extensive study offers valuable insights into the usage of machines and tools in plastics processing, as well as the specific needs, requirements, and challenges faced by businesses in this sector.Results of analyses demonstrate that interest in services differs depending on the size of an enterprise, processing technique, having a toolroom or not, product range, and the duration of breakdowns. A new PSS business model for plastics processing was built based on the analysis of PSS design methods and sectors to which they are addressed, PSS used in practice, plastics processing sector, questionnaire-based studies conducted among plastics processing plants, statistical analyses, advice and consultancy sessions with experts from the investigated industry, finances and trade patterns for machines. Until to date the question of precise design of such a business model for the plastics processing sector has neither been examined nor discussed or evidenced. The paper aims to bridge this gap. The approach to the issue was innovative, based on a questionnaire survey and consultations with experts which allowed to faithfully reproduce the current condition of the investigated sector. In addition, each service added on to the production unit underwent a detailed statistical analysis. The hereto presented business model is extremely comprehensive as it can be used in plastics processing plants of different sizes.

A structural equation modeling framework for exploring the industry 5.0 and sustainable supply chain determinants

Sustainable Supply Chain and Industry 5.0 are two important concepts reshaping how businesses operate in the modern world. Together, these two concepts drive the advancement of a highly sustainable and robust worldwide economy. Companies are now becoming more sustainable in supply chain management, using technologies like blockchain and co-bots to track the origin of goods, ensure ethical and sustainable sourcing, and work with humans safely and effectively. This study develops a theoretical model highlighting the determinants of Industry 5.0, Sustainable Supply Chain Practices, by combining theoretical frameworks from the manufacturing, supply chain, and information systems literature. The study's analytic sample comprises 342 responses collected from professionals working in the electronics industry's supply chain. Hypotheses were constructed employing deductive reasoning, leveraging insights gleaned from prior research. The study is conducted utilizing the Structural Equation Modeling (SEM) to substantiate the presumed connections among various constructs, namely, Industry 5.0 innovations, Sustainable Supply Chain Practices (SSCP), Sustainable Supply Chain Performance (SCP), and Supply Chain Risks (SCR). The Structural Equation Modeling analysis results show a direct impact of Industry 5.0 technologies through Sustainable Supply Chain Practices can enhance Supply Chain Performance and mitigate Supply Chain Risks. Combining the two paradigms can foster the development of new business models that prioritize sustainability and contribute to a more equitable and environmentally friendly economy that brings positive change for both businesses and society.

The Role of Management Information System Innovation as a Catalyst to Enhance Profitability in the Contemporary Digital Business Era

Digital business has become a phenomenon dominating the global market, influencing various industries, and changing the way companies operate and interact with customers. This research aims to examine the crucial role of innovation in MIS as a catalyst for enhancing profitability in digital businesses. The research method employed is a qualitative literature review conducted by gathering data from Google Scholar within the timeframe of 2003 to 2024. The study findings indicate that innovation in management information systems (MIS) plays a vital role in enhancing profitability in digital businesses in the contemporary era. Through the implementation of advanced information technology, businesses can create added value, improve operational efficiency, and respond to market changes more quickly. Innovation in MIS also enables the development of new business models, enhances customer experiences, and creates a more sustainable business environment.

ПІДПРИЄМНИЦЬКІ ЕКОСИСТЕМИ В УМОВАХ ЦИФРОВІЗАЦІЇ

The aim of this study is to identify ways to enhance the efficiency of entrepreneurial ecosystems in the context of digitalization. It has been established that the development of entrepreneurial ecosystems is crucial for ensuring sustainable economic growth and innovation, particularly amidst rapid digitalization and globalization. Key factors influencing the formation and development of entrepreneurial ecosystems in the modern digital age are identified. Entrepreneurial ecosystems are seen as part of a broader system that includes interactions between entrepreneurs, investors, educational institutions, government agencies, and other stakeholders. The ecosystem approach to entrepreneurship, especially in digitalization, is a tool for creating new business opportunities and ensuring sustainable economic development. Digital technologies play a crucial role in modern entrepreneurial ecosystems by promoting the development of new business models, increasing business process efficiency, and creating new opportunities for innovation. These technologies include social networks, crowdsourcing and crowdfunding platforms, big data, and cloud computing. Successful digital entrepreneurial ecosystems are characterized by effective interaction between components and the use of digital technologies. Examples include platforms like Uber, Airbnb, and Google for Startups. Digital technologies significantly enhance entrepreneurial ecosystems by providing quick access to information, reducing transaction costs, improving communication quality, and involving broad masses in innovation and entrepreneurship. The ecosystem approach to entrepreneurship in digitalization is a powerful tool for creating new opportunities and ensuring sustainable development. It allows the creation of more resilient and competitive business models by ensuring effective interaction between ecosystem components and promoting new business opportunities. Digital technologies form the foundation of modern entrepreneurial ecosystems by enhancing process efficiency, expanding innovation opportunities, and involving a wider audience in entrepreneurial activities.

Зв’язок трансформації світової фінансової архітектури з цифровою трансформацією глобальної економіки

The aim of the article is to analyze the impact of digital transformation on the global financial architecture and economy. The study examines in detail the connection between the digital transformation of the global economy and changes in the world’s financial systems, reveals the key trends and the challenges they generate. In recent decades, there has been a rapid development of digital technologies that affect all aspects of public life. The rapid progress of the information society, the globalization of information processes and the increasing activity in innovative areas of economic activity, such as online stores, online banks and electronic currencies, have significantly transformed the economic landscape. These changes have led to the formation of a new economic sector known as the «digital economy». The conception of the «digital economy» became relevant at the end of the 20th century, when Nicholas Negroponte defined it in 1995 as the transition from the movement of atoms to the movement of bits. The digital economy is based on the use of digital technologies and includes e-business, e-commerce, and the products and services they generate. One of the most important aspects of digital transformation is increasing automation of processes. The use of artificial intelligence and machine learning to optimize production and business processes is becoming increasingly common. It is also noticeable that digital transformation encourages the development of new business models, in particular the platform economy. Within these models, ecosystems are created that bring together different industries and players to jointly achieve goals and solve problems. The results of the study highlight the importance of digital transformation as a key driver of economic development and structural changes in financial systems. This opens up new opportunities to increase productivity, increase competitiveness, and foster innovation.

Valuation of E-Сommerce Goods Imported Into the Customs Territory of the Eurasian Economic Union (EAEU)

The increases in cross-border electronic commerce (e-commerce) over the past decade have generated enormous opportunities for the global economy by providing new cross-border transactions, prompting development of new business models, driving new consumption trends, and creating new jobs. E-commerce has become a game changer for international trade while also giving rise to a wide range of challenges for customs regulation and methodology all over the world. The Eurasian Economic Union (EAEU) is no exception, and its members have been working on amendments to the union’s Customs Code since 2021. One of the greatest challenges is arriving at valuations. It may seem that e-commerce is merely another form of trade, but the authors maintain that we need to acknowledge the changes it brings to the trade environment and provide solutions that deal with them. Suitable valuation of e-commerce goods is a crucial element in those solutions. The authors propose separate e-commerce valuation approaches for the different business models in e-commerce: business-to-consumer (B2C) and business-to-warehouse-to-consumer (BWC). In order to respond to existing and emerging challenges in revenue collection, particularly for the large number of relatively low-value and small-scale cross-border e-commerce transactions, the authors recommend using sales value for the B2C model and customs value for the BWC model, and they offer their views on how to assign the sales value and the customs value of e-commerce goods. Although the authors’ proposals are largely reflected in Article 309 entitled “Value of e-commerce goods purchased by natural persons” of the protocol adopted in December 2023, it should be noted that this approach constitutes a fundamentally new kind of customs regulation. In it such constructions as “information on the final value” may be interpreted as establishing the price of goods solely according to the value set in the marketplace. However, such an interpretation will inevitably run the risk of conflicts between buyers of goods and e-commerce operators, on the one hand, and customs authorities, on the other.

INFLUENCE OF BROADCASTING OF SPORTS EVENTS ON THE DEVELOPMENT OF TELEVISION INDUSTRY

The industry of sports has become one of the most profitable global industries and live broadcasting of sports events has proved to be the most wanted TV programme. There was a time of linear TV emissions, when the contents used to be available exclusively on TV sets, for free, live and only on official national emitter programmes, while nowadays these contents are followed by the viewers via all available platforms and devices, quite frequently for certain additional fee. Sport broadcasting has become globally available at any moment and at any place, both live and delayed, and licence rights are the mighty instrument in the media game. The development of technology and overall media industry is directly linked to the development of the industry of sports through technological advances regarding content placement, the development of new business models and marketing placement. Due to possible budget limitations, exorbitant prices of licence rights concerning the broadcasting of international sports events and the legislation not protecting our national interest in terms of the contents available free of charge to all the citizens, public media services are rather often likely to lose in this race to specialised sports channels whose baseline business models are founded on none other than live broadcast. The research will be conducted using the methods of induction, deduction, analysis and synthesis, as well as the comparative method.

Transforming Organizational Development with AI: Navigating Change and Innovation for Success

Effective change management emerges as a deciding element for an organization's survival and success in the changing terrain of today's fiercely competitive business climate. The variety of change management theories and approaches that are currently available, however, paints a complicated picture that is plagued by inconsistencies, a lack of strong empirical support, and unproven assumptions about contemporary organizational dynamics. This essay seeks to set the basis for a fresh paradigm for effective change administration by critically analyzing popular change management ideas. The gap between theory and practice is addressed in the paper, which concludes with suggestions for more research. In parallel, artificial intelligence (AI) has made incredible progress, giving rise to computers that mimic human autonomy and cognition. Industry-wide excitement has been sparked by the enthusiasm among academics, executives, and the general public, which has resulted in significant investments in utilizing AI's potential through creative business models. However, the lack of thorough academic guidance forces managers to struggle with AI integration issues, increasing the risk of project failure. An in-depth analysis of AI's complexities and its function as a spark for revolutionary business model innovation is provided in this article. A thorough literature assessment, which involves sifting through a sizable library of published works, combines up-to-date information on how AI is affecting the development of new business models. The findings come together to form a roadmap for seamless AI integration that includes four steps: understanding the fundamentals of AI and the skills needed for digital transformation, understanding current business models and their innovation potential, nurturing key proficiencies for AI assimilation, and gaining organizational acceptance while developing internal competencies. This article combines the fields of organizational change management and AI-driven business model innovation with ease, providing a thorough explanation to assist businesses in undergoing a successful transformation and innovation. These disciplines' confluence offers a practical vantage point for successfully adapting to, thriving in, and profiting within a dynamic business environment. Artificial intelligence (AI), a massively disruptive force that is altering international businesses, is at the vanguard of this revolution. The ability of AI to make decisions automatically, based on data analysis and observation, opens up hitherto untapped possibilities for value creation and competitive dominance, with broad consequences spanning several industries. With its quick scaling, ongoing improvement, and self-learning capabilities, this evolutionary invention functions as an agile capital-labor hybrid. Significantly, AI's architecture serves as the cornerstone for data-driven decision support by deftly sifting through large and complicated datasets to extract insights. Thus, the symbiotic marriage of organizational change management and AI-driven business model innovation gives a thorough narrative, directing businesses towards not just surviving, but thriving in an ever-evolving business environment. It is underlined how business models (BMs) interact with technology to affect how well business’s function, underlining the need of taking BMs into account while using AI. Business model innovation (BMI) that AI unlocks may improve goods, streamline processes, and save costs. However, there is a void between technological improvements and their operationalization via BMs. Successful AI integration depends on a well-structured BM, which promotes agility and makes the most of technological resources. BMI is accelerated by AI, which reshapes sectors via innovation. Although interest in AI is high, strategic, cultural, and technological constraints sometimes prevent large investments from producing positive economic results. To fully utilize AI's capabilities, structured BMs are required. Despite an increase in research, there is still little cohesive information about the business uses of AI. In an effort to close this gap, we examine implementation-related AI problems. Analyzing AI-driven BM transformation and risk management is aided by a study on BMI and digital transformation at the same time. The purpose of this study is to further our understanding of AI-driven business model innovation and to provide a useful framework to help practitioners navigate the potential and difficulties of AI implementation. The suggested roadmap aims to identify current knowledge gaps and future research initiatives.

THE IMPACT OF MICROTRANSACTIONS ON THE DEVELOPMENT OF COMPUTER GAME BUSINESS MODELS

The paper deals with the impact of microtransactions on the development of new business models in the field of computer games, caused by various monetized offerings within computer games, as well as other platforms such as gaming consoles and smartphones. The paper also examines the reasons for the emergence of business models based on microtransactions in the video game industry and the influence of the industry’s transition towards a consumer-oriented model. The central hypothesis of the paper is that microtransactions have a strong impact on the development of business models in the entire video game industry, and that over time, the value of products monetized in this way increases, despite consumers’ efforts to prevent this development direction of the industry. The paper conducted research on a population of consumers of video game content, mainly students of the Faculty of Organization and Informatics at the University of Zagreb, as well as respondents from other EU countries. The conclusion is that the number of microtransactions and the number of business models based on microtransactions will continue to grow in the future, but there are ways to combat those forms of microtransactions that have negative effects on consumers, especially minors, and, in some situations, even illegal.

Analysis of O2O E-commerce Models - Taking Meituan and Ubereats as Examples

With the advent of the commercial Internet came the birth of the e-commerce industry, and with the proliferation of mobile Internet came the rise of O2O e-commerce. Emerging and quickly entering a phase of vicious competition in terms of subsidies is China's O2O local lifestyle service industry. This thesis takes the O2O e-commerce model of the local life service industry as its research object, uses the revised O2O value system model to analyze the Meituan O2O e-commerce model in depth, and compares it to Ubereats, a typical representative of the C2C business model, in order to identify the problems and put forward corresponding development suggestions, using the basic theories of marketing management, management, and e-commerce. Meituan's success can be attributed in large part to the company's innovative business model, which has given the company a leg up in the market and contributed to the company's distinctive core competitiveness. This paper's findings have important implications for the evolution of the e-commerce sector in the Internet age, the development of new business models for corporations, and the modernization of entire industries.

Strategic sensemaking by social entrepreneurs: creating strategies for social innovation

PurposeThis study explores how a small minority of social entrepreneurs break free from third sector constraints to conceive, create and grow non-profit organisations that generate social value at scale in new and innovative ways.Design/methodology/approachSix narrative case histories of innovative social enterprises were developed based on documents and semi-structured interviews with founders and long serving executives. Data were coded “chrono-processually”, which involves locating thoughts, events and actions in distinct time periods (temporal bracketing) and identifying the processes at work in establishing new social ventures.FindingsThis study presents two core findings. First, the paper demonstrates how successful social entrepreneurs draw on their lived experiences, private and professional, in driving the development and implementation of social innovations, which are realised through application of their capabilities as analysts, strategists and resources mobilisers. These capabilities are bolstered by personal legitimacy and by their abilities as storytellers and rhetoricians. Second, the study unravels the complex processes of social entrepreneurship by revealing how sensemaking, theorising, strategizing and sensegiving underpin the core processes of problem specification, the formulation of theories of change, development of new business models and the implementation of social innovations.Originality/valueThe study demonstrates how social entrepreneurs use sensemaking and sensegiving strategies to understand and address complex social problems, revealing how successful social entrepreneurs devise and disseminate social innovations that substantially add value to society and bring about beneficial social change. A novel process-outcome model of social innovation is presented illustrating the interconnections between entrepreneurial cognition and strategic action.

Post Pandemic Shift of Consumer Behavior & Cloud Kitchen

Abstract: The pandemic COVID-19 has significantly impacted consumer behaviour, with many people turning to online shopping and delivery services in order to avoid in-person interactions. As a result, there has been a surge in demand for food delivery services, which has led to the rise of cloud kitchens. The aim of this paper is to carry out an empirical investigation and examine elements that influence the purchase decision of generation X, Y, and Z with regards to cloud kitchens. Overall valid data of 358 responses were collected from the customers who are in practice of ordering food for home. Further data was analysed using SPSS(v26). The research provides insights that can be helpful on development of new business models, technologies, and best practices that can help restaurant owners navigate changing landscape of industry. The current findings might be useful for the restaurant owners as they may channelize efforts according to result implied in the study

Artificial intelligence and new business models in agriculture: a structured literature review and future research agenda

PurposeArtificial Intelligence (AI) is a growing technology impacting several business fields. The agricultural sector is facing several challenges, which may be supported by the use of such a new advanced technology. The aim of the paper is to map the state-of-the-art of AI applications in agriculture, their advantages, barriers, implications and the ability to lead to new business models, depicting a future research agenda.Design/methodology/approachA structured literature review has been conducted, and 37 contributions have been analyzed and coded using a detailed research framework.FindingsFindings underline the multiple uses and advantages of AI in agriculture and the potential impacts for farmers and entrepreneurs, even from a sustainability perspective. Several applications and algorithms are being developed and tested, but many barriers arise, starting from the lack of understanding by farmers and the need for global investments. A collaboration between scholars and practitioners is advocated to share best practices and lead to practical solutions and policies. The promising topic of new business models is still under-investigated and deserves more attention from scholars and practitioners.Originality/valueThe paper reports the state-of-the-art of AI in agriculture and its impact on the development of new business models. Several new research avenues have been identified.

DIGITAL TECHNOLOGY BASED BUSINESS MODEL DESIGN ANALYSIS

This research investigates how digital technology aid in the development of new business models in the creative industries. A holistic business model framework was built through a thorough literature study, which was then utilized to assess empirical evidence from the creative industries. According to the findings, digital technology have permitted widespread changes in company structures, and several noteworthy patterns have emerged. However, the redesigned business models are frequently not 'new' in the sense of being unprecedented. Business model innovation primarily manifests itself in the use of digital technology to enable the deployment of a broader choice of business models than was previously available to a corporation. The increasing adoption of numerous business models as a portfolio inside one corporation is a key rising trend. This occurs in enterprises of all sizes when a single firm employs numerous business models to service distinct market groups, offer different products, or engage in multi-sided markets, or employs changing business models over time. A recursive learning process refines and extends the holistic business model framework, which can serve as a cognitive instrument for comprehending business models as well as a planning tool for business model improvements. The study advances our understanding of business model theory and how digital technologies enable business model innovation in the creative industries. Three new study topics for the future are emphasized.

Do environmental and cleaner production practices lead to circular and sustainability performance? Evidence from Colombian manufacturing firms

The implementation of activities close to the circular economy (CE), such as environmental management system (EMS) and cleaner production (CP) practices, and their relationships, are expected to have positive effects on the circular and sustainability performance. However, current research has provided results in which the effects are diffuse, contradictory, or even negative in some cases. Given the need for more consensus on the relationship between CE-related practices and sustainability performance, we investigated the effect of EMSs and CP practices, and their interactions on companies' circular and sustainability performance. This longitudinal study used official Colombian government data of 1544 manufacturing companies from 2012 to 2019, considering impact assessment and structural equation modeling. Our results clarify which elements of circular and sustainability performance have and have not been affected by the implementation of these practices and their interactions, highlighting important challenges for theory, practice, and society. In this regard, manufacturing companies that adopt EMSs, CP or both practices obtain benefits related to the sale of certain waste, the reuse of water and the creation of green jobs and improvements in their organizational performance. However, adopting such practices does not necessarily imply waste circularity. Moreover, our findings guide management decision-making on which practices to implement to achieve better performance. We also evidence limited sustainable value creation by industries in social terms. Finally, we recommend the strategic implementation of CE and the development of new business models enabled by systemic eco-innovations and technology for sustainable value creation.

Fusion of IoT, AI, Edge–Fog–Cloud, and Blockchain: Challenges, Solutions, and a Case Study in Healthcare and Medicine

The digital transformation is characterized by the convergence of technologies—from the Internet of Things (IoT) to edge–fog–cloud computing, artificial intelligence (AI), and Blockchain—in multiple dimensions, blurring the lines between the physical and digital worlds. Although these innovations have evolved independently over time, they are increasingly becoming more intertwined, driving the development of new business models. With more adaptation, embracement, and development, we are witnessing a steady convergence and fusion of these technologies resulting in an unprecedented paradigm shift that is expected to disrupt and reshape the next-generation systems in vertical domains in a way that the capabilities of the technologies are aligned in the best possible way to complement each other. Despite the fact that the convergence of the four technologies can potentially tackle the main shortcomings of the existing systems, its adoption is still in its infancy phase, suffering from several issues, such as the absence of consensus toward any reference models or best practices. This article provides a comprehensive insight into the fusions of these paradigms by discussing a blend of topics addressing all the importation aspects from design to deployment. We will begin this article by providing an in-depth discussion on the main requirements, state-of-the-art reference architectures, applications, and challenges. Following this, we will present a reference architecture and a case study on privacy-preserving stress monitoring and management to better elaborate on the corresponding details and considerations.

Investigating the Influence of Artificial Intelligence on Business Value in the Digital Era of Strategy: A Literature Review

For organizations, the development of new business models and competitive advantages through the integration of artificial intelligence (AI) in business and IT strategies holds considerable promise. The majority of businesses are finding it difficult to take advantage of the opportunities for value creation while other pioneers are successfully utilizing AI. On the basis of the research methodology of Webster and Watson (2020), 139 peer-reviewed articles were discussed. According to the literature, the performance advantages, success criteria, and difficulties of adopting AI have been emphasized in prior research. The results of this review revealed the open issues and topics that call for further research/examination in order to develop AI capabilities and integrate them into business/IT strategies in order to enhance various business value streams. Organizations will only succeed in the digital transformation alignment of the present era by precisely adopting and implementing these new, cutting-edge technologies. Despite the revolutionary potential advantages that AI capabilities may promote, the resource orchestration, along with governance in this dynamic environment, is still complex enough and in the early stages of research regarding the strategic implementation of AI in organizations, which is the issue this review aims to address and, as a result, assist present and future organizations effectively enhance various business value outcomes.