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Dr. Pandya writes in How Artificial Intelligence Is Transforming Business Models:

AI is not only changing how businesses work; it is also fundamentally transforming the traditional thinking and meaning of collaboration, competition and innovation. While most AI initiatives create competitive advantage by perceiving an entirely new opportunity, enhancing current efforts, supplying a market segment that others have ignored, or creating new markets, connected devices that feed a constant stream of data about functionality, usage, production, needs and more to a central location will create even more fascinating competitive transformations. That brings us to an important point: As the Internet of Thing integration will allow for the development of environments where users and consumers can interact, how will it change business models further, as it will be possible to design experiences over products?

So, how will it change business models, if at all? Or, do we have to throw the old models out and start completely from scratch?
References
  1. https://bpm.com/blogs/how-artificial-intelligence-is-transforming-business-models
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I very much adhere to IBM CEO Ginni Rometty's statement that AI will change 100% of the future job landscape and that, inherently will also extend over to business models in general.
In our experience at NSI, business process management as a discipline already makes strong use of AI (for example through BPMS AWS ML integration), pulling AI driven results into processes to dynamically adapt forms, form fields, scores and general process related calculations. So, yes, absolutely - AI already do have a visible and, in my mind, positive impact on business and process models!
References
  1. https://www.cnbc.com/2019/04/02/ibm-ceo-ginni-romettys-solution-to-closing-the-skills-gap-in-america.html
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Certain industries are destined to be interrupted and transformed completely, as businesses eventually figure out what tools like machine learning and AI can do for them. On the other hand, most companies do not appear to be even close to having the first clue about which of their problems or aspirations might be addressed through the application of AI/ML, much less how to actually make that happen. And I remain skeptical that any of that is going to change real soon.
Scott
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AI can help business and will do so increasingly as the technology improves, but like many subjects in the IT world AI is over hyped and oversold. As long as AI stays away from human communication it will do well but I don't see it transforming business with this caveat in place.

Bill Gates said that keyboards would be obsolete and we'd be talking to our computer by 1990. Around the same time we thought that Dragon would allow us to speak our MS Word input. I'm still using a keyboard and I'm not on speaking terms with Word. Human communication is highly nuanced. The problem is not what I say but what I hear, and what I hear is leavened by my (unique) past experiences, what I see and even non vocal sounds.

Dragon was 98% accurate. My experiences with IVR and bots not so good. That 2% gap is sufficient to keep me using a keyboard.

When bots can relate to my past experiences and I can visualise theirs from their appearance, then AI will be ready for prime time.
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Digitalization in general enables new disruptive business models, transferring physical goods into information or accessing them through the IoT. A compressor company, for example, may sell "compressed air as a service" instead of the entire machines, reducing cost for clients while increasing profits for the vendor. The value of those new business models is delivered through the underlying business processes, leveraging e.g. various automation components. AI is one component of this digital transformation, enabling effects such as intelligent automation of knowledge intense processes. It doesn't enable new business models by itself but in conjunction with other digitalization elements.
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Nice to be back at the BPM platform . . .

Our approach to AI (dating back to the mid 1980s) has been "go-easy". Much of what we do and describe as "rule-based workflow/workload" is promoted as AI by some.

The filters seem easy enough. In the area of operational efficiency and effectiveness, the low-hanging fruit for AI is success with efficiency. Achieving effectiveness is more difficult - all too easy here to evolve elegant solutions for the wrong problem.

The happy scenario is efficiency + effectiveness but you can, to an extent, be inefficient yet effective. Never mind efficient/ineffective as an acceptable outcome and the other combo (i.e. inefficient and ineffective) leads to eventual exit from whatever market you may be in.

I question the link between AI and innovation.

What role can AI play in ideas you get in the shower or ideas you rush to document when you wake up at 3 AM? The best enabler of innovation I saw during my work at General Electric was a suggestion box on the production floor. A close second was NASA weekly technical briefs that detailed inventions for pickup and adaptation by commercial organizations.

There is merit to ". . . . .common approach to data collection and information access"

All you need here is some work orchestration where the data you collect goes to a "case" history that stores data, as it was, at the time it was collected, on the form versions that were in service at the time. You need, of course, an auto-date/time stamp and "user" signature. The "signature" for automated steps along workflows can be "System" and these steps can be totally automated or provide decision-support to users who make the final decision re done/not done/not needed.
References
  1. http://www.kwkeirstead.wordpress.com
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AI is a new and rapidly growing area of business software. The role of AI depends on the nature of business. In IT related business AI can be more important. In some traditional industries AI might be less significant.

Impact of AI on business model of organization exactly depends on it's overall business role. It can be more prominent in organizations, which substantially rely on AI, and far less in organizations not using AI widely.

In this respect, AI plays in business model a role of technological element used for various business purposes. It may appear in business models similarly to other technologies and facilities used in organization.

We see no reason to exaggerate or diminish significance of AI in organization or it's business model. To use AI or not and how exactly to use it must be always decided on it's objective relevance and feasibility.
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