transformative potential of Generative Artificial Intelligence (GenAI) in business

Abstract

Objective:This study investigates the transformative potential of Generative Artificial Intelligence(GenAI) within the business domain and the entrepreneurial activity.Methodology:A comprehensive research design is adopted, integrating text-mining techniques to analysedata obtained from publicly available innovation repositories. A systematic literaturereview (SLR) is developed based on the literature obtained from all databases indexedin Web of Science (WoS), incorporating preprints from arXiv, alongside industry-relatedinnovation data in the form of patents from Google Patents. This method enables the derivationof valuable insights regarding the impact and prospective developments of GenAIacross diverse business sectors and industries by leveraging Natural Language Processing(NLP) and network analysis.Results:The research outcomes highlight the significant potential of GenAI in enabling informeddecision-making, enhancing productivity, and revealing new growth opportunities inthe business landscape. The continuously evolving business environment is examined,emphasising GenAI's role as a catalyst for data-driven innovation. However, there are stillrelevant limitations to overcome.Limitations:The selection of data sources and the study period may have excluded relevant or recentlypublished articles and patents within the scope of the present research. The language ofthe databases analysed is only English.Practical Implications:The practical implications of this study carry significant weight, serving as a valuableresource for decision-makers, researchers, and practitioners navigating the constantlyshifting terrain of business innovation through the lens of GenAI. Understanding thepotential advantages and challenges associated with GenAI adoption equips stakeholdersto make informed decisions and develop future business strategies.