The Impact of Emerging Technologies (e.g., AI, Blockchain, IoT) On Conceptualizing and Delivering new Business Offerings
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Abstract
This scholarly research paper discusses the transformative role of innovative technologies including Artificial Intelligence, Blockchain, and the Internet of Things in redefining the notion and execution of new business services. Based on the literature review of the current successful case and tendencies up to 2019, this paper reveals how these technologies transform business models and operations as well as improve customer experience across numerous industries. The paper affirms that each of the technologies has its strengths but the greatest value can be attained when used together, where synergies exist between the technologies. The analysis shows that the use of AI is changing customization and decision-making dynamics; most of the data analysed are learned using machine learning algorithms. It is observed that integration of Blockchain technology has facilitated and improved in the aspect of transparency and security especially in areas such as supply chain and financial sectors. While, IoT is helping organizations to gather and analyse data as they work on enhancing their services interactively, IoT is actually embedding physical things toward the Internet in an incredibly large scale. Based on the research, the paper provides the following suggestions for stratification by businesses and policymakers: The requirements of change adaptation should be noted when it comes to the technological trends, it is recommended that ethical issues pertaining to technology and work be addressed before becoming major problems, both employers and policymakers should be advised to start developing proactive regulations to govern technological advancements.