scholarly journals Artificial intelligence in the legal sector: pressures and challenges of transformation

2020 ◽  
Vol 13 (1) ◽  
pp. 135-152 ◽  
Author(s):  
Chay Brooks ◽  
Cristian Gherhes ◽  
Tim Vorley
Keyword(s):  
Artificial Intelligence ◽  
Business Model ◽  
Business Models ◽  
Business Model Innovation ◽  
Legal Services ◽  
Services Sector ◽  
Technological Developments ◽  
The Uk ◽  
Market Pressures ◽  
Current Business

Abstract Recent technological developments in automation and artificial intelligence (AI) promise to disrupt the very foundations of how legal work is practised and delivered. Yet how they challenge current business models, where they encounter resistance and how the benefits of AI can be realised remain unexplored. Drawing on interviews with professionals in the UK legal services sector, the article highlights how technological and market pressures combine to challenge the business models of legal services firms. However, the findings reveal important cultural and structural challenges that hamper transformation. The article extends the debate on technological disruption in legal services through a focus on business model innovation as a tool that can support firms in the sector to reimagine legal services provision.

scholarly journals How leaders manage their business models using information

2018 ◽  
Vol 31 (2) ◽  
pp. 150-167 ◽  
Author(s):  
Brett Parnell ◽  
Merlin Stone ◽  
Eleni Aravopoulou
Keyword(s):  
Public Sector ◽  
Business Model ◽  
Business Models ◽  
Theory Approach ◽  
Large Firms ◽  
Content Type ◽  
Theoretical Contribution ◽  
Sector Decision ◽  
The Uk ◽  
Current Business

Purpose The purpose of this study is to explore the information leaders keep their organisations competitive by determining if their business model is under threat and/or needs changing and whether business model innovation is needed. Design/methodology/approach This study uses a grounded theory approach to probe an area which has been so far researched very little. Findings The paper identifies that while quality of management information affects leaders’ decisions about whether their business model is under threat or needs changing, leaders may or may not choose to use it. Research limitations/implications The research was carried out with large firms in six sectors in the UK. Research in other sectors, in smaller firms and in other countries, should be carried out to test generalisability. Practical implications Although many large firms have made very large investments into areas such as customer insight in the past few years, there may be resistance to using this information even if it indicates that a firm’s current business model is under threat, because of straightforward denial or because of the inertia associated with factors such as difficulties in changing business models or the extent to which the firm’s financial situation is based upon exploiting its current business model, no matter how much that model is under threat from firms with other business models. Therefore, in strategic reviews, firms should factor in these risks and seek to mitigate them. Social implications In public sector organisations, these risks of denial or inertia may be stronger because of conservatism and lack of willingness to take the risks of change, so public sector decision makers need to be particularly aware of these risks and seek to mitigate them. Originality/value The theoretical contribution of this research is to add to business model and strategic management literature by explaining the role that information plays in business model choice and how its role depends on whether and how the information is used by senior management.

scholarly journals Emerging Technology and Business Model Innovation: The Case of Artificial Intelligence

2019 ◽  
Vol 5 (3) ◽  
pp. 44 ◽  
Author(s):  
Jaehun Lee ◽  
Taewon Suh ◽  
Daniel Roy ◽  
Melissa Baucus
Keyword(s):  
Artificial Intelligence ◽  
Business Model ◽  
Business Models ◽  
Disruptive Innovation ◽  
Emerging Technology ◽  
Business Model Innovation ◽  
New Business ◽  
Potential Impact ◽  
New Business Models

Artificial intelligence (AI) has been altering industries as evidenced by Airbnb, Uber and other companies that have embraced its use to implement innovative new business models. Yet we may not fully understand how this emerging and rapidly advancing technology influences business model innovation. While many companies are being made vulnerable to new competitors equipped with AI technology, this study attempts to focus on the proactive side of the use of AI technology to drive business model innovation. Describing AI technology as the catalyst of business model innovation, this study sheds light on contingent factors shaping business model innovation initiated by the emerging technology. This study first provides a brief overview of AI, current issues being tackled in developing AI and explains how it transforms business models. Our case study of two companies that innovated their business models using AI shows its potential impact. We also discuss how executives can create an innovative AI-based culture, which rephrases the process of AI-based business model innovation. Companies that successfully capitalize on AI can create disruptive innovation through their new business models and processes, enabling them to potentially transform the global competitive landscape.

scholarly journals Digital Business Model Innovation: Empirical insights into the drivers and value of Artificial Intelligence

2021 ◽  
Vol 21 ◽  
pp. 63-75
Author(s):  
Johannes Winter
Keyword(s):  
Artificial Intelligence ◽  
Business Model ◽  
Service Sector ◽  
Business Models ◽  
Business Model Innovation ◽  
Business Success ◽  
Successful Implementation ◽  
Related Services ◽  
Industrial Companies ◽  
Order Books

The business activities of traditional industrial companies have commonly focused on products and product-related services. Digital pioneers have evolved their offerings into product-service systems that are networked, intelligent, personalized, and adaptable. The speed at which business models must change continues to be underestimated by many market participants, especially when order books are well filled and the pressure to change appears to be low. Industrial and service companies need to adapt to the changes induced by new market players better today than tomorrow to secure future business success and remain competitive in the digital age. The aim of this article is to intensify the debate on digital business model innovation in industry and the service sector and to enrich it with practical examples of the successful implementation of artificial intelligence in products and services.

scholarly journals Entrepreneurial lean thinking for sustainable business modeling: a workshop design for incumbent firms

2021 ◽  
Author(s):  
E. J. Schwarz ◽  
P. Gregori ◽  
I. Krajger ◽  
M. A. Wdowiak
Keyword(s):  
Business Model ◽  
Business Models ◽  
Business Model Innovation ◽  
Opportunity Identification ◽  
Sustainable Business ◽  
Lean Thinking ◽  
Business Modeling ◽  
Innovation Research ◽  
Political Debates ◽  
Negative Environmental Impact

AbstractIn times of increasing concerns and extensive political debates about social and environmental problems, incumbent firms are obliged to reduce their negative environmental impact by implementing sustainable business model innovation. Yet, realizing more sustainable business model variants entails several complexities and associated challenges that need to be overcome. To support this task, this article takes an entrepreneurship perspective on sustainable business model innovation and combines literature of business models and entrepreneurial lean thinking (ELT). In doing so, it derives a workshop design grounded in contemporary theory with state-of-the-art tools and methods. The workshop is framed as a stage-gate process facilitating the notions of ELT with iterative cycles of ‘create, test, and improve’ and spans the phases of opportunity identification, opportunity evaluation, opportunity development through sustainable business model design, and decision of opportunity exploitation. The article shows that ELT is an appropriate yet underutilized approach for sustainable business modeling. Further, it discusses how the workshop supports opportunities and mitigate pitfalls of ELT for sustainable business modeling. As such, the findings have theoretical implications for the intersection of sustainability and lean approaches in innovation research as well as implications for practitioners by providing a comprehensive framework to support sustainable business model innovation.

scholarly journals Secondary Business Model Innovation in Emerging Economies

2021 ◽  
pp. 1-30
Author(s):  
Sonia Mehrotra ◽  
S. Ramakrishna Velamuri
Keyword(s):  
Organizational Learning ◽  
Business Model ◽  
Emerging Economies ◽  
Business Models ◽  
Business Model Innovation ◽  
Street Vendors ◽  
China And India ◽  
Successful Business ◽  
Quick Service

ABSTRACT We study two quick-service restaurant (QSR) chains based on regional ethnic foods that were launched in China and India. The products that these QSR ventures offered had hitherto been sold by fragmented street vendors who typically operated single outlets. Inspired by the successful business models of international QSR brands, these entrepreneurs developed business models to popularize their chosen regional ethnic foods in multiple new regions and grew their organizations to 1,400 and 300 outlets in China and India, respectively. We build on the recently coined concept of ‘secondary’ business model innovation (SBMI), which is based on inter-organizational learning, break down its constituents into creative and imitative, specify the mechanisms through which it is achieved, and propose that it is a specific case of the more general construct of creative imitation.

scholarly journals Content online and the end of public media? The UK, a canary in the coal mine?

2011 ◽  
Vol 33 (8) ◽  
pp. 1202-1219 ◽  
Author(s):  
Richard Collins
Keyword(s):  
Business Model ◽  
Business Models ◽  
Direct Payment ◽  
Publicly Funded ◽  
High Quality ◽  
Online Delivery ◽  
Local Newspapers ◽  
Public Media ◽  
The Uk ◽  
Pervasive Access

Online delivery of content has changed media advertising markets, undermining the business model which has underpinned provision of ‘public media’. Three business models have sustained mass media: direct payment for content, payment for advertising and state subsidy, and the author argues, contrary to others’ claims, that advertising finance has made possible production and provision of high-quality, pluralistic and affordable public media. In consequence, substitution of the internet as an advertising medium has undermined the system of finance which, in the UK and societies like it, sustained public media. Global advertising revenues have both fallen and been redistributed, though to differing degrees in different countries, with particularly deleterious effects on local newspapers. Prices have risen, original content production has fallen and reversion to a direct payment-for-content business model is pervasive. And this despite the growth of new entrant online media and established publicly funded media (notably public service broadcasters) resulting in the likelihood of a continued general worsening of affordable and pervasive access to high-quality and diverse public media.

scholarly journals Equipment Maintenance Business Model Innovation for Sustainable Competitive Advantage in the Digitalization Context: Connotation, Types, and Measuring

2018 ◽  
Vol 10 (11) ◽  
pp. 3970 ◽  
Author(s):  
Juhong Chen ◽  
Ruijun Zhang ◽  
Di Wu
Keyword(s):  
Competitive Advantage ◽  
Business Model ◽  
Business Models ◽  
Economic Benefits ◽  
Business Model Innovation ◽  
Equipment Maintenance ◽  
Sustainable Competitive Advantage ◽  
Structured Interviews ◽  
Profit Center ◽  
Manufacturing Enterprises

The equipment maintenance services have become a new profit center and an important way to gain sustainable competitive advantage for manufacturing enterprises. The business model is an important tool for manufacturing enterprises to derive economic benefits from sustainable competitive advantage in the context of digitalization technologies, such as IoT, big data, and cloud computing. At present, the concept of equipment maintenance business model innovation is still vague, and it is rare to report on the innovation behaviors and types of equipment maintenance business models adopted by manufacturing enterprises. Based on literature analysis of equipment maintenance services and business model innovation, following business model gestalt theory, the concept of equipment maintenance business model innovation is analyzed at the business-level, the types are divided into novel and efficient following value sources—“innovation and efficiency”. The initial scale is developed through literature investigation, semi-structured interviews and expert reviews, and tested by exploratory and confirmatory factor analysis by using the data of two independent large-sample questionnaires. The results indicate that the behavior and types of equipment maintenance business model innovation can be described by two types and 19 items.

Artificial Intelligence as a Growth Engine for Health Care Startups: Emerging Business Models

2018 ◽  
Vol 61 (2) ◽  
pp. 59-83 ◽  
Author(s):  
Massimo Garbuio ◽  
Nidthida Lin
Keyword(s):  
Artificial Intelligence ◽  
Health Care ◽  
Business Model ◽  
Value Creation ◽  
Critical Analysis ◽  
Business Models ◽  
Health Conditions ◽  
The World ◽  
The Future

The future of health care may change dramatically as entrepreneurs offer solutions that change how we prevent, diagnose, and cure health conditions, using artificial intelligence (AI). This article provides a timely and critical analysis of AI-driven health care startups and identifies emerging business model archetypes that entrepreneurs from around the world are using to bring AI solutions to the marketplace. It identifies areas of value creation for the application of AI in health care and proposes an approach to designing business models for AI health care startups.

scholarly journals Pushing the Limits using Business Model Innovation a Three Pronged Approach and Lessons Learned

2021 ◽  
Vol 2 (1) ◽  
pp. 24-35
Author(s):  
Ignitia Motjolopane
Keyword(s):  
Business Model ◽  
Value Creation ◽  
Business Models ◽  
Industrial Revolution ◽  
Business Environment ◽  
Business Model Innovation ◽  
Lessons Learned ◽  
Revenue Streams ◽  
Reducing Costs ◽  
Model Components

In a constantly changing business environment, with increasing digitisation and fourth industrial revolution blurring the traditional value creation boundaries, companies need to explore ways to push the limits to remain competitive. Business model innovation offers companies the dynamic capability to differentiate business models and find innovative revenue streams while reducing costs. As such, the question arises as to how company may use business model innovation to remain competitive as the world digitises. Based on a literature review and empirical research involving six case studies, a three pronged approach in support of business model innovation is proposed. Business model innovation has the potential to push the limits when company executives and academia focus on the interrelation between drivers, process and components. Moreover, both effective and ineffective practices based on the research are presented. In conclusion, for companies to use business model innovation in pushing the limits, there is need to respond to the business model innovation drivers, adopt a systematic process and change at least one or more business model components and taking into account the interactions between these three concepts. This article may contribute to existing theory in the field of business model innovation and lessons learned from executives that have pushed the limits using business model innovation. Doi: 10.28991/HEF-2021-02-01-03 Full Text: PDF

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