What Is Your AI Strategy? Systematically Integrating Self-Learning Technologies into Your Business Strategy

Abstract

Although artificial intelligence (AI) is currently a top management priority for firms, its strategic adoption still poses complex challenges. Essentially, strategists have to consider that today’s AI systems differ from other digital systems due to their unique self-learning abilities (i.e., machine learning). However, existing strategy literature has not yet offered systematic guidance on how to appropriately manage such self-learning technologies with respect to a firm’s business strategy. Consequently, this paper tries to advance the literature by developing a novel approach that builds on the inherent characteristics of contemporary AI systems—that is, their potential task superiority, black box perception, and dynamic nature. More specifically, we contribute to management theory and practice by deriving a practical framework that summarizes the five most important questions to ask in order to formulate an effective AI business strategy. We explain each framework question with multiple real-world examples, underline the relevance of strategic fit, and provide three illustrative AI business strategies from companies with different organizational backgrounds. Finally, we critically discuss the implications of our work for scholars and practitioners.

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