Selection of Sources
In researching AI’s role in business strategy, we sifted through academic databases like Google Scholar, JSTOR, PubMed, IEEE Xplore, and ScienceDirect. Our selection criteria focused on credibility (published in well-known journals), recency (last 5-10 years), citation impact (widely cited works), relevance (directly addressing AI and business strategy), and diversity (varied geographic and industry perspectives). This process refined our sources to 33 key references that offer a comprehensive view of AI in business, including both theoretical and practical aspects.
One notable paper, Wamba-Taguimdje et al. (2020) [30], provided empirical evidence on AI’s impact on organizational performance. However, our research broadens the scope to encompass AI’s evolution, industry impacts, and ethical considerations.

Historical Development of AI Technologies

AI’s development, as detailed by Russell & Norvig (2010) [29], traces back to early intellectual pursuits, evolving through significant milestones and periods of stagnation, known as ’AI winters’. The 1990s and 2000s saw advancements in machine learning, highlighted by Jordan and Mitchell (2015) [16] and the rise of business intelligence and analytics, as discussed by Chen, Chiang, & Storey (2012) [10]. The social and economic influence of AI during this era was explored by Brynjolfsson and McAfee (2014) [5] and Bughin et al. (2017) [6].
The 2010s were marked by breakthroughs in deep learning, with ethical concerns around AI biases addressed by Knight (2017) [18] and O’Neil (2017) [24]. The positive economic potential of AI was discussed by Purdy & Daugherty (2016) [25] and Ransbotham et al. (2017) [27]. Kaplan & Haenlein (2019) [17] provided an overview of AI’s status and future directions.
In the 2020s, AI’s ubiquitous integration into various sectors brings new ethical challenges. Fountaine et al. (2019) [13] advocate for a blend of human intuition and AI in decision-making. West (2018) [23] discusses AI’s impact on the job market, and Wirtz et al. (2019) [14], along with Sun & Medaglia (2019) [32], highlight AI’s transformative potential in public services and healthcare, respectively, with associated challenges.
In conclusion, the journey of AI is a dynamic narrative of technological progress intertwined with philosophical, societal, and ethical considerations, reflecting our ongoing quest to enhance and understand human intelligence through technology.
TABLE 1: EVOLUTION OF ARTIFICIAL INTELLIGENCE