Nikolay Sterev,
Petya Biolcheva
University of National and World Economy
https://doi.org/10.53656/str2024-6s-1-def
Abstract. Artificial intelligence is one of the fastest-developing instruments of Industry 5.0. However, research on its impact has not been thoroughly discussed. Therefore, this paper focuses on developing an applicable methodology for measuring the added value of artificial intelligence in business practices, as well as understanding the fundamental factors that underpin the development of Industry 5.0 forces.
This paper presents the results of testing a method for calculating the indirect value added by artificial intelligence (AI) to businesses. It is based on the premise that several factors significantly influence an organization’s reputation and overall competitiveness when considering the indirect benefits of using AI. The validation of the model was conducted among 125 business organizations with experience in utilizing various AI-based systems and processes. The study’s results indicate a strong statistical correlation between cognitive and motivational factors, as well as a strong correlation between these factors and the added value of AI. Additionally, there is a moderately low statistical correlation between environmental factors and the added value of AI when employing AI tools in practice.
Keywords: AI Added Value, cognitive factors for AI, motivational and environmental factors in business, business competitiveness and AI JEL: D01, D22, D91
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