İşgüza , Seda; Fendoğlu, Eda; Şimşek, Ahmed İhsan
A icle
Inno a i e applica ions in businesses: An e alua ion on
gene a i e a i icial in elligence
Am i ea u Economic Jou nal
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: İşgüza , Seda; Fendoğlu, Eda; Şimşek, Ahmed İhsan (2024) : Inno a i e
applica ions in businesses: An e alua ion on gene a i e a i icial in elligence, Am i ea u Economic
Jou nal, ISSN 2247-9104, The Bucha es Uni e si y o Economic S udies, Bucha es , Vol. 26, Iss. 66,
pp. 511-530,
h ps://doi.o g/10.24818/EA/2024/66/511
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Inno a i e Applica ion o AI in Business Impac ing Socio-Economic P og ess
AE
Vol. 26 • No.66 • May 2024 511
INNOVATIVE APPLICATIONS IN BUSINESSES: AN EVALUATION
ON GENERATIVE ARTIFICIAL INTELLIGENCE
Seda İşgüza 1, Eda Fendoğlu2
*
and Ahmed İhsan Şimşek3
1)2)Mala ya Tu gu Özal Uni e si y, Mala ya, Tu key
3)Fı a Uni e si y, Elazığ, Tu key
Please ci e his a icle as:
İşgüza , S., Fendoğlu, E. and Şimşek, A.I., 2024.
Inno a i e Applica ions in Businesses: An E alua ion
on Gene a i e A i icial In elligence. Am i ea u
Economic, 26(66), pp. 511-530.
DOI: h ps://doi.o g/10.24818/EA/2024/66/511
A icle His o y
Recei ed: 30 Decembe 2023
Re ised: 18 Feb ua y 2024
Accep ed:26 Ma ch 2024
Abs ac
The u ilisa ion o Cha Gene a i e P e-T ained T ans o me (Cha GPT) and gene a i e
a i icial in elligence (GenAI) echnologies has s a ed o demons a e i s impac ac oss
se e al domains. The swi shi and widesp ead implemen a ion o e icien a i icial
in elligence (AI) p esen dis inc p ospec s such as op imisa ion, ad ancemen , enhanced
e iciency, boos ed sales and ma ke ing, expansion, educed cos s, and heigh ened
p o i abili y. GenAI has he po en ial o c ea e a compe i ion c isis be ween echnologically
ad anced en e p ises and less de eloped ones. Addi ionally, i may gi e ise o legal, mo al,
and e hical issues such as copy igh in ingemen and he p oduc ion o ake and alse
in o ma ion. Hence, i is c ucial o o ganisa ions o ensu e ha he p oduc i i y o AI is
maximized in o de o maximise i s bene i s and minimise any po en ial ha m. The aim o
his s udy is o p o ide sugges ions ega ding he use and po en ial o GenAI echnologies in
he co po a e sec o and o emphasise he po en ial esea ch a eas o u u e GenAI. This s udy
con ibu es o esea ch and p ac ice in business and managemen and also iden i ies u u e
esea ch a enues. This s udy examines he bene i s and disad an ages o using GenAI ools
in businesses and indi idual depa men s, and i highligh s he po en ial isks and dange s. A
bibliome ic analysis o 198 s udies in he discipline o Business & Managemen om he
Scopus da abase was conduc ed using he R p og am’s bibliome ix package. The s udy
ocuses on desc ip i e da a, annual scien i ic p oduc ion, mos p oduc i e jou nals, mos
p oduc i e au ho s and au ho s dominance ac o , mos ci ed publica ions, and mos ele an
keywo ds. The indings show ha GenAI is likely o con inue wi h a s ong and apidly ising
end in 2024 and beyond.
*
Co esponding au ho , Eda Fendoğlu – e-mail: [email p o ec ed]
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2024 The Au ho (s).
AE
Inno a i e Applica ions in Businesses:
An E alua ion on Gene a i e A i icial In elligence
512 Am i ea u Economic
Keywo ds: Cha GPT, a i icial in elligence (AI), gene a i e a i icial in elligence (GenAI),
OpenAI, business, business managemen , echnology adop ion, bibliome ic analysis.
JEL Classi ica ion: M10, M19, O10, O32, O33
In oduc ion
“Is i possible o machines o possess he abili y o hink?” Alan Tu ing’s inqui y in 1950
se es as he ca alys o he in eg a ion o a i icial in elligence (AI) in o ou con empo a y
socie y, as i ou pe o ms humans in ce ain ac i i ies. AI is a b anch o science and
enginee ing ha enables he c ea ion o in elligen machines ha mimic human in elligence.
The concep o AI was i s in oduced in a ex p esen ed by a g oup o scien is s led by J.
McCa hy a a semina held a Da mou h College in 1956. Wi h hei wo k and ha o
subsequen esea che s, i eme ged as a science (Say, 2018). Since hen, despi e expe iencing
pe iods o bo h ad ancemen and s agna ion, AI has become a echnology ha no only names
an e a, bu also, in he wo ds o Ha a i, empowe s humani y wi h he abili y o “ eshape li e”
(İşgüza , 2021). These ad ancemen s in echnology, pa icula ly in he ield o AI, ha e
c ea ed a a iable and unce ain compe i i e en i onmen . Businesses a e awa e o he need
o adap hei p ocesses apidly o changing condi ions. The e o e, hey a e ede ining hei
compe i i e s a egies while simul aneously in eg a ing hese echnologies in o hei
p ocesses, aiming o make many p ocesses da a-d i en and au oma ed, om planning and
execu ion o pe o mance measu emen .
In he pas decade, apid ad ancemen s in AI echnologies ha e signi ican ly impac ed
businesses’ ope a ions and s a egic decision-making p ocesses. U ilised in a ious ields
anging om inancial o ecas ing o cus ome ela ionship managemen , and om ma ke
analysis o in en o y managemen , AI echnologies suppo businesses in hei decision-making
p ocesses. Howe e , ecen de elopmen s ha e aised he ques ion, “Will humani y delega e i s
c ea i e skills, which i s ill possesses, o a i icial in elligence as well?” This discussion pe ains
o he ise o GenAI ools, which can gene a e new con en by lea ning om da a.
GenAI, based on deep lea ning echniques, u ilises da a-d i en lea ning me hods wi h human-
like language abili ies o lea n om example da a and gene a e new da a. Al hough exis ing AI
echnologies p o ide algo i hmic p edic ions based on da a unde s anding, GenAI goes u he
by c ea ing unique con en such as ex , images, ideos, and music. The eme gence o GenAI
has a ac ed a en ion om academia o he business wo ld due o i s “c ea i i y” abili y.
The exis ence o GenAI ools is undoub edly based on cumula i e knowledge in he ield o AI.
Howe e , he elease o he Gene a i e P e-T ained T ans o me (GPT) by OpenAI in June 2018
ma ked a signi ican miles one in he popula i y o GenAI echnologies. The in oduc ion o
Cha GPT, which could be used as a language model, in No embe 2022 u he inc eased in e es
in his echnology. T ained on a as da ase including publicly a ailable ex s, books, a icles,
and o he w i en sou ces, Cha GPT has been success ul in p oducing esul s simila o human
language abili ies (Se daliye and Zhunisso , 2023; Lyu e al., 2023). Cu en ly, a ious
companies, including Google, ha e de eloped and con inue o imp o e GenAI ools in di e en
domains. These echnologies a e expec ed o b ing abou signi ican ans o ma ions in
educa ion, communica ion, heal hca e, business, and a ious aspec s o li e.
Inno a i e Applica ion o AI in Business Impac ing Socio-Economic P og ess
AE
Vol. 26 • No.66 • May 2024 513
The inco po a ion o GenAI ools in o business and managemen p ocesses is belie ed o
p o ide a compe i i e ad an age. The e o e, businesses a e ocusing on how o bene i om
hese echnologies. These ools ha e he abili y o me ge di e en da ase s, analyse,
summa ise, and gene a e new con en and pe spec i es, hus inspi ing c ea i e hinking.
Hence, i is deemed essen ial o businesses o comp ehensi ely unde s and how o u ilise
GenAI echnologies and explo e hei impac s h ough esea ch.
Seeing he applica ions and e ec s o GenAI ools in businesses will ake ime. E en he
ex ensi e li e a u e on AI and business con ex can p o ide inconsis en esul s on he eal
impac s o hese echnologies on businesses (Pe ei a e al., 2023). The e o e, esea ch on
GenAI and business is s ill eme ging. Fo ins ance, a sea ch on he Web o Science da abase
wi h he keywo d “gene a i e a i icial in elligence and business” yields a o al o 64 s udies.
Mos o hese s udies ocus on de e mining whe he Cha GPT can p oduce e ec i e esul s
by gene a ing ins an scena ios and demons a ing hei bene i s. Howe e , hese s udies only
encou age businesses o use Cha GPT o ins an p oblem-sol ing. Hence, he e is a need o
s udies ha can p o ide insigh o manage s who wish o in eg a e GenAI as an inno a i e
echnology in o hei businesses.
This s udy aims o p o ide a p ojec ion ega ding he u u e o GenAI ools in businesses,
based on a bibliome ic analysis o da a om he academic li e a u e, which is jus beginning
o concep ualise. The indings a e expec ed o p o ide holis ic knowledge abou p ominen
esea che s, coun ies, ins i u ions, ocused opics, and applica ions in he ield o GenAI and
business managemen . This s udy is s uc u ed o add ess he ollowing esea ch ques ions:
RQ1: In which esea ch a eas and by whom ha e s udies been conduc ed in he ield o GenAI
and business?
RQ2: Wha a e he connec ions among he s udies conduc ed in he ield o GenAI and
business? Wha ypes o s udies will hese connec ions guide?
RQ3: Wha a e he oppo uni ies indica ed in he exis ing li e a u e o implemen ing GenAI
in businesses?
RQ4: Wha a e he po en ial h ea s o challenges associa ed wi h he implemen a ion o
GenAI in he business sec o ?
The nex sec ion p o ides a e iew o he li e a u e on GenAI, ollowed by a sec ion
p esen ing in o ma ion on bibliome ic analysis, which cons i u es he second pa o he
s udy. The me hodology is ou lined in he hi d sec ion, and he indings a e p esen ed in he
ou h sec ion. Finally, he las sec ion discusses manage ial and p ac ical implica ions, along
wi h esea ch limi a ions.
1. Li e a u e e iew
GenAI has begun o e olu ionise, as i has eme ged as a new and s imula ing solu ion ool
o imp o e he pe o mance and e iciency o businesses unde a numbe o sys ema ic
changes and p oblems in co po a e managemen and o ganisa ion. Table no. 1 summa ises
he mos ecen (2023-2024) s udies on Cha GPT and GenAI, especially in he business ield.
AE
Inno a i e Applica ions in Businesses:
An E alua ion on Gene a i e A i icial In elligence
514 Am i ea u Economic
Table no. 1. Li e a u e e iew
Re e ence
Business a eas
Pu pose
Me hodology
Ou comes
Amin e al.
(2024)
Twi e , S ock
Ma ke
To p edic s ock ma ke
ends.
Analysed 500,000
wee s con aining
Cha GPT- ela ed
hash ags. Na u al
Language
P ocessing
echniques,
sen imen analysis
Mo e p ecise ma ke ends o ecas s
by co ela ing daily Twi e
sen imen and engagemen me ics
on Cha GPT wi h end-o -day s ock
p ice mo emen s, along wi h
syne gies be ween mac oeconomic
indica o s and company-speci ic
s ock da a.
Aguinis e
al. (2024)
Human
esou ce
managemen
(HRM)
To demons a e ha
GenAI and Cha GPT can
be use ul HRM assis an s
o s a egic and
ope a ional asks.
Analysis o ex s
ob ained wi h
Cha GPT p omp s
and documen
analysis
When used by a well- ained HRM
p o essional, GenAI and Cha GPT
can be an in aluable ool o
comple ing s a egic and ope a ional
asks and alloca ing esou ces.
Al Naqbi e
al. (2024)
Enhancing
Wo k
P oduc i i y
To assess GenAI impac
on business pe o mance
and e iciency.
Bibliome ic
analysis
GenAI imp o es p oduc i i y and
e iciency; se es as a guide o
u u e esea ch.
Gup a and
Yang (2024)
En ep eneu s
To c ea e a
comp ehensi e GenAI
Technology Adop ion
Model o en ep eneu s
and o he ac o s.
Task-O ien ed AI
Adop ion (T-AIA)
model
New model s ands ou due o i s
lexibili y, includes di e en ac o s
in he inno a ion ecosys em
(lib a ies), is b oadly applicable, and
can be suppo ed by s a is ical
analysis in he u u e.
Khan and
Ume
(2024)
Finance
To examine applica ions
o Cha GPT in inance,
and he co esponding
e hical challenges.
Li e a u e e iew
Cha GPT causes a posi i e
dis up ion in inancial decision-
making and b ings many e hical
p oblems.
Rane e al.
(2024)
In elligen
manu ac u ing
To explo e exis ing
knowledge on Cha GPT
and Ba d in eg a ion in o
sma manu ac u ing, o
c ea e a new pa adigm.
Li e a u e e iew
and bibliome ic
analysis
The majo change b ough o he
indus y by Cha GPT will push i o
g ea e e iciency, compe i i eness,
and applicabili y in he apidly
de eloping global ma ke .
Rane
(2023a)
Indus y 4.0,
Indus y 5.0 and
Socie y 5.0
To examine he ole o
Cha GPT and GenAI in
Indus y 4.0, Indus y 5.0
and Socie y 5.0.
Li e a u e e iew
E icien use o AI, in acco dance
wi h e hical ules and due a en ion,
is a guiding ligh owa ds a u u e
whe e socie ies a e in e connec ed
and indus ies de elop in ha mony.
Ko zynski
e al. (2023)
Managemen
To examine GenAI-
Cha GPT po en ial o be
a new con ex o
selec ed heo ies and
concep s.
Opinion piece
a icle
GenAI can impac manage ial wo k
a s a egic, unc ional, and
adminis a i e le els.
Soni
(2023a)
GEN AI wi h
human,
echnology and
ma ke ac o s
in e enue
g ow h
To examine GenAI
impac on e enue
le els, ma ke dynamics,
echnological
de elopmen s, and
human a iables.
Da a om 331
SMEs
Ridge, Elas ic, and
Ne eg ession
me hods.
S a egic u ilisa ion o human
esou ces and obus echnological
in as uc u e can enhance he
bene i s o GenAI. Ad an ages o
GenAI may diminish as ma ke
compe i ion inc eases. AI o e s an
ex a bene i in compe i i e
ma ke places.
Chuma
and Oli ei a
(2023)
Decision-
making
To examine he use o
Cha GPT as a decision-
making ool in a
comme cial con ex .
Th ee se s o
ques ions p esen ed
o Cha GPT.
Cha GPT p o ides an o e iew o
he issue in he decision-making
p ocess, bu does no eplace he
decision-making expe .
Chen e al.
(2023)
Business and
inance
To examine
ad ancemen s o GenAI-
Na u al Language
P ocessing,
Sen imen Analysis
Sen imen sco es om Cha GPT can
e ec i ely p edic o ganisa ions’
s ock e u n pe o mance and isk
Inno a i e Applica ion o AI in Business Impac ing Socio-Economic P og ess
AE
Vol. 26 • No.66 • May 2024 515
Re e ence
Business a eas
Pu pose
Me hodology
Ou comes
Cha GPT in he business
and inancial sec o s.
managemen capabili ies. Highligh s
i s ans o ma i e impac on cos s
and p oduc i i y.
Kanbach e
al. (2023)
Heal hca e,
so wa e
enginee ing,
heal hca e
se ices
Con o e sial example
o GenAI’s impac on
businesses.
Quali a i e con en
analysis on 513
examples
Schola ly discussion on AI.
Academic s udies, business epo s,
news, and podcas s o e insigh on
le e aging echnologies o enhance
exis ing business models and
unco e no el ones.
Soni
(2023b)
Digi al
ma ke ing
campaigns
To de e mine pa ame e s
a ec ing he adop ion o
p oduc i e AI in digi al
ma ke ing campaigns.
Su ey o 411
p o essionals.
Machine lea ning
echniques:
Decision T ee,
KNN, Random
Fo es , SVM,
Sequen ial
Selec ion,
P obabili y models
Use o GenAI in digi al ma ke ing is
d i en by e iciency, scalabili y, and
he abili y o de elop pe sonalised
con en .
Subs an ial ba ie s o adop ion:
complexi y, knowledge gaps, and
cons ain s on c ea i i y.
Wamba e
al. (2023)
Supply chain
To explo e ad an ages o
GenAI, iden i y isks and
s a egies o e ec i e
use o GenAI in
o ganisa ions.
Su eys o 315
pe sons (US and
UK). Compa ison
be ween
companies.
GenAI b ings ad an ages in e ms o
e iciency and p oduc ion, bu also
obs acles and isks in a eas such as
e hical use, p i acy, and human
in eg a ion.
Rane
(2023c)
Human
esou ce
managemen
(HRM)
To examine oles and
challenges p esen ed by
Cha GPT and i s
coun e pa s in HRM.
Co-occu ence
analysis o
keywo ds in
li e a u e
Technologies o e ans o ma i e
po en ial, bu in oduce
complexi ies.
Budwa e
al. (2023)
Human
esou ce
managemen
(HRM)
To emphasise isks o
Cha GPT and mo e
complex AI.
Case s udy
Cha GPT is aluable in assis ing
esea che s o gene a e ideas,
p opose heo y, choose esea ch
design, de e mine me ics, choose a
da a analysis app oach, and p o ide
gene al guidance on conduc ing
e hical esea ch & epo ing esul s.
Rane
(2023d)
Mul idisciplina
y: Re ail,
inance,
manu ac u ing,
accoun ing,
anspo a ion,
and
cons uc ion
To e alua e Cha GPT
and o he AI con ibu ion
in acili a ing seamless
adop ion in a ious
sec o s.
Li e a u e e iew
C oss-domain eams a e
ins umen al in ha nessing he
ans o ma i e po en ial o AI,
he eby d i ing indus ies owa ds a
mo e e icien , sus ainable, and
echnologically ad anced u u e.
Rane
(2023b)
Finance and
accoun ing
To examine he changing
ole o Cha GPT and
GenAI.
Li e a u e e iew
Cha GPT inc eases cus ome
engagemen in inance; i e icien ly
p ocesses la ge amoun s o da a.
Au oma ion in accoun ing
s eamlines p ocesses, educes
expenses and human e o s.
Bee baum
(2023)
Business
landscape and
accoun ing
To apply beha iou al
heo y o obo ic p ocess
au oma ion (RPA) and o
add ess e hical conce ns
and cons ain s.
Classi ica ion o
inc ease he
anspa ency o
XBRL applica ion
Eme gence o p oduc i e AI will
lead o mo al p oblems.
T anspa ency echnologies o e
answe s o mi iga e isks.
AE
Inno a i e Applica ions in Businesses:
An E alua ion on Gene a i e A i icial In elligence
516 Am i ea u Economic
2. Bibliome ic analysis
Bibliome ics is a quan i a i e app oach used o analyse publica ions in he scien i ic
li e a u e and he connec ions among hem (G oos and P i cha d, 1969; He ubel, 1999). The
p ima y objec i e o his app oach is o me hodically assess scien i ic pape s and unco e he
connec ions among hem (Don hu e al., 2021). Addi ionally, i possesses he capaci y o
indica e he di ec ion in which a ield o s udy will p og ess in he nex yea s. Consequen ly,
i is a commonly employed s a egy o conduc ing sys ema ic li e a u e e iews (A ia and
Cuccu ullo, 2017). The sys em examines ex ensi e scien i ic da a, including keywo ds,
ci a ions, publica ion coun , and using ma hema ical and s a is ical echniques o ex ac
ela ional in o ma ion. Conduc ing bibliome ic analyses in his manne enables he
in es iga ion o speci ic subjec s, comp ehension o ends, and p o ision o an unbiased
iewpoin o esea che s (Wang and Su, 2020; Han e al., 2020). In his 1972 wo k, C ane
elucida es he ad an ages o bibliome ic analyses, which can be summa ised as ollows:
Explo ing no el esea ch me hodologies;
Fo mula ing esh esea ch p oposals;
De e mining he a iables associa ed wi h a esea ch subjec ;
Recognising he in e ela ionships among coun ies, academic publica ions, and
esea che s;
Ensu ing he in eg a ion o concep s and p ac ical implemen a ions.
Howe e , bibliome ic analyses do possess ce ain limi a ions. Analyses can solely be
conduc ed on s udies ha ha e open access. Excluded a e s udies ha a e cu en ly in he
publica ion phase o a e no accessible. This could impede he p o ision o a mo e p ecise
depic ion o he p esen ci cums ances. Fu he mo e, in he p esen day, al e a ions a e
anspi ing a an exponen ial pace. Bibliome ic da a may occasionally p o ide an inadequa e
ep esen a ion in ligh o swi changes. Al hough i has limi s, bibliome ic analysis is
none heless a c ucial ool o comp ehending he connec ions be ween a ious scien i ic
s udies in he publishing indus y, moni o ing ad ancemen s in a ce ain opic o ield, and
in luencing u u e esea ch pa hs.
3. Me hodology and da a
This s udy examines he in luence o e icien AI echnologies on businesses and was ca ied
ou using a i e-s age me hodology sugges ed by Ruiz-Real e al. (2018). The p ocedu es
in ol ed in his p ocess a e as ollows: (1) Iden i ying sui able keywo ds, (2) Choosing he
da abase o be scanned, (3) Enhancing he sea ch c i e ia based on he Ini ial Resea ch
indings, (4) Expo ing he esul s, (5) Analysing he da a and discussing he indings.
In o de o conduc he s udy, we ho oughly e iewed he pe inen li e a u e and iden i ied
he keywo ds as “gene a i e a i icial in elligence & business” and “gene a i e a i icial
in elligence & business managemen ”, wi hou using quo a ion ma ks. Bibliome ic s udies
ypically ely on he u ilisa ion o mul idisciplina y scien i ic da abases such as Web o
Science o Scopus. These da abases encompass a wide ange o scien i ic jou nals,
con e ence p oceedings, and o he academic esou ces (A enas e al., 2018). The ini ial s ep
o his esea ch in ol ed sea ching he Web o Science da abase using he keywo d
Inno a i e Applica ion o AI in Business Impac ing Socio-Economic P og ess
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Vol. 26 • No.66 • May 2024 517
“gene a i e a i icial in elligence & business” wi hou quo a ion ma ks. As o Decembe 15,
2023, a cumula i e o 45 s udies including he pe iod om 2019 o 2023 ha e been e ie ed.
A o al o 31 a icles a e associa ed wi h he yea 2023. The e a e a o al o 32 a icles, 11
ea ly access publica ions, 6 p oceeding pape s, 4 e iew a icles, 3 edi o ial ma e ials, and 2
book chap e s in hese wo ks. Upon examina ion o he acknowledged pape s, i was
asce ained ha only 14 o hem we e di ec ly o indi ec ly ele an o he objec i e o ou
s udy. A sea ch was conduc ed using he ph ase “gene a i e a i icial in elligence & business
managemen ”, esul ing in a o al o 14 ma ches. I was no ed ha 14 s udies om he mos
ecen sc eening we e also included in he 45 s udies om he p io sc eening. Consequen ly,
he second keywo d was excluded. Due o insu icien da a ecei ed om he ini ial sea ch
in he Web o Science da abase, he equi ed in o ma ion was ga he ed om he Scopus
da abase. Some esea ch is inaccessible in hei en i e y, bu hei inclusion in he analysis
does no ha e a nega i e impac on he esul s. Hence, all pape s pe aining o he objec i e
o ou s udy we e inco po a ed in o he analysis.
The s udy employs a combina ion o bibliome ic analysis, which examines he equencies
o da a, and ne wo k analysis, which unco e s pa e ns and connec ions be ween da a (Lewis
and Alpi, 2017). Bibliome ic s udies, which u ilise his o ical da a, can un eil he
in e connec ions among a ious en i ies, such as jou nals, schola s, and coun ies, wi h he
goal o p edic ing u u e ends. Va ious ools, such as Gephi, VOS iewe , and R, a e
employed o pe o m hese analyses. The choice o p og am is con ingen upon he p oblem
being add essed in he s udy, as well as he me i s and limi a ions o such p og am. Ce ain
p og ams may es ic he low o da a om speci ic da abases. This s udy assesses he
bene i s and d awbacks o he ins umen s u ilised o bibliome ic s udies, and conduc ed
analyses using he R p og am. Mul iple s udies demons a e he widesp ead use o
VOS iewe . This p og am is mos ly used o conduc analyses on co-au ho ship, bibliog aphic
coupling, and co-ci a ion.
Recen ly, he ield o GenAI has gained signi ican academic in e es . The cu en li e a u e
is insu icien o conduc hese ci a ions and coupling analyses. Desc ip i e s a is ics a e used
ins ead o de ailed bibliome ic analyses such as co-ci a ion, bibliog aphic coupling, and co-
au ho ship. Analyses we e conduc ed using he bibliome ix package in he R so wa e. We
examined s udies in he Scopus da abase ha included he keywo ds “business” and
“gene a i e a i icial in elligence” o he analysis. 198 s udies on “gene a i e a i icial
in elligence” we e iden i ied in he business ield. Fi s , desc ip i e s a is ics on hese s udies
a e p o ided. Subsequen ly, he da a on “annual scien i ic p oduc ion” was examined,
e ealing a signi ican su ge in esea ch on “gene a i e a i icial in elligence”. The mos
p oduc i e jou nals and au ho s in his ield we e iden i ied. The dominance ac o s o he
au ho s we e analysed o iden i y he mos in luen ial au ho s in his ield. Finally, he
bibliome ic analysis sec ion was concluded by de e mining he mos used keywo ds and he
mos ci ed s udies.
4. Resul s
4.1. Desc ip i e s a is ics
In o de o add ess he ini ial esea ch inqui y, desc ip i e s a is ics encompassing he
essen ial s udy da a a e ini ially p o ided. These s a is ics encompass he esea ch quan i y,
numbe o w i e s, annual g ow h a e, a e age ci a ions pe documen , a e age keywo ds
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Inno a i e Applica ions in Businesses:
An E alua ion on Gene a i e A i icial In elligence
518 Am i ea u Economic
pe documen , and he mos p oduc i e au ho s. The R p og am’s bibliome ic package was
u ilised o doing desc ip i e s a is ics. Table no. 2 ou lines undamen al esea ch
in o ma ion, encompassing au ho s, and in e -au ho in e ac ions, along wi h he o al numbe
o s udies and he a e age numbe o ci a ions pe s udy.
Table no. 2. Desc ip i e s a is ics
Main in o ma ion abou da a
Au ho s
Timespan
2021:2024
Au ho s
646
Sou ces (Jou nals, Books, e c.)
136
Au ho Appea ances
731
Documen s
198
Au ho s’ collabo a ion
Annual G ow h Ra e %
135.1
Single-au ho ed docs
35
Documen A e age Age
-0.0455
Documen s pe Au ho
0.307
A e age ci a ions pe doc
5.364
Co-Au ho s pe Doc
3.69
Documen con en s
Keywo ds Plus (ID)
327
Au ho ’s Keywo ds (DE)
619
The s udy on GenAI in Business & Managemen was conduc ed h ough a Scopus da abase
sea ch. The e a e a o al o 198 s udies in he Scopus da abase as o Decembe 15, 2023, wi h
publica ion da es anging om 2021 o 2024. Table no. 2 e eals ha a o al o 198 pape s
ela ed o he ield o business, spanning om 2021 o 2024, we e disco e ed in he Scopus
da abase using he sea ch e ms “gene a i e a i icial in elligence and business”. Despi e i s
ecen eme gence in he scien i ic li e a u e, he concep o GenAI is gaining popula i y among
expe s. S udies in his ield sugges ha he e is an annual a e age inc ease o 135.1 pe cen .
The esea ch in his ield has an a e age age o -0.0455. The main ac o o his phenomenon
is he signi ican olume o a icles ha we e eleased in ea ly iew and p edominan ly
p oduced in he yea 2024. A o al o 1,064 ci a ions ha e been made o esea ch in his a ea,
wi h an a e age o 5,364 ci a ions pe s udy. A o al o 619 keywo ds we e employed, along
wi h an addi ional 327 keywo ds plus (ID). Keywo d Plus (ID) ph ases o wo ds a e no
included in he i le o an a icle, bu a e commonly ound in he i les o he a icle’s
e e ences. This enhances he e ec i eness o ci a ion e e ence sea ches by iden i ying all
a icles sha ing common ci a ion e e ences using c oss-disciplina y sea ches. A o al o 646
w i e s con ibu ed o hese in es iga ions. A o al o 35 s udies a e au ho ed by only one
indi idual. The a e age numbe o au ho s pe s udy was 3.69, wi h a alue o 0.307.
4.1.1. Annual scien i ic p oduc ion
Figu e no. 1, gene a ed using he R p og am’s bibliome ix package, illus a es he e olu ion
in he numbe o esea ch publica ions on he opic o in e es . The ini ial s udy is a soli a y
a i ac ha o igina es in 2021. The e a e wo s udies conduc ed in 2022. The e was a sha p
su ge in he numbe o s udies in 2023. App oxima ely 600 w i e s ha e made con ibu ions
o he esea ch on his pa icula opic. The e was a o al numbe o 1,063 ci a ions o s udies
in his ield. The a e age numbe o ci a ions pe s udy was de e mined o be 5,364. The
a e age age o he esea ch conduc ed is one yea . This illus a es he no el y o his opic
and he ac ha he majo i y o s udies emain up- o-da e.
Inno a i e Applica ion o AI in Business Impac ing Socio-Economic P og ess
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Vol. 26 • No.66 • May 2024 525
o AI in eeing indi iduals om ou ine and bo ing asks is no di icul . Howe e , i is
hough ha he idea o ans e ing he c ea i i y, which makes indi iduals eel unique and
aluable, o a machine unde mines sel -pe cep ion. The e o e, du ing he adop ion p ocess
o GenAI ools in businesses, issues such as employee esis ance and demo i a ion can be
encoun e ed. On he o he hand, i is also possible o GenAI ools o be associa ed wi h
de ian wo kplace beha iou s. I is also possible o he ime gained om GenAI o be illed
wi h ac i i ies such as co ee b eaks and i ual slacking. Addi ionally, oday, Cha GPT can
e en be lis ed as an au ho in academic a icles. The e o e, esea ch is needed on whe he i
leads o p oblems such as ease o use and diminishing p oduc i i y. In he p ocess o adop ing
GenAI, i is conside ed necessa y o de elop adap a ion and accep ance models (Gup a and
Yang, 2023).
Conclusions
GenAI ools ha e begun o yield success ul esul s in a eas ha equi e uniqueness, such as
“p oduc i i y, c ea i i y”. Businesses d i en by conce ns o e iciency and speed show
signi ican in e es in GenAI. In o de o unde s and he academic e lec ions o his si ua ion
and examine he cu en s a e o GenAI in he business ield, li e a u e e iews and
bibliome ic analyses we e conduc ed. This p o ides academics and p ac i ione s wi h a
concise esea ch summa y. The in o ma ion ob ained om his s udy aims o suppo
p ac i ione s in e es ed in adop ing GenAI solu ions in businesses. The analysis was based
on a keywo d sea ch o “gene a i e a i icial in elligence and business” in he Web o
Science and Scopus da abases, wi h he assump ion ha he da a ob ained om he Scopus
da abase would p o ide a b oade pe spec i e. The e o e, analyses we e conduc ed based on
esea ch esul s ob ained om he Scopus da abase. A sea ch wi hou quo a ion ma ks in he
Scopus da abase wi h he keywo d “gene a i e a i icial in elligence and business” yielded
access o 198 s udies. The esul s o he esea ch a e p esen ed in ela ion o he esea ch
ques ions.
RQ1 - In which esea ch a eas, by whom, and in which yea s we e s udies conduc ed on
GenAI and business? The s udies spanned he yea s 2021-2024, wi h he majo i y conduc ed
in 2023. This is because GenAI a ac ed a en ion in No embe 2022 wi h he launch o
Cha GPT. I was obse ed ha 646 au ho s con ibu ed o he s udies, wi h he numbe o
single-au ho ed s udies being 35. Al hough GenAI is a subjec o compu e science, i s
po en ial is associa ed wi h almos all disciplines. The e o e, i can be said ha esea che s
need collabo a ion o conduc s udies. The indings o he s udy indica e ha GenAI ools a e
used in a ious a eas o businesses such as ma ke ing, cus ome ela ions, accoun ing, human
esou ces, and p oduc ion managemen . The gene al end in he s udies is o unde s and
GenAI ools and hei usage. A emp s ha e been made o de e mine how hese ools can be
u ilised o he goals o businesses, wha ad an ages hey can b ing, o wha challenges hey
may pose. This is hough o e lec he concep ualisa ion o GenAI as a ela i ely new
concep .
RQ2 - Wha a e he connec ions be ween GenAI and business s udies? Wha ypes o s udies
will hese connec ions lead o? I was obse ed ha he majo i y o he s udies consis ed o
li e a u e e iews and case s udies sea ching o solu ions h ough GenAI in a p oduced
scena io. I can be unde s ood ha ocusing on he o ms o wo k and hei ad an ages and
disad an ages is necessa y o de e mine how hese ools can be in eg a ed in o businesses.
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Inno a i e Applica ions in Businesses:
An E alua ion on Gene a i e A i icial In elligence
526 Am i ea u Economic
Howe e , hese s udies only encou age businesses o p oduce solu ions h ough Cha GPT o
ins an p oblems. The e o e, he li e a u e is seen o need mo e empi ical s udies ha in ol e
me hodological di e si y. Addi ionally, u u e s udies should examine sec o -speci ic
applica ions in a ious business ields such as p oduc ion, ma ke ing, inance, human
esou ces, and de e mine hei con ibu ions o each sec o . Mo eo e , i is conside ed
impo an o ocus on models and policies ha can lead socio- echnical egula ions and
acili a e human- GenAI collabo a ion, which can pionee esponsible AI applica ions.
Fu he mo e, a en ion should be paid o de eloping policies and egula ions ha can p o ide
a oadmap o p ac i ione s ega ding conce ns abou adop ing GenAI ools and he e hical
implica ions and secu i y issues ha may a ise du ing hei use.
RQ3 - Wha a e he oppo uni ies iden i ied in he cu en li e a u e o he implemen a ion
o GenAI in businesses? Businesses can use GenAI o inc ease p oduc i i y, imp o e
cus ome expe iences, inno a e, o ganise ma ke ing s a egies and ad e ising campaigns,
accele a e decision-making p ocesses, and au oma e asks. As a esul , hey can gain a
compe i i e ad an age and di e en ia e hemsel es om hei compe i o s.
RQ4 - Wha a e he po en ial h ea s o challenges associa ed wi h he implemen a ion o
GenAI in he business sec o ? Cu en challenges o o e come wi h GenAI include he isk
o making mis akes, secu i y issues, bias p oblems, e ec s on employee men al heal h,
p o iding sho - e m compe i i e ad an ages, and c ea ing sho cu s. To bene i om he
powe o GenAI ools, esponsible AI applica ions mus be inco po a ed, a balance be ween
employees and echnology mus be main ained, obus and comp ehensi e secu i y measu es
mus be aken, go e nance amewo ks mus be de e mined, app op ia e human esou ces
mus be de eloped, depa men -speci ic in o ma ion managemen skills mus be imp o ed,
and da a collec ion and s o age policies mus be egula ed.
The desi e o businesses o use GenAI ools is inc easing. Howe e , like any echnology, he
success ul adop ion o GenAI in businesses and achie ing posi i e ou comes equi es he
igh s a egy, esou ce alloca ion, policies, and e ec i e change managemen . The
impo ance o making a ange o con igu a ions, om employee aining o secu i y
measu es, should be unde s ood.
Despi e p o iding signi ican con ibu ions, his esea ch has some limi a ions. Fi s ly, he
s udy may no ully co e all he li e a u e. The s udies a e limi ed o da abases such as
Google Schola , Scopus, and Web o Science. I is also possible ha access o s udies no
indexed in hese da abases could no be ob ained. The subjec o he esea ch is highly
dynamic and con inuously gene a es new oppo uni ies and challenges. The e o e, he cu en
indings a e based on he li e a u e a ha ime. The indings on he ela ionship be ween
business managemen and GenAI we e p esen ed collec i ely a he han sepa a ely by
b anches. Fo example, dis inc ions such as i s impac on ou ism managemen o p oduc ion
managemen we e no made. Addi ionally, an empi ical expe imen wi h addi ional da ase s
ha could p o ide aluable pe spec i es on he e ec s, oppo uni ies, and challenges o
applying hese echnologies o eal-wo ld p oblems was no conduc ed. This s udy aims o
inc ease he esea che s’ subjec i e iews, and mo e comp ehensi e s udies can be
conduc ed.
Inno a i e Applica ion o AI in Business Impac ing Socio-Economic P og ess
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Vol. 26 • No.66 • May 2024 527
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