Revolutionizing family businesses with artificial intelligence: a perspective article

Abstract

Purpose This perspective article addresses the essential need to comprehend what artificial intelligence (AI) entails and how it can revolutionize the family business sector. Design/methodology/approach This article presents a literature review and the authors' perspectives to unravel the potential benefits of AI in family businesses. Findings It is crucial to understand what AI is and its various types before the authors can discern which AI tools can be beneficial or tailored to family businesses. A promising area for future research is the use of Theory of Mind AI, which can help minimize conflicts of interest among family business members and assist in clear decision-making and succession planning. However, integrating AI brings about ethical implications, such as data privacy concerns, the need for transparency in AI decision-making and the necessity to ensure fair AI practices. These are all critical issues that the future research will need to tackle. Originality/value This article emphasizes the potential of AI to be customized and incorporated to tackle the distinct dynamics, obstacles and opportunities prevalent in family-owned businesses. It also proposes future research areas that could enhance the application of AI in such enterprises.