Digital Transformation and Artificial Intelligence Applied to Business: Legal Regulations, Economic Impact and Perspective

Ricardo Francisco Reier Forradellas and Luis Miguel Garay Gallastegui
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Ricardo Francisco Reier Forradellas: Department of Economics, Catholic University of Ávila, 05005 Ávila, Spain
Luis Miguel Garay Gallastegui: Department of Economics, Catholic University of Ávila, 05005 Ávila, Spain

Laws, 2021, vol. 10, issue 3, 1-22

Abstract: Digital transformation can be defined as the integration of new technologies into all areas of a company. This technological integration will ultimately imply a need to transform traditional business models. Similarly, artificial intelligence has been one of the most disruptive technologies of recent decades, with a high potential impact on business and people. Cognitive approaches that simulate both human behavior and thinking are leading to advanced analytical models that help companies to boost sales and customer engagement, improve their operational efficiency, improve their services and, in short, generate new relevant information from data. These decision-making models are based on descriptive, predictive and prescriptive analytics. This necessitates the existence of a legal framework that regulates all digital changes with uniformity between countries and helps a proper digital transformation process under a clear regulation. On the other hand, it is essential that this digital disruption is not slowed down by the regulatory framework. This work will demonstrate that AI and digital transformation will be an intrinsic part of many applications and will therefore be universally deployed. However, this implementation will have to be done under common regulations and in line with the new reality.

Keywords: digital transformation; organizational change; data analytics; artificial intelligence; regulatory normative (search for similar items in EconPapers)
JEL-codes: D78 E61 E62 F13 F42 F68 K0 K1 K2 K3 K4 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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