Towards a Taxonomy of Large Language Model Based Business Model Transformations

Jochen Wulf () and Jürg Meierhofer
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Jochen Wulf: Zurich University of Applied Sciences
Jürg Meierhofer: Zurich University of Applied Sciences

A chapter in Smart Services Summit, 2024, pp 119-131 from Springer

Abstract: Abstract Research on the role of Large Language Models (LLMs) in business models and services is limited. Previous studies have utilized econometric models, technical showcases, and literature reviews. However, this research is pioneering in its empirical examination of the influence of LLMs at the firm level. The study introduces a detailed taxonomy that can guide further research on the criteria for successful LLM-based business model implementation and deepen understanding of LLM-driven business transformations. Existing knowledge on this subject is sparse and general. This research offers a more detailed business model design framework based on LLM-driven transformations. This taxonomy is not only beneficial for academic research but also has practical implications. It can act as a strategic tool for businesses, offering insights and best practices. Businesses can leverage this taxonomy to make informed decisions about LLM initiatives, ensuring that technology investments align with strategic goals.

Keywords: Large Language Models; LLMs; Business model; Business model transformation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prochp:978-3-031-60313-6_9

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DOI: 10.1007/978-3-031-60313-6_9

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