Revolutionizing family businesses with artificial intelligence: a perspective article

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.