The fast pace of artificial intelligence (AI) and automation is propelling strategists to reshape their business models. This is fostering the integration of AI in the business processes but the consequences of this adoption are underexplored and needs attention. This paper focuses on the overall impact of AI on businesses -from research, innovation, market deployment to future shifts in business models. To access this overall impact, we design a three dimensional research model, based upon the Neo-Schumpeterian economics and its three forces viz. innovation, knowledge, and entrepreneurship. The first dimension deals with research and innovation in AI. In the second dimension, we explore the influence of AI on the global market and the strategic objectives of the businesses and finally the third dimension examines how AI is shaping business contexts. Additionally, the paper explores AI implications on actors and its dark sides.

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