Abstract

Background: Economic paradigms and advanced management (in the era of AI application) basically describe how the economy works or should work. The new economic paradigm explains e.g. changes implemented by governments. Relevant paradigms related to economic, business and management are listed and explained in this paper. The main challenges of implementing AI in companies and organizations include obstacles related to high initial investments, lack of qualified personnel, need for new training and potential ethical and legal implications related to the selection of parameters that provide key data.
Objectives: This paper aims to explore the rapid growth and adoption of AI, examining the impact of GenAI on the future of business and markets of products and services. GenAI is likely to create new roles in some sectors, but reduce opportunities in others. 
Methods: Directly related to the subject research in the given thematic framework, the authors designed a Survey-Questionnaire (defining the context of a possible smart system, with an emphasis on the sustainable development of the service system) and conducted research in the field.
Results: The results lead to promising conclusions that confirmed the viability of the proposed hypotheses regarding the subject of the research.
Future research: The authors will continue to follow trends in the development of new technologies and investigate the benefits of their implementation in smart systems in order to be able to propose the practical solutions.