Artificial Intelligence (AI)

Question 1

What is Data-driven innovation (DDI)?

Answer 1

The use of data and analytics to devleop or foster new products, processes, organisational methods and markets.

Question 2

How does Data create value for customers?

Answer 2

Creating products/services tailored to their needs.

Question 3

How does data create value for companies?

Answer 3

Competitive advantage, customer retention, optimization of processes, market creation

Question 4

What is the process of analyzing data?

Answer 4

1. Opportunity discovery
2. Opportunity Evaluation
3. Design Generation
4. Design Evaluation

Question 5

What are the different ways data can be analysed?

Answer 5

-Simple analysis of digital footprint
-More complex machine learning
-AI approaches to analysing big data

Question 6

Define AI

Answer 6

The simulation of human intelligence by machines giving them the ability to act rationally and solve problems.

Question 7

How is AI redefining business?

Answer 7

-Better develop business strategies.
-Personalization of products
-Automation
-Reducing costs
-Improving Cybersecurity

Question 8

Autonomous vehicles and AI

Answer 8

-Potential to change transportation economics, cutting operational costs and increasing vehicle utilization.
-Road safety will also increase, as AI systems will never be distracted, drive drunk or speed.

Question 9

AI in healthcare

Answer 9

-AI assisted Robotic surgery
-Virtual Nursing assistants
-Aid clinical judgement or diagnosis
-Workflow and administriative tasks
-Image analysis

Question 10

Chat GPT and businesses

Answer 10

-Customer support
-Content creation
-Data analysis and Reporting
-Employee productivity
-Personalized customer experience
-Cost reduction

Question 11

Ethics considerations for AI

Answer 11

-Bias and Fairness
Privacy
Accountability
Transparency
Job Impact
Security
Autonomy

Question 12

What are the 5 principles of AI ethics?

Answer 12

-Human-centric and Socially Beneficial
-Fair
-Explainable and transparent
-Secure and safe
-Accountable

Question 13

What do AI-enabled systems mostly rely on?

Answer 13

Machine learning based on the data to which they are being exposed. AI systems can adopt non-desirable behaviour.

Question 14

When was OpenAI founded?

Answer 14

2015 by Elon Musk with a mission to ensure that artificial general intelligence beneifts of all humanity.

Question 15

Benefits of using AI for business operations

Answer 15

-Improved eficincy & productivity
-Cost savings
-Better decision-making
-Enhanced customer experience
-Innovation & competitive advantage
-Improved accuracy
-Scalability

Question 16

Benefits: Improved efficiency & productivity

Answer 16

AI can automate routine and repetitive tasks, freeing up human workers for more strategic and creative tasks.

Question 17

Benefits: Cost savings

Answer 17

By automating processes, businesses can reduce operational costs, optimise resource usage, reduce waste, and improve supply chain management.

Question 18

Benefits: Better decision-making

Answer 18

AI excels at analyzing large data sets, helping businesses make data-driven decisions improving marketing strategies and financial forecasting.

Question 19

Benefits: enhanced customer experience

Answer 19

AI allows for more personalised customer interactions, improved response times, and providing 24/7 support.

Question 20

Benefits: Innovation & Competitive advantage

Answer 20

AI allows businesses to respond more quickly to market changes and customer demands

Question 21

Benefits: Improved accuracy

Answer 21

AI limits human error, leading to better outcomes

Question 22

Benefits: Scalability

Answer 22

AI-powered systems can scale up or down based on demand, offering flexibility in meeting business growth.

Question 23

Risks of using AI in business operations?

Answer 23

-Data privacy & security concerns
-Job disaplcement
-Bias & discrimination
-High initial investment
-Dependence on technology
-Regulatory & Ethical issues
-Loss of human touch

Question 24

Risks: Data privacy & security concerns

Answer 24

AI deals with vast amounts of personal information; any breach of data can have severe legal and reputational consequences

Question 25

Risks: Job displacement

Answer 25

AI can result in job losses, particularly in sectors that rely on competitive tasks; this can lead to significant social & economic challenges.

Question 26

Risks: Bias & Discrimination

Answer 26

AI systems learn from historical data, which may reflect existing bias, which can lead to discrimination in areas like hiring, lending, or law enforcement.

Question 27

Risks: High initial investment

Answer 27

AI requires significant investment in technology, infrastructure, and training

Question 28

Risks: Dependence on technology

Answer 28

Heavy reliance can lead to vulnerabilities. If AI systems fail, malfunction, or make bad decisions, businesses may struggle to recover.

Question 29

Risks: Regulatory & Ethical issues

Answer 29

Businesses may face difficulties in complying with existing and emerging laws around AI usage.

Question 30

Risks: Loss of human touch

Answer 30

AI may reduce the human aspect of customer service or decision-making

Question 31

Ethics: Human-centric & socially beneficial

Answer 31

AI solutions should support human goals and objectives.

Question 32

Ethics: Fair

Answer 32

Being legitimate, honest and impartial

Question 33

Ethics: Explainable & Transparent

Answer 33

Being able to explain the decisions that AI solutions take

Question 34

Ethics: Secure & Safe

Answer 34

Protecting the privacy of people

Question 35

Ethics: Accountable

Answer 35

Responsibility is in the hands of the developers.