Artificial Intelligence (AI) Flashcards
What is Data-driven innovation (DDI)?
The use of data and analytics to devleop or foster new products, processes, organisational methods and markets.
How does Data create value for customers?
Creating products/services tailored to their needs.
How does data create value for companies?
Competitive advantage, customer retention, optimization of processes, market creation
What is the process of analyzing data?
- Opportunity discovery
- Opportunity Evaluation
- Design Generation
- Design Evaluation
What are the different ways data can be analysed?
-Simple analysis of digital footprint
-More complex machine learning
-AI approaches to analysing big data
Define AI
The simulation of human intelligence by machines giving them the ability to act rationally and solve problems.
How is AI redefining business?
-Better develop business strategies.
-Personalization of products
-Automation
-Reducing costs
-Improving Cybersecurity
Autonomous vehicles and AI
-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.
AI in healthcare
-AI assisted Robotic surgery
-Virtual Nursing assistants
-Aid clinical judgement or diagnosis
-Workflow and administriative tasks
-Image analysis
Chat GPT and businesses
-Customer support
-Content creation
-Data analysis and Reporting
-Employee productivity
-Personalized customer experience
-Cost reduction
Ethics considerations for AI
-Bias and Fairness
Privacy
Accountability
Transparency
Job Impact
Security
Autonomy
What are the 5 principles of AI ethics?
-Human-centric and Socially Beneficial
-Fair
-Explainable and transparent
-Secure and safe
-Accountable
What do AI-enabled systems mostly rely on?
Machine learning based on the data to which they are being exposed. AI systems can adopt non-desirable behaviour.
When was OpenAI founded?
2015 by Elon Musk with a mission to ensure that artificial general intelligence beneifts of all humanity.
Benefits of using AI for business operations
-Improved eficincy & productivity
-Cost savings
-Better decision-making
-Enhanced customer experience
-Innovation & competitive advantage
-Improved accuracy
-Scalability
Benefits: Improved efficiency & productivity
AI can automate routine and repetitive tasks, freeing up human workers for more strategic and creative tasks.
Benefits: Cost savings
By automating processes, businesses can reduce operational costs, optimise resource usage, reduce waste, and improve supply chain management.
Benefits: Better decision-making
AI excels at analyzing large data sets, helping businesses make data-driven decisions improving marketing strategies and financial forecasting.
Benefits: enhanced customer experience
AI allows for more personalised customer interactions, improved response times, and providing 24/7 support.
Benefits: Innovation & Competitive advantage
AI allows businesses to respond more quickly to market changes and customer demands
Benefits: Improved accuracy
AI limits human error, leading to better outcomes
Benefits: Scalability
AI-powered systems can scale up or down based on demand, offering flexibility in meeting business growth.
Risks of using AI in business operations?
-Data privacy & security concerns
-Job disaplcement
-Bias & discrimination
-High initial investment
-Dependence on technology
-Regulatory & Ethical issues
-Loss of human touch
Risks: Data privacy & security concerns
AI deals with vast amounts of personal information; any breach of data can have severe legal and reputational consequences
Risks: Job displacement
AI can result in job losses, particularly in sectors that rely on competitive tasks; this can lead to significant social & economic challenges.
Risks: Bias & Discrimination
AI systems learn from historical data, which may reflect existing bias, which can lead to discrimination in areas like hiring, lending, or law enforcement.
Risks: High initial investment
AI requires significant investment in technology, infrastructure, and training
Risks: Dependence on technology
Heavy reliance can lead to vulnerabilities. If AI systems fail, malfunction, or make bad decisions, businesses may struggle to recover.
Risks: Regulatory & Ethical issues
Businesses may face difficulties in complying with existing and emerging laws around AI usage.
Risks: Loss of human touch
AI may reduce the human aspect of customer service or decision-making
Ethics: Human-centric & socially beneficial
AI solutions should support human goals and objectives.
Ethics: Fair
Being legitimate, honest and impartial
Ethics: Explainable & Transparent
Being able to explain the decisions that AI solutions take
Ethics: Secure & Safe
Protecting the privacy of people
Ethics: Accountable
Responsibility is in the hands of the developers.
