Lecture 1 Flashcards
Artificial Intelligence (AI)
AI systems leverage advanced algorithms
and machine learning techniques to
mimic human intelligence. They analyze
vast datasets, recognize patterns, and
make data-driven predictions
Applications: AI-powered chatbots
provide customer support, machine
learning models optimize business
processes, chess computers and
recommendation systems enhance user
experiences.
Big Data
Big Data encompasses the collection,
storage, and analysis of massive volumes
of data from various sources. It enables
organizations to gain valuable insights
and make informed decisions.
Applications: Companies use Big Data
analytics for market research, customer
segmentation, and risk assessment,
leading to more effective strategies and
operations.
Blockchain Technology
Blockchain is a distributed ledger
technology that ensures transparency
and security in transactions. It operates
as a decentralized network of nodes,
making data tamper-resistant.
Applications: Beyond cryptocurrencies,
blockchain is employed in supply chain
management for provenance tracking,
smart contracts for automated
agreements, and secure identity
verification.
Internet of Things (IoT)
IoT connects everyday devices and
sensors to the internet, enabling them to
collect and exchange data. This
interconnectedness enhances efficiency
and provides real-time insights.
Applications: IoT is instrumental in smart
homes, optimizing industrial processes
(Industry 4.0), and environmental
monitoring, contributing to sustainable
practices.
Cybersecurity
With the increasing digitization of
business processes, cybersecurity is
paramount. It encompasses strategies
and technologies to protect data,
systems, and networks from cyber
threats.
Applications: Robust cybersecurity
measures include threat detection
systems, encryption protocols, and data
privacy compliance to safeguard sensitive
information.
Quantum Computing
Quantum computing leverages the
principles of quantum mechanics to
process information at unprecedented
speeds. It holds the potential to
revolutionize problem-solving in various
fields.
Applications: Quantum computing can
significantly impact cryptography,
materials science, and optimization,
enabling breakthroughs in secure
communication and scientific research
What is Business Informatics?
Science of
the design, development and application
of computer-based information and communication
systems (ICT systems)
and techniques in companies and administrations to
support their business processes.
Algorithmic Bias and Fairness
AI and machine learning systems often inherit biases from the data they are trained on,
leading to unfair outcomes in areas like hiring, lending, and law enforcement.
* Many recruitment algorithms have been found to favor male candidates over female
ones, or to disadvantage certain ethnic groups based on biased training data.
* Demographic Parity: Ensures that outcomes are independent of protected
characteristics like race or gender.
* Equal Opportunity: Ensures equal chances of a favorable outcome for individuals from
different groups, assuming they are qualified
* Equalized Odds: Extends equal opportunity by ensuring equal rates of both true
positives and false positives across group
Data Privacy and Security
Businesses collect vast amounts of data, but how they handle that data, especially
personal information, raises ethical questions. The use of customer data without proper
consent can lead to privacy violations.
* The Cambridge Analytica scandal highlighted the misuse of data in political campaigns,
sparking debates about data ethics
* Cambridge Analytica gained access to personal data from up to 87 million Facebook
users through a personality quiz app developed by Aleksandr Kogan. While only
300,000 people downloaded the app.
Corporate Social Responsibility (CSR)
Businesses that develop and deploy technology must consider the broader social
impact of their tools.
* This includes everything from environmental sustainability to job displacement due to
automation.
* The impact of automation on jobs is an ongoing concern, where companies using AI
might be responsible for significant workforce changes.
* Companies like IBM and Intel have set ambitious goals for reducing greenhouse gas
emissions, increasing the use of renewable energy, and promoting sustainable
practices across their supply chains.
