lecture 9 summary Flashcards
communication technology has changed tremendously over time. Digitalization has brought along several benefits
Interactivity: it enables user particiaption, it is not only the company anymore that communicates with the consumers, but consumers also communicate with each other and give feedback to companies
Individualization/customization: it is mcu easier for companies to fulfil the demands and needs of consumers, as they can offer more customised products and services
Intelligence/measurability: we can use intelligent technologies to make better predictions
Independence of location: it allwos to serve customers everywhere
Dependence on location: it allows to target customers by geography
Accountability: trackable,accountable data toformulate new strategies
Testing: e,g, testing of ads, new features, email newsletters
Flexibility: it allows to react immediately to changes in the business environment
Machine learning
is the filed of study interested in the development of computer algorithms for transforming data into intelligent action. it is one of todays most rapidly growing technical fields and relates to many disciplines
The process of machine learning
1) data collection: gather data suitable for analysis. This data will serve as the learning material an alogrithm uses to generate actionable knowledge
2) Exploring and preparing the data: hte quality of any machine learning project is based largely on the quality of data is uses. This step requires a great deal of human intervention
3) Training a model on the data: An algorithm will represent the dataa in the form of a model
4) evaluate model performance: it is important to evaluate how well the algorithm learned from its experience. We evaluate the accuracy of the model using a test dataset
5) improving model performance: swithc to a different type of model
Chatbot + functions
a piece of software that conducts a conversation.
Functions:
Directing a website visitor to a particular product
Make recommendations with respect to colour and size
Offering instantly redeemable coupons
Research has shown that chatbots can help build positive customer relationships. Though chatbots, consumers benefit from additional interactions, entertainment, customization, and probem-solving
The five V’s of data are listed below:
High in volume: sufficiently large amount of data requires special considerations
Hgih in variety: data consists of multiple types and potentially from multiple sources
High in velocity: Data is produced at high rates and operating on stale data is not valuable
High in veracity: Correctness of data can be assessed
High in value: data has a perceived quantifiablebenefit to the organization
Database management system
refers to software designed to allow the definition creation querying updating and administration of databases
Databases carry along the following benefits
data independence: separates data storage from data retrieval
Integration and sharing of data
consistency of data
minimal data redundancy
Uniform security and integrity controls
Data accessibility and responsiveness
Ease of application developemtn and program maintenance
Keep data in good shape
