BIS EXAM 1 NELSON

AI

- a cognitive technology that can think like a human

- computers can perform tasks that would normally require human intelligence

How AI Helps Starbucks:

- analysis of past orders and patterns the app suggests food and beverage choices

- see statistics of how much of their uses use sugar in their tea

- helps figure out where Starbucks should add another store

Machine Learning

Trying to extract patterns from data either to gain an understanding or predict future outcomes

- you need to have the right inputs to get the correct outputs

How to be successful:

- define your machine learning goal

- an algorithm is only as good as its data

- assemble a diverse team with the right mindset

How it will help your business:

- identify your most valuable customers

- unlock consumer content

Social Media

- use customer data for personalized marketing

- network effect (larger group of people, the more value)

- Personalized marketing

AI Impacts: content creation, campaign performance analysis, facial recognition, chatbots

Extended reality

Virtual reality, augmented reality, mixed reality

Supply Chain

Planning, sourcing, manufacturing, delivering, returning

- moving the right items to the right customer at the right time

Internet of things (IOT)

- Sensors provide data

- Systems act upon that data, often using AI

- predict and prevent problems

IOT in Supply Chain

- real time location tracking

- storage condition monitoring

- locate goods in a warehouse

- help with product design

3D Printing with supply chain

- houses are made with 3D printing

- cheaper

- decentralizes production

- drive product customization

- reduce complexity and improve time to market

- rationalize inventory and logistics

Supply chain w/ social media

- Alert customers of things going on

- distributions that might affect shipping

- mobile apps (delivery)

Supply Chain w Augmented reality

Application that helps forklifts driver know where things are

- help train employees

Blockchain

Shared ledger that facilitates the process of recording transactions and tracking assets in a business network

- data can't be updated or deleted

- data is shared among many different companies

- allows all parties to trace the origins and follow the journey of the supply chain

Digital Transformation

- rewriting of an organization to create value by deploying tech at scale

- need a clear strategy, strong talent, an operating model

Ex.

Electronic health records in medical industries are more accessible

- faster to process

- increases likelihood of health professionals being able to make more informed decisions

Sharing Economy

a form of social exchange that takes place among people known to each other without any profit

- focusing on reducing costs and enabling mass production

Team Building

- Active listening

- curiosity

- be disciplined

- be humble

- step out of your comfort zone

Data

Represents raw elements or unprocessed facts, including numbers and symbols to text and images

- raw and unstructured

- readily available

Forms:

- Quantitative

- Qualitative

Information

You get information when data is processed, organized, and interpreted

Ex. if data points include temperature over a year, information is recognized the trend of temperatures understanding seasonal changes

Business Data

Collective information related to a company and its operations

Ex.

- customer surveys

- financial reports

- employee performance reviews

- marketing research

Types:

Structured (found in databases and is well organized)

Unstructured (found in emails, social media, surveys)

Benefits: Improve customer service, make better marketing decisions, understand what products are selling well

Digital Transformation Supply Chain

- enhances connectivity

- more focus on customer demands

- digital thread creation

- improved collaboration

- enhances the ability to meet customer needs

- reduces cyber risks

Ex.

- Technology that connects disparate applications and upgrades outdated systems

- can complete repetitive tasks with little to no human input

Circular Economy

Materials with which you produce products are maintained in a circular loop

When a customer is done with a product, instead of throwing it into the garbage the product is rediscovered

Hash

- numbers and letters with cryptographic value

- if data changes, the hash will change

- a majority of the network must agree for a block to be added

Database

- Structure used for storing information

- organized collection or storage of data

- organized using a database management system

Fintech