Digital Transformation and Artificial Intelligence Concepts

Practice flashcards covering dictionary-style definitions of Digital Transformation, AI classifications, Big Data characteristics, and E-commerce models based on the lecture bank.

Omnichannel Retail

A strategic retail model with a seamless, integrated shopping experience across both physical stores and digital applications.

Fulfillment as a Service (FaaS)

A logistics model that optimizes delivery but can increase plastic packaging and greenhouse gas emissions if not managed with green practices.

Direct Procurement

The process of purchasing raw materials needed to produce finished goods in a manufacturing company.

Indirect Procurement

The purchase of supplies and services for daily operational needs, such as office supplies or janitorial services.

E-Procurement

A digital technology solution used to streamline and automate purchasing processes to control costs and improve efficiency.

Rules-based decision-making

A feature that analyzes situations to help beginners make decisions like an expert based on pre-defined criteria.

5G Networks in Retailing

A technology that supports omnichannel retailing but presents a risk of increasing energy consumption for Big Data processing.

Decision Science Phase 3 (Model Data)

The stage in the decision lifecycle where data scientists select appropriate algorithms and evaluate model fit.

Decision Science Phase 6 (Deploy)

The stage where a decision model is tested within the actual production environment of the enterprise.

Overspecialization

A limitation in recommendation algorithms where the tool only suggests items that are too similar, making suggestions less diverse and useful.

Macy's QR Code Strategy

A mobile strategy that provides designer videos and instructions for customers to buy through the app if products are out of stock.

Associative Engine (Qlik)

An inference tool that separates data from context and links it automatically, rather than using traditional SQL queries.

Mass Personalization

An AI application in e-commerce where the platform displays cosmetic suggestions based on a user's product viewing history and context.

Thoughtspot

A Business Intelligence (BI) platform featuring a search-based interface that supports complex questions driven by AI.

Data Product

A term in data science for a function that encapsulates an algorithm and is integrated directly into an application.

Mobile SEO

A critical strategy because mobile devices currently account for more than half of all internet traffic.

Digital Dashboard

A graphical interface that combines multiple data visualizations on a single screen to provide an overview of key performance indicators (KPIs).

Data Mashups

A digital tool function that combines business data and applications from two or more sources for an integrated information experience.

Big Data Characteristics (4V)

The core pillars of large-scale data management: Volume, Variety, Velocity, and Veracity.

Volume (Big Data)

The massive scale of information, typically measured in units ranging from Terabytes to Zettabytes.

Velocity (Big Data)

The speed at which data is stored, analyzed, and generated into reports.

Veracity (Big Data)

The accuracy, integrity, and reliability of stored data, serving as a warning against noise and duplicates.

Data Science vs. Traditional BI

Data Science focuses on processing unstructured data and predicting the future, whereas traditional BI focuses on structured data from single sources.

SEO (Search Engine Optimization)

A strategy to design a website to improve its position in natural or organic (unpaid) search results.

Web 1.0 vs. Web 2.0

Web 1.0 is characterized by author-controlled static content, while Web 2.0 focuses on user-generated content and social interaction.

Web 2.0 (Social Web)

An era of the internet characterized by dynamic pages, social networks, and user-conceived and shared content.

Web 3.0 (Semantic Web)

The evolution of the web that allows computers to automatically interpret and understand the true meaning of content via metadata.

AJAX and API

Technologies that support updating specific data blocks on a web page without needing to reload the entire page.

Ontology (Semantic Web)

A concept used to define the logical relationship between data based on a triple model: subject, predicate, and object.

Showrooming

The consumer habit of viewing products in a physical store and then using a mobile device to purchase them online.

Subscription-based Retailing

A model where customers sign up to receive regular product parcels, which can reduce waste but increase delivery emissions if returns are high.

Cross-Channel Model

A model where customers see multiple separate channels under the same brand with which they can interact.

Mobile Payment in Developing Countries

A popular financial access method for the 'unbanked' population who lack access to traditional physical banking services.

NFC (Near Field Communication)

A technology for contactless payments that faced adoption barriers due to a 'chicken and egg' problem between sellers and users.

Stitch Fix Data Risk

The risk that sensitive personal data such as sizes and preferences could be leaked, leading to personalized scams.

Quantum Computing (Superposition)

The ability of a Qubit to hold the value of $0$, $1$, or any value in between simultaneously.

Black Box Effect

An ethical concern in machine learning where it is difficult for humans to explain the logic of how the AI arrived at a specific decision.

COMPAS System

An AI system used in Broward County to predict recidivism, which illustrated the risk of machine learning bias affecting judicial outcomes.

Fuzzy Logic

An AI branch that simulates human reasoning to handle 'maybe' values between absolute true and false, commonly used in air conditioners and car gearboxes.

Reactive Machine (AI)

The most basic type of AI that only acts based on immediate current conditions without learning from memory, such as IBM's Deep Blue.

Limited Memory (AI)

AI that relies on memory of recent events to make safe actions, frequently used in self-driving car systems.

Theory of Mind (AI)

A theoretical AI requirement to develop representations of the environment and other actors in the world.

Self-Awareness (AI)

An advanced AI concept where the machine not only understands its environment but can also create an image of its own self.

Artificial Narrow Intelligence (ANI)

The current stage of AI development where systems are designed to solve specific, limited tasks.

Artificial General Intelligence (AGI)

A future stage of development where AI possesses intelligence equal to that of a human.

Artificial Super Intelligence (ASI)

A future concept where AI capabilities far exceed all human intelligence.

Text Mining

The process of interpreting words and extracting information from unstructured data rather than numerical databases.

Data Mining

The analytical process of extracting correlations or hidden patterns from large datasets.

Enterprise 2.0

The integration of social networking and Web 2.0 features into an enterprise's internal network to improve collaboration.

Crowdsourcing

The practice of mobilizing collective talent from the crowd to generate ideas and solve technical problems in Research and Development (R&D).

Crowdfunding

The use of the web to raise capital from the community to finance business projects.

Equity Crowdfunding

A crowdfunding type where contributors receive a specific ownership percentage in the project or business.

Identity and Access Management (IAM)

A system focused on authentication, authorization, and policy-based access control, but not on training machine learning models.

Full-text Similarity

A search engine feature where a user sends a large block of text to find similar content across the web.

Sparsity

A problem in collaborative filtering where a lack of user ratings or historical data makes it difficult to generate accurate recommendations.

Inverted Index

A lookup table that allows a search engine to efficiently identify the locations of pages containing specific keywords.

SMAC Model

An integration of Social, Mobile, Analytics, and Cloud technologies to provide unique on-demand customer experiences.

Digitization

The process of converting any type of activity or information into a digital format.

Triple Bottom Line

A management process for handling financial, social, and environmental risks, obligations, and opportunities.

Carbon Footprint

The total amount of carbon dioxide and other greenhouse gases emitted due to the consumption of fossil fuels.