Digital Transformation and AI Practicum

Comprehensive practice flashcards covering vocabulary from retail technology, digital transformation, AI ethics, data science, and business management as presented in the lecture notes.

Omnichannel Strategy

A retail model that integrates physical stores and digital applications to provide a seamless customer experience, such as allowing online returns at physical locations.

Fulfillment as a Service (FaaS)

A logistics model that optimizes delivery but carries environmental risks like increased plastic packaging and emissions if not managed with green practices.

Rules-based Decision-making

A technology feature that uses predefined logic to analyze situations, helping beginners make decisions comparable to an expert.

E-Procurement

A digital system used to streamline and automate the purchasing of indirect materials, such as office supplies, to reduce costs and delays.

Direct Procurement

The purchasing of raw materials and goods essential for the production of finished products.

Indirect Procurement

The purchasing of products and services required for daily operations, such as office supplies or maintenance services.

Decision Science Lifecycle: Deploy Stage

Phase $6$ of the lifecycle where the model is tested within the actual production environment of the enterprise.

Decision Science Lifecycle: Model Data Stage

Phase $3$ of the lifecycle where data scientists select appropriate algorithms and evaluate the model's fit.

Overspecialization

A limitation in recommendation algorithms where the system suggests items that are too similar, resulting in a lack of diversity and usefulness for the user.

Search-based AI Interface

A feature of modern BI platforms like Thoughtspot that allows users to ask complex questions through a search-driven interface powered by AI.

Associative Engine

The core logic of the Qlik BI platform that helps separate data from context and automatically link related data points.

Mass Personalization

An AI application in e-commerce that provides unique suggestions (e.g., cosmetics) based on a user's specific history and context.

A/B Testing

A method used to compare two versions of a message or web element (like button colors) to determine which performs better for digital advertising.

Data Product

A digital function that encapsulates an algorithm and integrates it directly into an application within a data science environment.

Phone Cloning

A mobile security threat where the Electronic Serial Number (ESM) of a phone is copied to another device for unauthorized use.

Vishing

A security threat that uses voice messages or phone calls to trick victims into revealing sensitive information.

Logic Mờ (Fuzzy Logic)

An AI branch that simulates manual human reasoning by processing probabilistic inputs and outputs between the values of $0$ and $1$.

Quantum Computing

Computing technology focused on the behavior of microscopic objects like atoms and electrons, utilizing Qubits that can exist in a state of superposition.

Superposition

A quantum computing principle where a Qubit can hold the value of $0$, $1$, or any value between $0$ and $1$ simultaneously.

Predictive Analytics

A level of data analysis that forecasts future events based on the probability of historic patterns.

Prescriptive Analytics

The highest level of data analysis that finds the best course of action among various alternatives to optimize decision outcomes.

Big Data: The 4Vs

The core characteristics of big data: Volume (scale), Variety (diversity), Velocity (speed), and Veracity (accuracy).

Data Science

A field that differs from traditional BI by processing unstructured data and focusing on predicting the future rather than summarizing the past.

Web 2.0 (Social Web)

An era of the internet characterized by user-generated content, interaction, and social networks, moving away from static Web 1.0 content.

Ontology

A concept in the Semantic Web that defines logical relationships between data using a subject-predicate-object triple model.

AJAX

A Web 2.0 technology that allows specific blocks of data on a webpage to update without requiring the entire page to reload.

Search Engine Optimization (SEO)

Strategy used to design a website to improve its ranking in organic (unpaid) search engine results.

Subscription-based Retailing

A business model where customers sign up to receive regular shipments of goods (e.g., Stitch Fix or Amazon Prime).

Showrooming

A consumer behavior where customers view a product in a physical store but use their mobile device to purchase it online for a better price.

Collaborative Filtering

A recommendation method based on the similarity of behavior or shopping data between different users.

Black Box Effect

An ethical concern in AI (e.g., at HSBC) where it is difficult to explain the internal logic or the specific reason why a machine learning model made a certain decision.

Deep Learning

A subset of machine learning that utilizes multi-layered artificial neural networks to learn patterns from large datasets.

Crowdsourcing

Mobilizing collective talent from the online community to generate ideas or solve technical problems.

Equity Crowdfunding

A funding model where contributors receive a specific percentage of ownership (equity) in the project or business.

Enterprise 2.0

The integration of social media features and Web 2.0 tools into a company's internal network (Intranet) to improve collaboration.

Digital Identity Management (IAM)

The process of managing the attributes, roles, and access rights of individuals to ensure the right person has the right access at the right time.

B2B E-commerce

Electronic commerce between businesses, notably accounting for approximately $85\%$ of the total e-commerce dollar volume.

Direct-to-Consumer (D2C)

A model where manufacturers sell and ship products (e.g., Casper mattresses) directly to the end-user without retail intermediaries.

Decision Optimization

Calculating variables to find the most optimal value for an event, often involving billions of scenarios to find the best trade-offs.

Gartner AI Maturity: Stage 1

The 'Awareness' phase where AI is a topic of discussion but lacks a systemic strategy or pilot projects.

Gartner AI Maturity: Stage 3

The 'Operational' phase where at least one AI project has been successfully converted into production.

Gartner AI Maturity: Stage 5

The 'Transform' phase where AI is used across all business processes following a comprehensive digital transformation.

Short Codes

Mobile financial service numbers that are usually only $5$ or $6$ characters long, used for quick transactions.

SMAC Model

The convergence of four technologies: Social, Mobile, Analytics, and Cloud.

Digitization

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

Business Process Reengineering (BPR)

The radical redesign of business processes to achieve dramatic improvements, starting with developing a vision and objectives.

Triple Bottom Line

A management framework for managing risks and opportunities related to financial, social, and environmental factors.

Carbon Footprint

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

Responsible / Accountability / Liability

The three basic principles of ethics: accepting consequences, identifying who is responsible, and the legal right to recover damages.

Environmental Justice

The fair treatment and involvement of all people regardless of race or income in the development of environmental policies.