BUS201-1-Lecture

BUS201 Digitalisation And Computational Thinking For Business

• Instructor: Dr. Ziang Wang

• Institution: University of Wollongong in Dubai

• Topic: Emerging Technologies

Learning Objectives

• Understanding how information technology (IT) is transforming businesses and their essential role in management today.

• Identifying emerging technologies assisting organizations in becoming ‘digital firms’.

Digitalization: Technology in Business

• Technology, specifically IT, is a driving force in the business world.

• Organizations are undergoing a 'digital revolution' characterized by the 'Information Age'.

• Data is often referred to as the new 'oil' due to its value in decision-making and strategies.

Digitalization Capital Investment

• Gartner reports that Digital Capabilities have been the top investment priority for CEOs in 2021, focusing on technology utilization for business activities.

IT Spending Forecast (Millions of U.S. Dollars)

The Emerging Digital Firm

• Characteristics of a fully digital firm:

  • Significant business relationships are digitally enabled.

  • Core processes are managed through digital networks.

  • Corporate assets are digitally managed.

• Digital firms provide greater flexibility in operations through time and space shifting.

Technologies Used by Digital Firms

• Key technologies include:

  • Artificial Intelligence (AI)

  • Big Data

  • Internet of Things (IOT)

  • Cloud Computing

  • Cryptocurrency

  • Non-fungible Tokens (NFT)

  • Metaverse

A Day in ‘AI-Land’

• Daily experiences powered by AI technologies:

  • Morning breakfast served by a robot.

  • Self-driving car commuting to work.

  • Virtual assistant ready with schedules and tasks.

  • Autonomous meeting preparations with analytical insights.

  • Dining experiences enhanced by service robots.

What is AI?

• Definition: Programming computers to solve problems requiring human-like intelligence (McCarthy 1960).

• IDC projects AI software demand is growing at 50% per year, expecting to reach $57.6 billion in 2021 from $12 billion in 2017.

What is AI Good At?

• Two main capabilities:

  • Perception: Face recognition, voice recognition.

  • Cognition: Making decisions, playing chess.

Types of AI

• Predictive AI: Analyzes historical data to forecast future trends.

• Generative AI: Creates new content based on observed patterns.

Technologies Behind AI

• Machine Learning (ML): Enables computers to learn from data.

• Neural Networks (NN): Simulating the human brain structure in computation.

• Robotics: Design and use of robots for various tasks.

AI in Business

• Applications include:

  • Chatbots and personal assistants

  • Text recognition and speech-to-text

  • Computer vision and augmented reality.

Benefits of AI in Business

• Executives report benefits like:

  • Enhanced product features and performance (51%).

  • Optimized operations (36%).

  • Facilitated creativity and better decision-making.

Components of Business Analytics

• Interplay of:

  • Business Analytics

  • Artificial Intelligence (AI)

  • Data Science

  • Machine Learning (ML)

  • Deep Learning (DL)

Big Data

• Definition: Large volumes of structured and unstructured data.

• Characteristics are known as the '6 V's':

  • Velocity, Volume, Variety, Value, Veracity, Variability.

Business Analytics

• Purpose: Develop analysis models to understand situations, predict states, and recommend actions.

The Market for Analytics

• Rapid growth expected in the data science platforms market, from $96.3 billion in 2021 to an estimated $378.7 billion by 2030.

Business Analytics Applications

• Applications include:

  • Customer churn analysis

  • Dynamic product pricing

  • Intelligent fraud detection.

Career Opportunities in Business Analytics

• Roles in demand:

  • Data Scientist

  • Business Analyst

  • Management Consultant

  • Digital Marketing Manager

  • Fintech Managers

Internet of Things (IoT)

• Definition: An extended internet connectivity to physical devices.

• Advantages: Allows remote monitoring and control of connected devices.

IoT Applications

• Use cases across industries include:

  • Smart homes

  • Smart manufacturing

  • Healthcare applications.

IoT Benefits and Concerns

• Efficiency gains need to be balanced with:

  • Privacy and security concerns.

Cloud Computing

• Definition: On-demand availability of computing resources without direct user management.

• Underpins a range of services from personal cloud storage to enterprise applications.

Cryptocurrency and Blockchain

• Cryptocurrency: Digital currency represented by encrypted strings.

• Blockchain: Records transactions in blocks allowing chronological checks and security.

Non-Fungible Tokens (NFTs)

• Definition: Unique digital units linked to specific digital files.

• Growing marketplace with significant sales, e.g., Beeple's artwork selling for $69 million.

The Metaverse

• Concept: A universal virtual space combining VR and AR environments.

• Building a digital economy with numerous software and hardware companies investing.

Questions?

• Open for further discussion and inquiries.