From the course: Artificial Intelligence and Business Strategy

From ideas to actions

From the course: Artificial Intelligence and Business Strategy

From ideas to actions

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- Artificial intelligence is transforming every function in every industry, be it agriculture, banking, healthcare, or transportation. - Here are some of the key takeaways from this course on artificial intelligence and business strategy. - AI can be defined as any computer system that mimics, to at least some degree, natural intelligence exhibited by humans and other species. - [Haiyan] The three major approaches to developing AI are supervised learning, unsupervised learning, and reinforcement learning. - Data to AI is like fuel to a fire. The cleaner, richer, and larger the dataset on which it is trained, the more accurate your AI model will be. - For market research, AI's biggest impact lies in using the power of natural language processing and computer vision to tap into unstructured data. - AI can help hypersegmentation strategies where each buyer and each user could eventually become a segment of one. - AI can drive product innovation either as an embedded feature of the end product or as a tool to design and develop the end product. - [Anil] Leading edge companies are starting to build digital twins of their supply chains, deploying AI to manage the digital twins, and using the output to augment their decisions and actions. - AI can be deployed for smarter management for all aspects of the HR value chain, job search platforms, candidate screening, training and development, promotion decisions, even departures. - Since we are all human, society seems willing to accept human frailties much more readily than errors attributable to machines. This creates moral dilemmas regarding how to deploy AI in contexts where it can affect life-or-death decisions. - Since AI models are trained on historical data, there are serious risks that deploying such a model can perpetuate and even amplify past biases. You can pursue systematic approaches to mitigate these risks. - Last but not least, AI will affect jobs in three ways. It will augment and alter, but not eliminate, some jobs, it will eliminate the need for some jobs, and it will create entirely new jobs, sometimes in entirely new industries that did not exist before. - We wish you success on the never-ending journey of learning about and deploying AI.

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