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Week 6 - Technology Enablers AI and Machine Learning

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Reddyvari Saikiran
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5 views

Week 6 - Technology Enablers AI and Machine Learning

Uploaded by

Reddyvari Saikiran
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Technology

Enablers:
AI and Machine
Learning
The “What”

Artificial Intelligence: a broad area of Machine Learning: an application of AI


computer science focused on creating based on the idea that systems can learn
smart machines capable of performing from data, identify patterns and make
tasks that typically require human decisions with minimal human
intelligence. intervention.
Impact of AI and ML on Business

Automation: Streamlining routine Decision Making: Enhancing Personalization: Tailoring marketing


tasks such as data entry, freeing up predictions and decisions through efforts, product recommendations, and
human resources for more strategic sophisticated data analysis, reducing customer interactions to individual
activities. risks and improving outcomes. preferences and behaviors.
Business Relevance
• Enhanced Decision Making • Risk Management
Predictive Analytics Fraud Detection
Data-Driven Insights Risk Assessment
• Operational Efficiency • Human Resources and Talent
Process Automation
Supply Chain Optimization
Management
Recruitment
• Personalization and Customer
Employee Development
Experience
Customized Interactions • Marketing and Sales
Customer Service Market Analysis
• Innovation and Product Sales Optimization
Development • Competitive Advantage
R&D Acceleration Agility
Market Adaptation Innovation
Key Concepts in AI and Machine Learning

Types of Machine Learning: Neural Networks and Deep Natural Language Processing
Learning: Mimic human brain (NLP) and Computer Vision:
architecture to interpret sensory Enable machines to understand and
data and recognize patterns. interpret human language and
Supervised Learning: Models are trained on visual information.
labelled data to predict outcomes.
Unsupervised Learning: Models identify
patterns and relationships in unlabeled data.
Reinforcement Learning: Algorithms learn
to make sequences of decisions by trial and
error to maximize a reward.
Applications in Business – Marketing
Customer Segmentation: AI algorithms can analyze
customer data to segment them more precisely, which
enhances targeted marketing strategies.

Personalized Marketing Campaigns: ML models predict


customer preferences and behaviour, enabling highly
customized marketing messages.

Chatbots for Enhanced Customer Interaction: AI-


driven chatbots provide 24/7 customer service, handling
inquiries and support issues with instant responses.
Applications in Business – Supply
Chain

Demand Forecasting: AI helps predict future product demands


based on historical data, seasonal trends, and market analysis.

Inventory Optimization: ML algorithms optimize stock levels,


reducing carrying costs and minimizing stockouts or overstock
situations.

Supplier Selection and Risk Management: AI tools assess


supplier performance and predict risks based on various metrics.
Applications in Business – Customer
Service
AI-driven CRM Systems: These systems enhance
customer relationship management by automating data
collection, analysis, and interactions.

Automated Customer Support (Chatbots): They offer


real-time, efficient problem-solving and support,
increasing customer satisfaction.

Real-time Problem Solving and Support: AI systems


provide immediate solutions to operational issues,
enhancing customer experience.
Case study - Retail
• Zeta Online Retail was facing challenges
with customer engagement and retention.
The existing recommendation system was
underperforming, leading to low conversion
rates and customer dissatisfaction.
Case Study - Finance
• Nexus Financials was grappling with
increasing credit card fraud incidents,
which affected customer trust and caused
substantial financial losses.
Ethical Considerations
• Bias in ML Models: Ensuring AI systems
are trained on diverse, representative
datasets to avoid inherent biases.

• Privacy Concerns: Managing how


personal data is used in AI systems to
respect customer privacy.

• Transparency and Accountability:


Developing explainable AI systems and
their decisions can be audited.
Future Trends in AI and ML

Algorithm Advancements: Industry Expansion: AI and ML Technology Integration: Combining


Continued innovation in algorithm technologies spreading into new AI with other technologies like IoT and
design to improve efficiency and sectors like healthcare, education, and blockchain
effectiveness. more.

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