Creating a glossary tailored for business or end-user audiences involves focusing on AI terms that are particularly relevant to the application of AI in business contexts, user interactions, and practical implementations. The definitions are simplified to make them more accessible to those without a technical background.
- AI (Artificial Intelligence): Technology that enables computers to mimic human intelligence, including decision making, problem-solving, and learning.
- Automation: The use of technology to perform tasks without human intervention, often used to improve efficiency and reduce costs in business processes.
- Bot: A software application designed to automate simple tasks, such as answering questions or providing information to users in a conversational format.
- CRM (Customer Relationship Management): A technology for managing all your company’s relationships and interactions with current and potential customers, often enhanced with AI to predict customer needs and personalize communication.
- Chatbot: A computer program that simulates human conversation through text or voice interactions, used in customer service and information acquisition.
- Data Analytics: The process of examining data sets to draw conclusions about the information they contain, increasingly using specialized systems and software with AI capabilities.
- Digital Assistant: An AI-powered software agent that can perform tasks or services for an individual, similar to a personal assistant but in a digital format.
- Expert System: An AI system that emulates the decision-making ability of a human expert, used in fields such as medical diagnosis, financial services, and customer support.
- Forecasting: The use of historical data and AI algorithms to predict future trends and outcomes, critical in areas like sales, inventory management, and financial planning.
- GUI (Graphical User Interface): A user interface that allows users to interact with electronic devices through graphical icons and visual indicators, as opposed to text-based interfaces, typed command labels, or text navigation.
- Hyper automation: An approach that involves using a combination of technology tools, including AI, machine learning, and robotic process automation, to automate as many business processes as possible.
- Insight Generation: The process of using AI to analyze data and extract valuable business insights that can inform decision-making and strategic planning.
- Journey Mapping: The process of creating a visual representation of a customer’s journey with a product or service, often enhanced with AI to identify key interactions and areas for improvement.
- Knowledge Base: A centralized repository for information, including FAQs, documents, and how-to guides, often made more accessible and efficient with AI-driven search and retrieval systems.
- Lead Scoring: A methodology used to rank prospects against a scale that represents the perceived value each lead represents to the organization, with AI enhancing the accuracy and efficiency of this process.
- Machine Learning: A subset of AI that allows systems to learn from data, identify patterns, and make decisions with minimal human intervention.
- Natural Language Processing (NLP): The branch of AI that gives computers the ability to understand, interpret, and respond to human language in a way that is both meaningful and useful.
- Optimization: The process of making something as fully perfect, functional, or effective as possible, with AI being used to optimize business operations, resource allocation, and marketing campaigns.
- Predictive Analytics: The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.
- Quantitative Analysis: The use of mathematical and statistical modeling, measurement, and research to understand behavior. AI enhances this by providing more sophisticated tools for analyzing large datasets.
- Robotic Process Automation (RPA): The use of software robots or ‘bots’ to automate highly repetitive and routine tasks formerly carried out by humans.
- Sentiment Analysis: An AI technique used to determine the emotional tone behind a body of text, useful in understanding customer opinions, social media discussions, and market trends.
- Text Analytics: The process of converting unstructured text into meaningful data for analysis, using AI and NLP to uncover patterns and insights.
- User Experience (UX): The overall experience of a person using a product such as a website or a computer application, especially in terms of how easy or pleasing it is to use, with AI increasingly used to personalize and enhance UX.
- Virtual Agent: An AI-powered agent that can interact with humans, often used in customer service to handle inquiries and solve problems without the need for human staff.
- Workflow Automation: The design, execution, and automation of business processes based on workflow rules where human tasks, data, or files are routed between people or systems based on pre-defined business rules, often involving AI to enhance efficiency.
- Experience Design: The practice of designing products, processes, services, events, and environments with a focus placed on the quality of the user experience, increasingly incorporating AI to tailor experiences to individual preferences.
- Yield Optimization: In digital advertising and marketing, this refers to the use of various strategies and technologies, including AI, to maximize the effectiveness of ad placements and campaigns.
- Zero-touch Automation: A design philosophy that aims to reduce the need for manual intervention as much as possible, using AI and automation technologies to manage tasks and processes.
This glossary introduces business and end users to key AI concepts that are particularly relevant to their needs, emphasizing practical applications and benefits in a business context. Each term is a gateway to deeper exploration and understanding, depending on specific interests and requirements.