Emerging Tech and Business Concepts

Posted on Apr 17, 2025 in Business Administration and Innovation Management

Artificial Intelligence (AI)

AI is a field of computer science focused on creating intelligent machines that mimic human actions and reactions. It simulates human intelligence processes, including:

  • Learning (acquiring information and rules)
  • Reasoning (using rules to reach conclusions)
  • Self-correction

AI Applications: Expert systems, speech recognition, and machine vision.

Types of AI:

  • Reactive Machines: AI systems with no memory, designed for specific tasks. A given input always produces the same output.
  • Weak AI: Trained for a particular task.
  • Strong AI: Possesses generalized human cognitive abilities, enabling it to find solutions to unfamiliar tasks.

AI Process:

  1. Identify the problem
  2. Analyze data
  3. Predict results
  4. Provide a solution
  5. Learn for future problems

Key AI Concepts: Neural Networks (NN), Neuro-linguistic Programming (NLP), Convolutional Neural Networks (CNN), Recurrent Neural Networks (RNN).

Blockchain

Blockchain is an immutable, time-stamped series of data records, distributed and managed by a cluster of computers without central authority. Information is constantly reconciled into the database, stored in multiple locations, and updated instantly, making records public and verifiable.

Benefits of Blockchain:

  • Faster
  • More secure
  • Cheaper
  • Transparent
  • Traceable

Three Pillars of Blockchain:

  1. Decentralization
  2. Transparency
  3. Immutability

Big Data

Big Data refers to large sets of structured and unstructured data generated by modern systems, websites, and social networks. It encompasses tools, technologies, and methodologies designed to process millions of records efficiently.

Three Vs of Big Data:

  1. Volume: Organizations collect data from various sources, including business transactions, social media, and sensors.
  2. Velocity: Data streams in at high speed and requires timely processing.
  3. Variety: Data comes in various formats.

Three New Vs of Big Data: Veracity, Value, and Variability.

Strategic Project Planning

Strategic project planning helps organizations understand their current state and future goals regarding technology and infrastructure. A technology roadmap facilitates flexible planning, aligning goals with specific technologies.

Benefits of Strategic Project Planning:

  • Identify critical areas for added value
  • Determine how IT can contribute to business growth
  • Establish an IT governance system
  • Establish metrics to monitor IT investments

Portfolio Development

Portfolio development is a process of managing change initiatives (projects and programs) to maximize their contribution to strategic objectives.

Portfolio Development Cycle:

  1. Understand: Grasp the current portfolio scope and needed changes.
  2. Categorize: Ensure consistent project categorization.
  3. Prioritize: Rank projects based on strategic alignment.
  4. Balance: Consider geography, timing, impact, resources, and risk.
  5. Plan: Establish a baseline view with milestones, budgets, and resources.

CTO vs. CIO

The CIO focuses on internal operations, ensuring efficient business processes. The CTO has a more external focus, concentrating on customer needs and partnerships.

Cloud Computing

Cloud computing is a service delivery model allowing users to access a catalog of services, scale resources as needed, and pay only for what they use.

Advantages of Cloud Computing:

  • Wide variety of applications
  • Immediate access
  • Lower annual cost
  • Remote work capabilities

Disadvantages of Cloud Computing:

  • Varying provider guarantees
  • Internet dependency
  • Limited services
  • Potential vendor lock-in

Digitalization

Digitalization is a process driven by rapid technology adoption, leading to cultural changes in work practices. It reduces costs, improves timeliness, and increases productivity.

Business Intelligence (BI)

Business Intelligence transforms data into information and knowledge to optimize business decisions. It uses organizational data to inform employees, customers, and suppliers for effective decision-making.

BI Environment Components:

  1. Dashboards: Visually track and analyze KPIs and metrics.
  2. Balanced Scorecard: Aligns daily work with strategy and measures progress.
  3. Data Warehousing: A central repository for enterprise data.
  4. Data Mining: Identifies patterns and relationships in large datasets.
  5. Budgeting, Planning, and Forecasting (BP&F): Determines short-term and long-term financial goals.
  6. Business Process Management Suite (BPMS): Improves business processes through automation and analysis.
  7. What-If Scenario Analysis: Models various projections based on changing inputs.