- AI is typically defined as the ability of a machine to perform cognitive functions we associate with human minds, such as perceiving, reasoning, learning, and problem solving.
- Timeline
- Machine- learning algorithms detect patterns and learn how to make predictions and recommendations by processing data and experiences, rather than by receiving explicit programming instruction.
Types of analytics
- Descriptive, predictive, prescriptive
- Supervised, unsupervised, reinforcement
Deep Learning
- Deep learning is a type of machine learning that can process a wider range of data resources, requires less data preprocessing by humans, and can often produce more accurate results than traditional machine-learning approaches.
- Convolutional neural network CNN
- Recurrent neural network
Business Cases
- Predict Call Center Volume
- Predict power usage in an electrical grid distribution
- Detect fraudulent activity for credit cards
- Simple low-cost image classification
- Forecast product demand and inventory
- Predict the price of cars
- Predict probability of patient joining healthcare
- Predict prices that will be paid for a product
https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/an-executives-guide-to-aihttps://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/an-executives-guide-to-ai