CMPT 641-Final PPT-1
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ARTIFICIAL INTELLIGENCE (AI)
ARTIFICIAL INTELLIGENCE (AI)
ARTIFICIAL ARTIFICIAL INTELLIGENCE (AI)
CMPT 641: Digital Transformation
Artificial Intelligence Lakhvinder Kour (2200343)
Angad Rajesh Rane (2130466)
Irusha Nirmantha Jayasinghe (2216938)
Angelo Randy Alexander Trek (2205038)
Rathnagoda Bernaduge Lasindu Ishan Pathinayake (2206857)
ARTIFICIAL INTELLIGENCE (AI)
ARTIFICIAL INTELLIGENCE (AI)
Introduction: Background And Relevance To The Industry
●
Artificial intelligence is a popular digital transformation trend that helps in combining computer science with robust data sets to facilitate effective problem-solving (Saxena et al., 2023). ●
This technology helps process significant amounts of data and reduce human errors. ●
Helps businesses to have improved customer satisfaction due to easy identification of fraudulent activities. ●
The technology enables businesses to bring automation to enhance process optimization.
●
AI technology helps financial industries to deliver precise and accurate financial decisions.
ARTIFI
CIAL INTELL
IGENC
Purpose of the research, relevance of the problem, and scope of the research •
The key purpose of this research is to identify the potential application of this technology, along with briefly outlining its successful implementation in a step-by-step process. •
The artificial intelligence trend has high relevance to the existing business scenario and its intensely competitive nature. •
By successfully incorporating AI technology, businesses are capable of mitigating the growing needs and expectations of the target audience to remain at a competitive advantage. •
The report is going to identify several ranges of benefits offered by artificial intelligence that help businesses foster efficiency and productivity in a highly cost-effective way.
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AR
IFIC
AL INT
ELL
Objectives To identify the significance of artificial intelligence in a real-world scenario
To determine the potential application of artificial intelligence technology
To identify the benefits to the company after successful incorporation of artificial intelligence technology
To explore the process of implementation of this technology
To identify the changes this technology can introduce to the people working in our company
To identify the risk associated with this technology and its potential solutions
ARTIFICIAL Literature Review: Significance And Potential Application Of Artificial Intelligence In A Real-world Scenario
ARTIFICIAL Literature Review: Significance And Potential Application Of Artificial Intelligence In A Real-world Scenario
AI technology plays a crucial role for the Royal Bank of Canada. NOMI, a digital assistant feature launched by RBC, utilizes AI technology to provide personalized insights to help clients effectively manage their funds (rbc.com, 2023). RBC uses AI technology to generate hyper-
personalized recommendations for individual finances. RBC can incorporate AI technology in its existing range of operations to enhance its customer service and risk management practices further. RBC has launched Borealis AI to ensure that it conducts all its operations ethically. Artificial intelligence can also help RBC to further manage its investment and wealth with optimized process automation and by following regulatory compliance measures.
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ARTIFI
CIAL INTELL
IGENC
Literature review: Benefits to the company and process of implementation
•
With AI technology, RBC can effectively manage its finances, signifying a positive perception of the utilization of this technology. •
AI technology helps RBC users in automated savings and budgeting with accurate cash flow forecasting and real-time insights. •
Identification of problems by gathering relevant data is the most crucial step for the implementation of AI technology. •
Data processing, selection of the right algorithm, model training and evaluation, integration, testing and development also signifysignify key steps in implementing AI technology. •
The success of the implementation process can be evaluated by effective monitoring and maintenance as well as employee feedback (Fountaine, McCarthy & Saleh, 2019).
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Literature review: Identification of the changes that AI technology can introduce to the people working at RBC
AI technology enabled the automation of repetitive tasks, allowing employees to save their time and energy for more value-added activities (Haleem et al., 2021). Employees got the chance to enhance their performance and productivity further in the least possible time after the successful incorporation of AI technology. AI Technology allows employees to work remotely and experience flexibility in their working schedules, making it easier for employees to maintain a proper work-life balance. AI technology makes it easier for RBC employees to have better access to real-
time data, resulting in high employee empowerment. Moreover, the implementation of AI technology resulted in improved collaboration and communication in the RBC team.
ARTIFI
CIAL INTELL
IGENC
Methodology and technology •
Machine learning and deep learning are the key integral aspects of artificial intelligence that help in analyzing complex data to serve customers more effectively.
•
Natural language processing enables AI technology to better interpret and generate data based on human language. •
The key technology behind the successful incorporation of AI technology involves high-performance computing software capable of performing complex calculations.
•
Big data and cloud computing support AI technology to enhance its resource scalability. •
Robotics and the Internet of Things are mainly integrated with AI technology to enhance the decision-making process by automation.
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ARTIFICIAL ARTIFICIAL INTELLIGENCE (AI)
Positively influences various aspects of human life, enabling improved efficiency and productivity. AI-powered chatbots and assistants are capable of mitigating customers' concerns on an immediate basis, enabling improved customer satisfaction and a loyal customer base.
AI technology makes it easier for businesses to make better decisions and enhance their marketing strategy by identifying customer behavior and purchasing patterns. AI technology also helps strengthen cybersecurity measures to detect and prevent cyber threats easily (Naik et al., 2022).
Analysis: Potential Impact Of AI Technology
ARTIFICIAL INTELLIGENCE (AI)
ARTIFICIAL ARTIFICIAL INTELLIGENCE (AI)
•
AI technology increases the risk of job replacement among employees due to the automation of repetitive tasks. •
In some cases, using AI technology results in discriminatory and biased data.
•
As AI technology involves the analysis of large volumes of data, it increases the chance of privacy and security concerns, posing a great threat to privacy.
•
In some cases, there exists a lack of transparency and increased ethical consideration due to the extreme use of AI technology in almost every operation. Analysis: Risk associated with AI technology
ARTIFICI
AL INTELLIG
ENCE •
Incorporating artificial intelligence technology has helped the Royal Bank of Canada to experience potential benefits, enabling it to maintain a high customer retention rate.
•
It became easier for RBCs to easily detect fraud due to process automation and effective risk management practices. •
Organizations need to follow standard governmental regulations to improve transparency and accountability of successful AI deployment (Lee, Resnick & Barton, 2019). •
The AI algorithm needs to be effectively trained with relevant data to eliminate the chances of potential bias. •
Strong security measures need to be incorporated to safeguard the private information of potential clients. •
Incorporating artificial intelligence technology has helped the Royal Bank of Canada to experience potential benefits, enabling it to maintain a high customer retention rate.
•
It became easier for RBCs to easily detect fraud due to process automation and effective risk management practices. •
Organizations need to follow standard governmental regulations to improve transparency and accountability of successful AI deployment (Lee, Resnick & Barton, 2019). •
The AI algorithm needs to be effectively trained with relevant data to eliminate the chances of potential bias. •
Strong security measures need to be incorporated to safeguard the private information of potential clients. Conclusion And Solutions To The Problem
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ARTIFICIAL ●
Biallas, M., & O'Neill, F. (2020). Artificial intelligence innovation in financial services.
https
://documents1.worldbank.org/curated/
en
/839801596184068790/pdf/Artificial-Intelligence-Innovation-in-Financial-Services.pdf
●
Dash, S., Shakyawar, S. K., Sharma, M., & Kaushik, S. (2019). Big data in healthcare: management, analysis and future prospects. Journal of big data
, 6
(1), 1-25.
https://link.springer.com/article/10.1186/s40537-019-0217-0
●
Dhirani, L. L., Mukhtiar, N., Chowdhry, B. S., & Newe, T. (2023). Ethical dilemmas and privacy issues in emerging technologies: a review. Sensors
, 23
(3), 1151.
https://www.mdpi.com/1424-8220/23/3/1151
●
Fountaine, T., McCarthy, B., & Saleh, T. (2019). Building the AI-powered organization. Harvard Business Review
, 97
(4), 62-73.
https://wuyuansheng.com/doc/Databricks-AI-Powered-Org__Article-Licensing-July21-1.pdf
●
Hajipour, V., Hekmat, S., & Amini, M. (2023). A value-oriented Artificial Intelligence-as-a-Service business plan using integrated tools and services. Decision Analytics Journal
, 8
, 100302.
https://www.sciencedirect.com/science/article/pii/S277266222300142X
●
Haleem, A., Javaid, M., Singh, R. P., Rab, S., & Suman, R. (2021). Hyperautomation for the enhancement of automation in industries. Sensors International
, 2
, 100124.
https://www.sciencedirect.com/science/article/pii/S2666351121000450
●
Kim, S., & Deka, G. C. (2021). Hardware accelerator systems for artificial intelligence and machine learning
. Academic Press.
https
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books?hl
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en&lr
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AI+computations+&
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Reference List
ARTIFICIAL ●
Lee, N. T., Resnick, P., & Barton, G. (2019). Algorithmic bias detection and mitigation: Best practices and policies to reduce consumer harms. Brookings Institute: Washington, DC, USA
, 2
.
https://www.brookings.edu/research/algorithmic-bias-detection-and-mitigation-best-practices-and-policies-to-reduce-consumer-harms/
●
Mohanty, A., Mohanty, J., Naveen, L., Mohanty, S., & Acharya, A. (2023). ARTIFICIAL INTELLIGENCE TRANSFORMING CUSTOMER SERVICE MANAGEMENT: EMBRACING THE FUTURE.
https
://www.researchgate.net/profile/Naveen_Lingam/publication/373492396_ARTIFICIAL_INTELLIGENCE_TRANSFORMING_CUSTOMER_SERVICE_MANAGE
MENT_EMBRACING_THE_FUTURE/links/64ef2147f850d430c36902db/ARTIFICIAL-INTELLIGENCE-TRANSFORMING-CUSTOMER-SERVICE-MANAGEMENT-EMBRAC
ING-THE-FUTURE.pdf
●
Naik, B., Mehta, A., Yagnik, H., & Shah, M. (2022). The impacts of artificial intelligence techniques in augmentation of cybersecurity: a comprehensive review. Complex & Intelligent Systems
, 8
(2), 1763-1780.
https://link.springer.com/article/10.1007/s40747-021-00494-8
●
rbc.com. (2023, November 26). Article - RBC
. Www.rbc.com. https://www.rbc.com/newsroom/news/article.html?article=125824#:~:text=NOMI%2C%20a%20digital%20assistant%20feature
●
rbccm.com. (2023, November 26). RBC Capital Markets | Artificial Intelligence
. Www.rbccm.com. https://www.rbccm.com/en/insights/ai.page
●
Sarker, I. H. (2021). Machine learning: Algorithms, real-world applications and research directions. SN computer science
, 2
(3), 160.
https://link.springer.com/article/10.1007/s42979-021-00592-x
●
Saxena, P., Saxena, V., Pandey, A., Flato, U., & Shukla, K. (2023). Multiple Aspects of Artificial Intelligence
. Book Saga Publications.
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problem-solving+&
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Reference List
ARTIFICIAL
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