Introduction to Artificial Intelligence Vendor Due Diligence
Expert-defined terms from the Professional Certificate in Artificial Intelligence Vendor Due Diligence Framework course at Greenwich School of Business and Finance. Free to read, free to share, paired with a globally recognised certification pathway.
Algorithm #
A set of rules or instructions given to an artificial intelligence (AI) system to enable it to complete a specific task. Related terms include: machine learning, deep learning, and neural network. An algorithm is a crucial component of AI systems, providing a clear set of instructions for the system to follow to achieve its goals. For example, a recommendation algorithm might analyze a user's past purchases and browsing history to suggest products they might be interested in.
Artificial General Intelligence (AGI) #
A type of AI that has the ability to understand, learn, and apply knowledge across a wide range of tasks at a level equal to or beyond that of a human being. Related terms include: narrow AI, superintelligence, and artificial narrow intelligence (ANI). AGI is the ultimate goal of many AI researchers, as it would enable AI systems to perform any intellectual task that a human can. However, AGI remains a theoretical concept at this time, and significant advances in AI technology would be required to achieve it.
Artificial Intelligence (AI) #
The simulation of human intelligence in machines that are programmed to think and learn. Related terms include: machine learning, deep learning, and neural network. AI systems can perform tasks that typically require human intelligence, such as recognizing speech, understanding natural language, and solving problems. AI has a wide range of applications, including: autonomous vehicles, virtual personal assistants, and medical diagnostics.
Artificial Narrow Intelligence (ANI) #
A type of AI that is designed to perform a specific task or a narrow range of tasks. Related terms include: narrow AI, general AI, and superintelligence. ANI systems are the most common type of AI in use today, and they are capable of performing tasks that would be difficult or impossible for humans to do quickly or accurately. For example, an ANI system might be used to analyze large datasets to identify patterns or trends.
Automated Machine Learning (AutoML) #
The process of automating the design and implementation of machine learning models. Related terms include: machine learning, deep learning, and neural network. AutoML tools can help to simplify the machine learning process, making it easier for non-experts to build and deploy machine learning models. For example, an AutoML tool might automatically select the best machine learning algorithm for a given dataset and then fine-tune the model's parameters to optimize its performance.
Challenges in AI Vendor Due Diligence #
The process of evaluating an AI vendor can be complex and time-consuming, as it requires a thorough understanding of the vendor's technology, capabilities, and track record. Related terms include: AI vendor evaluation, AI vendor selection, and AI vendor management. Some common challenges in AI vendor due diligence include: determining the vendor's level of expertise, evaluating the vendor's data security practices, and assessing the vendor's ability to scale its solutions.
Deep Learning #
A type of machine learning that is inspired by the structure and function of the human brain. Related terms include: artificial intelligence, neural network, and machine learning. Deep learning algorithms use artificial neural networks to analyze data, enabling them to learn and improve over time. Deep learning has a wide range of applications, including: image and speech recognition, natural language processing, and autonomous vehicles.
Evaluation Criteria for AI Vendors #
A set of criteria used to evaluate the capabilities and performance of AI vendors. Related terms include: AI vendor due diligence, AI vendor evaluation, and AI vendor selection. Evaluation criteria for AI vendors might include: the vendor's level of expertise in the relevant field, the vendor's track record in delivering successful projects, and the vendor's data security practices.
Explainability #
The ability of an AI system to provide clear and understandable explanations for its decisions and actions. Related terms include: transparency, accountability, and fairness. Explainability is an important consideration in AI vendor due diligence, as it enables organizations to understand how an AI system is making decisions and to identify any potential biases or errors in its decision-making process.
Feature Engineering #
The process of selecting and transforming raw data into features that can be used as input to a machine learning model. Related terms include: data preprocessing, data transformation, and data preparation. Feature engineering is a crucial step in the machine learning process, as it can greatly impact the performance of the machine learning model. For example, feature engineering might involve selecting relevant features from a large dataset, normalizing the data, and removing any outliers.
General Data Protection Regulation (GDPR) #
A regulation that sets guidelines for the collection, use, and protection of personal data in the European Union (EU). Related terms include: data privacy, data security, and data protection. GDPR applies to all companies that process the personal data of EU residents, regardless of where the company is located. GDPR requires companies to obtain explicit consent from individuals before collecting and using their personal data, and it imposes strict penalties for companies that fail to comply with its provisions.
Machine Learning #
A type of artificial intelligence that enables systems to learn and improve from experience without being explicitly programmed. Related terms include: deep learning, neural network, and artificial intelligence. Machine learning algorithms use statistical models to analyze data, enabling them to identify patterns and make predictions. Machine learning has a wide range of applications, including: fraud detection, predictive maintenance, and recommendation systems.
Natural Language Processing (NLP) #
The ability of a computer system to understand, interpret, and generate human language. Related terms include: artificial intelligence, machine learning, and deep learning. NLP enables AI systems to analyze and understand natural language text and speech, enabling them to perform tasks such as language translation, sentiment analysis, and question answering.
Neural Network #
A type of machine learning algorithm that is inspired by the structure and function of the human brain. Related terms include: artificial intelligence, deep learning, and machine learning. Neural networks consist of interconnected nodes, or artificial neurons, that process and transmit information. Neural networks can learn and improve over time, enabling them to perform tasks such as image and speech recognition, natural language processing, and autonomous vehicles.
Narrow AI #
A type of AI that is designed to perform a specific task or a narrow range of tasks. Related terms include: artificial narrow intelligence (ANI), general AI, and superintelligence. Narrow AI systems are the most common type of AI in use today, and they are capable of performing tasks that would be difficult or impossible for humans to do quickly or accurately. For example, a narrow AI system might be used to analyze large datasets to identify patterns or trends.
Performance Metrics for AI Vendors #
A set of metrics used to evaluate the performance of AI vendors. Related terms include: AI vendor due diligence, AI vendor evaluation, and AI vendor selection. Performance metrics for AI vendors might include: the vendor's level of expertise in the relevant field, the vendor's track record in delivering successful projects, and the vendor's data security practices.
Professional Certificate in Artificial Intelligence Vendor Due Diligence Fram… #
Related terms include: AI vendor evaluation, AI vendor selection, and AI vendor management. The program covers topics such as: evaluation criteria for AI vendors, performance metrics for AI vendors, and challenges in AI vendor due diligence.
Superintelligence #
A type of AI that is significantly more intelligent than the most intelligent human beings. Related terms include: artificial general intelligence (AGI), narrow AI, and artificial narrow intelligence (ANI). Superintelligence is a theoretical concept at this time, and significant advances in AI technology would be required to achieve it. If superintelligence were to be developed, it could have profound implications for society, as it would have the ability to solve complex problems and make decisions that are beyond the capabilities of humans.
Transparency #
The degree to which an AI system's decision-making process is open and understandable to humans. Related terms include: explainability, accountability, and fairness. Transparency is an important consideration in AI vendor due diligence, as it enables organizations to understand how an AI system is making decisions and to identify any potential biases or errors in its decision-making process.
Vendor Management #
The process of overseeing and managing the relationships between an organization and its vendors. Related terms include: AI vendor due diligence, AI vendor evaluation, and AI vendor selection. Vendor management involves monitoring the performance of vendors, ensuring that they are meeting their contractual obligations, and addressing any issues or concerns that may arise.
Vendor Selection #
The process of selecting the most suitable vendor for a given project or task. Related terms include: AI vendor due diligence, AI vendor evaluation, and vendor management. Vendor selection involves