Top 7 Useful AI words for Board Members and CEOs in 2024

I have created this easy-to-use compilation of AI-related words that will make it easier for board members and CEOs to understand AI and what values the technology can bring to companies.

In this article, I simply explain what each AI word means and what value it can add in a business context. You also get my engineering tips on what you should consider from a board perspective when using technology in the company.

Let`s dive in!

1. AI Training

AI training is a technique where you learn an AI to think and make decisions. This is the process where the AI gets its power from. An essential fact that all business executives should know is that the quality of the AI training determines the quality of the AI which in turn impacts the business result that the AI delivers.

Having a great understanding about the difference between a good AI training and a bad AI training can be the difference a profitable digital investment with a high ROI and a costly failed project.

2. Predictive AI

Predictive AI is a concept in artificial intelligence that is used to predict results, trends and what outcome will occur to make it easier to make correct decisions.

3. RPA

RPA stands Robotic Process Automation and is used to automate individual tasks.
A major advantage of RPA is that it provides transparency into the work process because you can follow the decision-making process.

I find that by automating repetitive tasks that employees do not find meaningful, you can increase the employee satisfaction and lower the staff turnover rate.

4. BPA

BPA stands for Business Process Automation and is a technique where you automate an entire business process from start to finish. BPA is like RPA but a bit more complex and can be used to cut personnel costs and to lower operating costs. Learn more about how to make your company more profitable.

5. IA – What is IA?

IA stands for Intelligent Automation and it is a method for automating business processes.
IA is a type of artificial intelligence and the advantage of IA is that it can be used to make complex decisions based on many variables.

This is the most important topic for any board member to understand as it can play a key role in making your business more automated and streamlined.

6. AI Reinforcement learning

Reinforcement learning is a method of making the AI smarter over time. The AI learns from its successes and mistakes and changes its behavior to becomes smarter. This is useful when changes may occur such as in:

Changes in production
Changes in the demand
Changes on the stock market
Changes in customer behavior

7. Generative AI

Generative AI is a type of artificial intelligence used to create text, images and other digital content.