Demystifying AI: A Small Business Leader’s Glossary for 2024


TechHouse LogoThis article was written and originally posted by TechHouse. NCBA is reposting as part of our Artificial Intelligence Learning Series with their permission.

In 2024, small business leaders must decode the intricacies of artificial intelligence (AI). Mastery of these pivotal terms will empower you to capitalize on AI’s transformative capabilities. Here’s an accessible glossary to navigate the AI landscape:

NLP (Natural Language Processing): Picture your systems conversing with customers as effortlessly as a human. NLP facilitates this by deciphering and generating human language, transforming customer support, and enriching user experiences.

LLM (Large Language Models): These advanced models are the architects of text that mirrors human writing. Educated on comprehensive datasets, they comprehend context and nuances, enhancing customer dialogue and fostering inventive content creation.

Reasoning Models: View these as your virtual strategists. They dissect data to uncover patterns and offer insights, fortifying strategic initiatives and boosting operational adaptability.

Generative AI: The visionaries of AI, these algorithms invent original content, from imagery to music to code, sparking innovation and addressing challenges in novel ways.

GPT (Generative Pre-trained Transformer): A luminary in generative AI, GPT specializes in generating coherent, context-aware text. It’s instrumental for automating the content generation and refining customer interactions.

AI Model: Essentially, an AI model is a mechanism that executes tasks such as speech recognition, language translation, or object detection in images. It hones its skills by learning from data patterns.

Training a Model: This stage is the AI model’s educational journey, where it learns from a plethora of labeled data to make intelligent predictions and decisions. It’s a perpetual quest for unmatched precision and expertise.

Clarifying the distinction between ChatGPT and GPT is also crucial:

GPT: Your AI all-rounder, skilled in deep learning to manage tasks from translation to summarization.

ChatGPT: Designed for discourse, ChatGPT excels at generating responses that sustain conversational flow, ideal for elevating customer service and engaging with users.

Spotlight on Microsoft AI: OpenAI and CoPilot

OpenAI: Pursuing a dual mission of research and practical application, OpenAI strives to create AI that exceeds human performance in significant tasks while promoting societal progress. Microsoft incorporates OpenAI’s innovations into its Azure OpenAI services.

Microsoft CoPilot: This AI aide enhances productivity by integrating LLMs with Microsoft Graph and Microsoft 365 Apps. It streamlines your interactions with applications, fostering a more profound comprehension and efficient content creation, thus redefining your work processes.

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