Neural Network

A phenomenon where the value of a product or service increases as more people use it. Network effects create powerful competitive moats and are among the most valuable intangible assets, particularly for platform businesses, marketplaces, and social networks.

A mathematical model trained on data to identify patterns and make predictions without being explicitly programmed for each task. Machine learning models underpin many AI-driven business applications, from demand forecasting to fraud detection, and their development costs are increasingly recognised as intangible assets under IAS 38 when they meet the identifiability and future economic benefit criteria.

The skills, knowledge, and expertise that are uniquely valuable within a specific organisation and less transferable to other employers. Firm-specific human capital is a critical intangible asset that grows through on-the-job training, institutional learning, and experience with proprietary systems and processes.

A type of neural network trained on vast corpora of text data, capable of generating human-like text, answering questions, summarising documents, and performing reasoning tasks. Large language models such as GPT and Claude represent significant R&D investment and are reshaping knowledge work, customer service, and content production across industries.

A field of artificial intelligence that enables machines to interpret and extract information from visual inputs such as images, video, and documents. Computer vision is applied in quality inspection, medical imaging, autonomous vehicles, and document processing.

The ability of different information technology systems, software applications, and data formats to communicate, exchange data, and use the information that has been exchanged effectively. Interoperability is a critical design requirement in open banking, healthcare IT, and enterprise software, and is increasingly mandated by regulation.

A virtual representation of a physical asset, process, or entire business operation that uses real-time data and simulation to mirror its real-world counterpart. Digital twins enable predictive maintenance, scenario modelling, and operational optimisation.

The ecosystem of business models, partnerships, and revenue streams enabled by application programming interfaces that allow software systems to communicate and share data. APIs enable companies to monetise their data and functionality, create platform ecosystems, and embed services into third-party applications.