2.3 How has technology helped businesses to be innovative

Question 1

What is innovation?

Answer 1

Innovation is the process of adding a new product to an existing product line or significantly improving an existing product
or process.

Question 2

Why would a business purchase robotics rather than hiring a human being?

Answer 2

Robotics will perform tasks at a quicker rate and are unlikely to make mistakes.
In hospitals, surgeons have started using robotic equipment to perform their surgeries.

Question 3

what is big data?

Answer 3

Big data is when you use a wide variety of data sources to collect and analyze information.

Question 4

how do businesses collect data?

Answer 4

Consumer data can be valuable information.

Businesses collect data through:
* Loyalty programs
* Call center transcripts
* Social media
* Existing databases from other businesses etc.

Question 5

why do businesses collect data?

Answer 5

Data allows businesses to tailor their products to suit the needs and wants of consumers.

For example, when scanning Everyday Rewards Card, Woolworths is determining:

• What the card holder buys
• When the card holder buys it
• Is the card holder more likely to buy it if it is on sale?
• What does the card holder repeatedly purchase?

In return, the card holder will get fuel and shopping vouchers (this is how Woolworths encourages you to scan your card)

Question 6

what other company’s gather big data? and why?

Answer 6

Netflix also gathers and analyses data to determine viewing habits.

If data reveals that the younger generation usually watches sci-fi
movies, what do you think Netflix will do next?

Netflix purchases the rights to films and series box sets that data
analysis tells them will appeal to certain audience demographics. So, if the younger generation tends to watch sci-fi movies, Netflix is likely to purchase the rights to sci-fi movies.

Question 7

what is the cloud? and what does it do?

Answer 7

• The ‘cloud’ is a term used when referring to accessing computer, information technology (IT) and software applications through a network connection (e.g. OneDrive).
• The cloud allows businesses to access resources from any
  location, as long as you have access to a computer.

Question 8

what are the advantages of 3D printing?

Answer 8

▪ Creates customizable and complex designs
▪ Lower costs as the business does not need to purchase expensive
▪ equipment
▪ Creates less waste

Question 9

what are the disadvantages of 3D printing?

Answer 9

▪ Less choices in materials, colors and finish
▪ If the 3D printer is large, the business will then need to find the
space