3. Digital Strategy Flashcards
What is a disruptive technology?
One which changes the nature of the product or the way it is delivered
What is cloud computing?
The use of the internet to carry out processes that were traditionally done on localised hardware
What is Software as a Service?
E.g. a remote based email service
What is Infrastructure as a Service?
E.g. internet based data storage
What are the 7 benefits of cloud computing?
- Reduced need for investment in infrastructure
- Flexibility
- Disaster recovery
- Ability to collaborate
- Security
- Environmental friendliness
- Competitiveness
What 2 elements of strategy does cloud computing influence?
- Who is working when - efficiency in global orgs
- Product - some old products become redundant
What is big data?
A term given to collections of data that are so large that traditional methods of data collection are insufficient, and the technology used to analyse
What are the 4 Vs of big data?
- Volume
- Variety
- Velocity
- Veracity
What are the 5 main benefits of big data?
- Transparent and accessible information for trend predictions
- Minimise risk by testing scenarios
- More potential for customer segmentation and targeted marketing
- Better business decisions through insight
- Developing future products with faster time to market
What 2 elements of strategy does big data influence?
- Cost reduction from operational efficiencies
- More strategic options/factors
What is process automation?
The use of software to carry out low level tasks
What 3 elements of strategy does process automation influence?
- Cost saving (internal or outsourced)
- Organisation more available to customers (24 hr robots)
What is artificial intelligence?
Technology that can be used to make decisions
What type of system have AI systems moved to, from?
From rules based systems towards pattern learning systems
What are the 2 considerations to be made as to whether AI can be implemented?
- Extent to which decision is data processing
- Extend to which decision should be influenced by empathy/creativity
What are the 3 main benefits of AI?
- Machines can process considerably more data
- Machines can identify patterns better
- Machines do not suffer from human characteristics e.g. bias, tiredness, boredom
What are the 2 limitations of AI?
- Limitations of input data
- Limited access to data
What 2 elements of strategy does AI influence?
- Forecasting improvements
- Deciding between strategic options
What is data visulation?
Communication of data in a user friendly, diagrammatic way to facilitate understanding
What element of strategy does data visualisation influence?
Powering strategic choice
What element of strategy does data visualisation influnce?
A decentralised, continuously growing data record
What is the Internet of Things?
The increasing connection of devices to the internet via new technologies such as cloud computing
What are the 5 benefits of 3D printing?
- Reduction of waste
- Customisation
- Flexibility
- Reduction of supply chain
- Reduction of distribution costs
