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CIMA E1 > 3 - Technologies used in Business & Finance > Flashcards

3 - Technologies used in Business & Finance Flashcards

1
Q

1st industrial rev

A

Water and steam power that allow mechanisation of production.

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2
Q

2nd industrial rev

A

Mass production power by electricity

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3
Q

3rd industrial rev

A

Mass production became automated through use of electronics and info technology e.g. robotics

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4
Q

4th industrial rev

A

powered by digital technology

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5
Q

the 4th industrial rev is characterised by…

A

the fusion of technologies that blur the lines between physical, digital and biological spheres.

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6
Q

3 key features of 4th IR

A
  1. Velocity - speed of tech breakthru faster than ever b4
  2. Effect - disrupting in every industry every country @ same time - not just specific ind.
  3. Scope - breadth and depth of change, transformation of entire systems of production, mgmt, governance
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7
Q

How 4th IR impact technological change & transportation/comms?

A

Faster tech change

Cheaper transportation & comms costs

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8
Q

How 4th IR impact labour mkt?

A

Disruption - jobs replaced by automation, falling income levels.

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9
Q

How 4th IR impact efficiency?

A

Gains in efficiency & productivity that add value

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10
Q

Does 4th IR impact how bis is done?

A

Yes - disrupts industries and supply chains

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11
Q

How 4th IR impact competitiors?

A

Ops for new, more agile competitiors to challenge existing orgs.

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12
Q

How 4th IR impact types of economy?

A

Sharing & on-demand economies –> gig economy

and lower entry barriers

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13
Q

How 4th IR impact customers?

A

Higher expectations for products and svcs provided.

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14
Q

How 4th IR impact existing products?

A

Can enhance with digital capabilities

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15
Q

How 4th IR impact innovation?

A

Increased collaborative innovation between orgs

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16
Q

5 other characteristics that distinguish 4th IR from other IRs

A
  1. Employment - remove/change nature of jobs
  2. Natural assets - tech makes better use of natural assets, increases renewables
  3. Machine-led manu - role of workers assisted by machines –> assisting machines
  4. Fusion - digital & physical systems merge
  5. AI & ML - products customised easily & cheaply
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17
Q

Farrar - 3 ways technologies increase value of accountants

A
  1. Enables them to work faster
  2. Enables them to work more efficiently.
  3. Makes them more productive at new tasks
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18
Q

Cloud computing =

A

Provision of computing as a consumable service instead of a purchased product. System info & software can be accessed remotely as a utility thru the internet. Sell physical storage + processing power, happens on cloud rather than inside computer.

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19
Q

Public vs private clouds

A 
Public = sell svcs to anyone on internet
Private = proprietary network or a data centre that supplies hosted svcs to a limited number of people or orgs.
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20
Q

Virtual private cloud =

A

when a service provider uses public cloud resources to create their private cloud.

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21
Q

4 characteristics of cloud computing that distinguish it from traditional hosting

A
  1. Sold on demand - pay only when use
  2. Elastic - expand or reduce resources as need
  3. Fully managed by svc provide
  4. On-demand & self service - available all the time & user can operate it themselves.
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22
Q

Impact of cloud computing on IT costs

A

Sold on demand shifts IT costs from capital expenditures –> operating expense model.

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23
Q

Big data =

A

Vast volumes of data captured by various sources, such as web browsing & internet of things, that can be analysed to reveal patterns or trends, especially related to human behaviour or interactions.

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24
Q

How do cloud computing and big data relate?

A

Cloud computing means not restricted by storage limitations & cheaper to store

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25
Q

4 sources big data

A
  1. Human interactions with social networks, search engines
  2. Machines - internet of things
  3. Open data sources e.g. from Gov
  4. Closed data sources e.g. marketing database from research org available for a fee
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26
Q

4 V’s model Big data

A
  1. Volume = huge quantity
  2. Velocity = often real time
  3. Variety = many diff forms & often unstructured
  4. Veracity = inaccuracies, bias, anomalies, and noise
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27
Q

Data analytics =

A

collection, management & analysis of large datasets to convert data –> useful info to use for decision making.

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28
Q

How have big data/data analytics impacted decision making?

A

Large volumes of data analysed real time = help make better decisions that improve profits

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29
Q

How have big data/data analytics impacted marketing?

A

Analyse customer data to customise marketing approach to individuals or groups

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30
Q

How have big data/data analytics impacted risk?

A

Better understand risks org faces particularly in bis environ

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31
Q

How have big data/data analytics impacted product dev?

A

analysis of org market and customer needs = identify ops for new products/services

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32
Q

How have big data/data analytics impacted knowledge?

A

Create and enhance knowledge

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33
Q

Define knowledge

A

Info you have and is useful and you can deploy somewhere. Get from insights.

34
Q

How have big data/data analytics impacted Perf mgmt?

A

Deeper understanding of perf = can identify previously unknown causes of poor perf that can be rectified.

35
Q

McKinsey: 6 benefits of effective data analysis

A
  1. Fresh insight & understanding into own bis
  2. Improved perf (ops, decision making, resource util)
  3. Segment & customise markets
  4. Faster decision making
  5. Innovation - improve existing/create new products
  6. Better risk mgmt
36
Q

Process automation =

A

the ability of systems to perform ROUTINE activities without the input of humans.

37
Q

Traditional process automation =

A

machine carries out simple, repetitive task.

38
Q

Modern process automation =

A

Focuses on more complex bis areas previously thought beyond the scope of automation.

39
Q

Robotics process automation = & is it traditional or modern?

A

RPA = enables automation of routine, clerical activities = increases efficiency & reduces staff costs.
Traditional

40
Q

McKinsey: managing others function % automated + level in finance function

A

9%

Leading the finance team

41
Q

McKinsey: stakeholder interactions % automated + level in finance function

A

20%

Partnering for value and shaping how org creates and preserves value.

42
Q

McKinsey: applying expertise % automated + level in finance function

A

18%

Partnering for value and shaping how org creates and preserves value.

43
Q

McKinsey: data processing % automated + level in finance function

A

69%

Generating insights in specialist areas

44
Q

McKinsey: data collection % automated + level in finance function

A

64%

Assembling and extracting data, providing limited insight

45
Q

define AI

A

The ability of a computer system to assist a human operator to make business decisions or help solve problems.

46
Q

Automation + AI systems are collectively known as…

A

Intelligent systems

47
Q

Cognitive computing =

A

Collective name for several technologies including AI, ML and NLP. Enable automation of more complex tasks such as advanced data analysis & reporting writing.

48
Q

Define ML and how relates to AI

A

ML = a subset of AI that involves code being developed and designed to replicate how the human brain works. Uses experience from past events, data, connections & probability to apply in future situations by detecting patterns & making recommendations. Design to learn from mistakes and do not repeat = adapt and improve functions over time.

49
Q

Data Visualisation =

A

the process of presenting report formats that represent data and info in a pictorial or graphical format that helps recipient to understand the significance of the content more easily than if in a traditional report format.

50
Q

Waterfall charts description + AKA

A

AKA bridges
Present variance analysis
Size of steps scaled so eye naturally focuses on most significant movements first.

51
Q

Dashboards -

A

relevant summary and often used to provide 4/5 relevant drivers that give overview of bis area. Can drilldown into supporting data.

52
Q

Line charts =

A

Show trend analysis or time based results

Can extrapolate to predict future

53
Q

Mapping charts =

A

present data geographically - can click and drilldown into countries to find info specific to those areas.

54
Q

Bar and pie charts

A

Traditional methods of comparing data made up of component parts e.g. sales by bis area

55
Q

Tables

A

Traditional method of presenting reference material by breaking into rows and columns

56
Q

Data visualisation changes medium of presentation to…

A

Tablets and smart devices rather than on paper

57
Q

5 features of effective data visu tools

A
  1. Real time (use OLAP)
  2. Interrogation - can drilldown
  3. Decision making - focused on results & support decision making
  4. Prompt (timely) - display results quickly & update continually
  5. Infrastructure - tool supported by sufficient quantity & quality of data.
58
Q

Distributed ledger technology =

A

A technology that allows org/ind who are unconnected to share an agreed record of events such as ownership of an asset. Not just 1 master ledger kept by org on its server, collectively keep a ledger >1 version.

59
Q

Blockchain =

A

A form of distributed ledger system. Way to record transactions - when something is added to the ledger, a new block is created and added to the chain.

60
Q

Distributed ledger technologies eliminate the need for…

A

Data and info to be stored and managed centrally.

61
Q

5 benefits of distributed ledger tech

A

accurate, up to date, single, trusted & transparent record to be shared between numerous parties.

62
Q

Key aspects of blockchain (5)

A
  • Participants of a blockchain record transactions on an online network that is publicly available & distributed to everyone.
  • Transactions only accepted after all participants have updated their ledgers to reflect them
  • Network computers verify transaction –> authorise + added to blockchain
  • Blocks connected to blockchain using cryptographic hash generated from previous block = cannot break chain & blocks preserved permanently
  • can only amend prior blocks is subsequent ones altered first.
63
Q

Stage 1 of blockchain transaction

A

Transaction is requested e.g. sale or purchase

64
Q

Stage 2 of blockchain transaction

A

Digital representation of the transaction is requested (a block)

65
Q

Stage 3 of blockchain transaction

A

Block sent to all nodes in network (distributed ledger)`

66
Q

Stage 4 of blockchain transaction

A

Each node verifies authenticity of transaction

67
Q

Stage 5 of blockchain transaction

A

A reward for verification sent to each node e.g. Bitcoin

68
Q

Stage 6 of blockchain transaction

A

Completed & authorised block added to the chain

69
Q

3 P’s of blockchain

A
  1. Propagation = many copies, no master copy. All versions identical. New transaction –> propagates to all copies of blockchain.
  2. Permanence = past transactions only edited if consent by majority.
  3. Programmability = allow program code to be stored as well as transaction info. Allow smart contracts - ledge entries auto created when triggered without human intervention.
70
Q

Internet of things =

A

Consists of computing devices, objects, mechanical and digital machines which transfer data over the internet without requiring human to human OR human to computer intervention.

71
Q

4 tasks internet of things can perform

A

Record, store & transfer data over internet to other devices. Can also be controlled remotely.

72
Q

2 ways internet of things impacted orgs

A
  1. Created new ops to provide products/services

2. Ops to improve products/services

73
Q

what are RFID tags?

A

Radio frequency identification - tags attached to airline baggage or parcels to allow customer to get real time updates on progress

74
Q

Mobile technology =

A

The infrastructure that supports cellular comms and so allows internet of things to work.

75
Q

Mobile tech typically includes… + how developed over time?

A

Phone masts that mobiles connect to and transmit data from. 2 way voice calls (SMS + MMS) –> video calling & internet access.

76
Q

The technology that underpins mobile tech is called…

A

Code-division multiple access

77
Q

2 impacts mobile tech on orgs

A
  1. New ops to provide new products/services

2. Employees can WFH, no need to be located centrally

78
Q

3D printing definition + AKA

A

AKA additive manufacturing
Computer controlled process in which material (liquid/powder) is joined, fused together & solidified to create solid objects.

79
Q

2 stages to 3D printing

A
  1. Object designed using software such as CAD

2. Transmitted to printer

80
Q

Benefits of 3D printing

A
  1. Time-savings from design to finished product
  2. Cost effective - reduced labour time
  3. Customisable - tailored bespoke products
  4. Lean - precise amount of inputs = min waste
  5. Secure = done in house = improved confidentiality.
  6. Create on demand = reduce storage need
  7. Increased global reach - sell & transmit designs that purchase can print themselves

CIMA E1 (12 decks)

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