3.9.4 Assessing greater use of digital technology Flashcards
1
Q
digital technology
A
the use of digital resources to find, analyse, create, communicate and use information digitally
2
Q
e-commerce
A
the buying and selling of goods or services or the transmitting of funds over an electronic network
3
Q
data mining
A
an analytical process that aims to analyse data in order to identify patterns and relationships between variables
4
Q
big data
A
refers to the huge amount of data that can now be mined from multiple sources to find links
5
Q
automation
A
the use of machinery to replace humans
6
Q
benefits of automation
A
- it levels the playing field and makes businesses more competitive
- it saves time
- it improves customer experience
- it increases productivity
- it reduces errors
7
Q
drawbacks of automation
A
- job displacement and unemployment
- initial implementation costs
- technical challenges and limitations
- reduces human interaction and customer experience
- dependancy and loss of skills
8
Q
benefits of data mining
A
- identifying previously unseen relationships between business data sets
- better predicting future trends & behaviours
- extract commercial (eg performance insights) from big data sets
- generating actionable strategies built on data insights
9
Q
key uses of big data
A
- tracking and monitoring the performance, safety and reliability of operational equipment
- generating marketing insights into the needs and wants of customers, based on transactions, feedback comments
- improved decision making
