4. Data and Information in the Digital World

Question 1

What must happen to data before it can be used in decision making?

Answer 1

It must be analysed and interpreted

Question 2

What are the 3 levels of decision making?

Answer 2

1. Strategic - links to Acumen
2. Tactical - links to Advise/Apply
3. Operational - links to Adivse/Apply

Question 3

What is data monetisation?

Answer 3

Generating revenue from available data sources or real time steamed data by instituting the discovery, capture, storage, analysis, dissemination, and use of that data

Question 4

What is the role of finance in data capture?

Answer 4

Deciding what data should be captured and the costs of doing that, budgeting for and monitoring those costs

Question 5

What is ETL?

Answer 5

Extraction, Transformation and Loading - a process in database systems, especially data wharehousing

Question 6

What is a data warehouse?

Answer 6

A system used for reporting and data analysis

Question 7

What is data extraction?

Answer 7

Taking data from a variety of sources

Question 8

What is data transformation?

Answer 8

Processing this data into a storage format for querying and analysis

Question 9

What is data loading?

Answer 9

The insertion of data into the final target database

Question 10

What is a data engingeer?

Answer 10

An IT literate who creates the links between the sources of data and the data warehouse

Question 11

What is data mining?

Answer 11

The process of discovering patterns in large data sets

Question 12

What is the most important role of finance in regards to ETL systems?

Answer 12

Deciding what data is useful, and cost effective, to store

Question 13

What is business intelligence?

Answer 13

The technical architecture of systems that extract, assemble, store and access data to provide reports and analysis

Also a company wide recognition that a company’s data is an important strategic asset that can yield valuable management information

Question 14

What must finance do in relation to BI?

Answer 14

• Consider the potential for BI in their organisation
• Champion appropriate BI projects
• Continue to report and monitor on past information
• Begin to provide forward-looking analysis
• Take on decision support roles

Question 15

How can finance partner with BI?

Answer 15

• To develop BI strategy
• Support implementation of strategy
• Ensure data quality
• Articulate the business needs in relation to data
• Support less financially literate colleagues with analysis and modelling of data

Question 16

What is data modelling?

Answer 16

The evaluation of how an organisation is using its data

Question 17

What is data analysis?

Answer 17

The evaluation of the data to create information that is valuable in making decisions

Question 18

What are the 3 levels of data modelling?

Answer 18

1. Conceptual: practical - what data is needed?
2. Logical: technical - how will the data be used and held?
3. Physical: systematic - how will the data be maintained?

Question 19

What are the key factors to consider when using data visualisations to aid decision makers?

Answer 19

• Audience
• Timing
• Interactivity
• Required outcome