4. Information Technology In Business Flashcards
Data vs Information
How data is categorised ? 2x2
Data - raw. Information is processed data ready to use
Data cat.:
Quant.(measured numerically)
Qualitative reflect specific features
Primary-collected for particular purpose
Secondary-collected already by others
Good info is __________
Accurate
Complete
Cost
Understandable
Relevant
Adaptable
Timely
Easy to use
What are the are the info required by specific levels of management?
Strategic - info from internal/external, quant. & qualitative
Tactical - instructions from strategic & quant. From operational
Operational instructions from tactical & detailed daytoday
Information systems
TPS records daily transactions
MIS convertedTPS for tactical level
EIS is summarised for strategic level
What are adv. of computerisation ?
SPEED, ACCURACY, VOLUME( process huge amount of data),COMPLEXITY , COST EFFICIENT & PRESENTATION (user friendly)
Pros of cloud computing
Can store more data
Better sharing
Collaborative
Cloud provider does maintenance
Better back up, security
Outline machine learning
In large data sets patterns are learned, analysed and predictions recommended.
Big data - why needed,3Vs what benefits ?
Large amount of data (server logs, social media traffic)
Volume-amount Velocity-need to be uptodate Variety-from different sources
Benefits:
-drive innovation,give advantage by identifying trends, productivity-identify waste, where improvement can be made
Potential of big data in accounting
Development of control systems
Improve quality of acc standards
More high quality data available
Adv. of blockchain and potential in accounting
Secure , decentralised (transactions recorded by everyone)
In acc: less time on record keeping, reduced cost of maintaining ledgers & certainty of what is owned and owed by company
