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CIMA E1 > 5 - Data & the Finance Function > Flashcards

5 - Data & the Finance Function Flashcards

1
Q

Novel technologies

A

New & emerging tech developments that introduce different ways of working and using data. These are the technologies we’ve discussed over past few chapters.

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2
Q

How does cloud computing improve info used by decision makers?

A

Consistent info as single data source held, maintained and shared by multiple users.

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3
Q

How does big data improve info used by decision makers?

A

Faster speed info can be sent to decision makers as can be streamed real time.

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4
Q

How does data analytics improve info used by decision makers?

A

Can now identify patterns and trends that were previously impossible/too time consuming.

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5
Q

How does process automation improve info used by decision makers?

A

Reduce errors and inconsistencies + faster than humans

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6
Q

How does AI improve info used by decision makers?

A

Info created by augmenting human intelligence and AI can be made available faster as humans just focus on their part.

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7
Q

How does data visualisation improve info used by decision makers?

A

Communication of info more rich and effective.

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8
Q

How does blockchain improve info used by decision makers?

A

Increases trust in info because transactions are verified.

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9
Q

How does internet of things improve info used by decision makers?

A

Sensors in environment increase range of info.

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10
Q

How does mobile tech improve info used by decision makers?

A

Decision makers can access info from anywhere = more responsive and reactive.

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11
Q

How does 3D printing improve info used by decision makers?

A

Fast assembly of prototype products for decision makers to evaluate. Can make changes quickly and results sent to any location that has a 3D printer.

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12
Q

The role of marketing can be summarised by 2 lines…

A
  1. Identify customer needs

2. Help the org fulfil those needs

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13
Q

What specific software can collect data from customers?

A

Customer relationship management (CRM) software

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14
Q

4 ways big data & data analytics can improve understanding of customer

A
  1. Identify patterns and trends in customer behaviour to predict demand
  2. Identify tastes = tailor to individual
  3. Understand how ind interacts with diff comms channels so create consistent exp for them
  4. Customer value: understand desires & preferences to identify features that add value for them.
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15
Q

3 main roles of operations

A
  1. Fulfil customer orders through production
  2. Delivery to customer
  3. transform inputs to outputs
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16
Q

Define EDI systems

A

Electronic data interchange systems = computer-to-computer exchange of docs in standardised format - so org’s systems exchange data with systems of customer/supplier. Eliminates needs to call up supplier and order materials etc. Use system to understanding change in type/frequency of orders.

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17
Q

5 sources of operational data

A
  1. EDI systems
  2. Logistics & reverse logistics systems
  3. Inventory mgmt systems
  4. Material requirement/manu resource/enterprise resource planning systems.
  5. Quality control systems
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18
Q

Sources of operational data tend to all be… + implication

A

INTERNAL sources = data should easily be collected and analysed to identify inefficient processes.

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19
Q

How can data analytics be used to identify operational inefficiencies?

A

Run analytics on data created by internal systems. Compare actual vs benchmark to determine inefficiencies.

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20
Q

How can enterprise-wide systems be used to identify operational inefficiencies?

A

Data in financial and operational systems can be used to generate KPIs that help org to monitor how efficient processes are.

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21
Q

How can EDI systems be used to identify operational inefficiencies?

A

EDI systems provide data on how quickly docs are transferred between orgs & may indicate delays

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22
Q

How can inventory mgmt systems be used to identify operational inefficiencies?

A

Identify product lines moving slowly or have a trend of increasing inventory lvls.

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23
Q

How can benchmarking analysis be used to identify operational inefficiencies?

A

Compare performance of bis process against comparable internal and external processes to identify underperformance.

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24
Q

How can quality control systems be used to identify operational inefficiencies?

A

Detect product lines with high levels of reworking or wastage to identify where improvements are needed.

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25
Q

How is data beneficial for operations to forecasting?

A

Data can map out customer behaviour + use predictive modelling = improve demand forecasting to schedule production processes.

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26
Q

How is data beneficial for operations to preventative maintenance?

A

data + internet of things (sensors) can continuously monitor systems to identify potential issues that can be prevented by scheduling maintenance before they occur.

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27
Q

How is data beneficial for operations to cost saving?

A

Efficiency gains by eliminating bottlenecks, reducing waste and downtime.

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28
Q

How is data beneficial for operations to improved service?

A

Live data and tracking can improve services e.g. customers see waiting times, track parcels.

29
Q

How is data beneficial for operations to supply chain?

A

Data enabling large and complex supply chains to be formed through sharing of knowledge and other collab so components and products can be made in most effective manner.

30
Q

Digital assets =

A

digital files such as PDFs, music, video and pictures. Users of these files are granted a licence to use the asset by the creator/owner, but do not have ownership rights themselves.

31
Q

A key feature of digital assets is…

A

permanence - exist indefinitely unless all copies deleted.

32
Q

Why do digital assets create problems for orgs?

A

They’re intangible, easily copied & transferred = need to protect ownership rights & ensure user licences appropriately written & intellectual property rights respected.

33
Q

What element of value do physical assets have that digital assets have less so?

A

SCARCITY creates value.

34
Q

In order to monetise or add value from digital assets, they need…

A

to have the properties of physical objects so the owner can create scarcity.

35
Q

What novel technology allows scarcity to be created from digital assets?

A

Bitcoins that use blockchains - digital assets that cannot be copied and each bitcoin is unique. They can be transferred, but only one copy of each bitcoin exists.

36
Q

State 4 other sources of customer value from digital assets that they’d be WTP for

A
  1. Brand
  2. Content of the asset
  3. Marketing of the asset
  4. Product dev - create bundle of digital assets that have more value than if sold individually e.g. apps with basic, limited & full functionality.
37
Q

How can finance support discovering value customers get from content of digital assets?

A

Provide insights into how much value different customers place on an asset.

38
Q

Digital asset mgmt systems =

A

store digital assets in a central, secure, accessible location - usually a database. Often cloud based = can access from any location.

39
Q

How would finance be involved in Digital asset mgmt systems?

A

Create business case for and choose a suitable provider

40
Q

How is metadata used in Digital asset mgmt systems? + 2 benefits.

A

Assets are categorised according to their metedata e.g. by format, date/time stamp etc = reduce time as can search for specific assets + prevents duplication.

41
Q

Why do Digital asset mgmt systems provide good security?

A

User require authorisation and different users may have different levels of access. Also version controls, watermarking and embargo dates (specifies exact data work made available for download).

42
Q

How can Digital asset mgmt systems provide insights?

A

User records provide data on usage and access to assets = can direct production of future assets that generate most value.

43
Q

2 ways Digital asset mgmt systems help external users

A
  1. Consistent & clear info as can see copyright & contact info
  2. Better service as can easily access through internet
44
Q

How do Digital asset mgmt systems affect cost?

A

Reduced cost and space requirements to store assets

45
Q

State 4 ethical considerations relating to data.

A
  1. Data dependence
  2. data storage
  3. data mining
  4. Data distribution
46
Q

Data storage ethical consideration

A

Ever increasing volumes of data = investment required in secure data systems. Affordability coming down to cost per unit of data storage.

47
Q

Data mining ethical consideration

A

Org should consider if using most effective data mining tools in order to extract max amount of useful data from their systems.

48
Q

How does increased data use impact org in terms of right to be informed data right?

A

More data = need to find effective & efficient methods of informing individuals e.g. single data policy auto distributed.

49
Q

How does increased data use impact org in terms of ‘access’ data right?

A

More data = org must have resource and systems in place to quickly and efficiently provide info requested.

50
Q

How does increased data use impact org in terms of ‘rectification’ data right?

A

More data = need resources and procedures in place to investigate reported errors & rectify quickly and efficiently. Must identify cause of errors and implement appropriate controls.

51
Q

How does increased data use impact org in terms of ‘erasure’ data right?

A

Resources in place to ensure all traces of data removed.

52
Q

How does increased data use impact org in terms of ‘restrict processing’ data right?

A

More data = harder to keep track of processing restrictions. Need systems to cope with restrictions automatically = need to be flexible.

53
Q

How does increased data use impact org in terms of ‘data portability’ data right?

A

Data needs to be stored in a format that can be easily transferred to another org & used by diff types of software

54
Q

How does increased data use impact org in terms of ‘to object’ data right?

A

Employees must be aware that where data held for direct marketing purposes, ind has right to object. Need systems to process these requests.

55
Q

How does increased data use impact org in terms of ‘automated decision making & profiling’ data right?

A

Need team of suitably qualified and experienced employees to intervene if human intervention requested.

56
Q

UK’s Info Commissioner’s Office (ICO) has identified what 8 Qs an org should ask itself which, if cannot be answered, identifies a data weakness.

A
  1. Do you have record of what data held & what it’s used for?
  2. Do people know the above^
  3. Do u only collect personal data needed?
  4. Do u only keep data for as long as needed?
  5. Do u make sure data UTD & accurate?
  6. Do u keep data secure?
  7. Do u have a way for ind to exercise data rights?
  8. Do u & staff know data protection responsibilities?
57
Q

State 4 features of sound data management

A
  1. Culture
  2. CDO
  3. Data strategy
  4. Training
58
Q

Culture feature of sound data mgmt

A

Top down approach to promoting significance of data

59
Q

CDO feature of sound data mgmt

A

Consider appointing a CDO with overall responsibility for governance and protection of data + strategies to make best use of data held.

60
Q

Data strategy feature of sound data mgmt

A

Data strategy embedded within org’s overall strategy.

61
Q

SAS Institute: 5 key building blocks of data strategy

A
  1. Identify
  2. Store
  3. Provision
  4. Process
  5. Govern
62
Q

SAS Institute: ‘Identify’ building block of data strategy

A

Identify business requirements and org structure.

63
Q

SAS Institute: ‘Store’ building block of data strategy

A

Identify data storage requirements and protection.

64
Q

SAS Institute: ‘Provision’ building block of data strategy

A

Identify how data should be packaged to allow easy access. Rules, guidance & access lvls should be determined.

65
Q

SAS Institute: ‘Process’ building block of data strategy

A

Data designed for clear, easy and consistent processing. Unify data stores to max processing potential.

66
Q

SAS Institute: ‘Govern’ building block of data strategy

A

Publish clear, consistent and user friendly policies on using and storing data to ensure correct use and min security breaches.

67
Q

Training feature of sound data mgmt

A

Provide training to staff to ensure compliance with legislation.

68
Q

5 responsibilities for CDR due to increased data use

A
  1. Act as steward of data
  2. Be transparent
  3. Ensure accuracy
  4. Have human checks
  5. Manage volume of data held
69
Q

Expand on responsibility to manage volume of data held

A

Orgs might deliberately or through inaction see datasets grow exponentially and beyond their ability to control and manage = need to put procedures in place to min this risk and ensure data is min needed to fulfil specific purposes.

CIMA E1 (12 decks)

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