7.1 Technology, data and improved information Flashcards
1
Q
Data is used by the FF to help with their primary activities:
A
- Assemble info
- Analyse for insights
- Advise to influence
- Apply for impact
2
Q
Decision making is vital and takes place on three different levels in org:
A
- Strategic - long term, complex decisions made by directors and senior management that impact the overall strategic direction of org
- Tactical - decisions are medium term and involve putting the strategic plan into action
- Operational - day to day decisions at junior management levels concerned with the practical running of bus in line with plans set higher up
3
Q
Information is
A
data that has been processed in such a way as to give meaning to the person who receives it and can be used to improve the quality of decision making
4
Q
Accountants and the FF are tasked with providing
A
- high quality info to support successful operation of bus
- the more insight it can provide the more valuable
- some of the technological advancements can provide higher value info
5
Q
Some of the benefits of enhanced info include:
A
- Greater customer insights
- Potential for new sources of competitive advantage
- New bus models and revenue streams
- Operational efficiencies offering cost saving and improved products
- Quicker and more reactive decision makig
- Early warning of potential problems
- Customised products specific to customers needs
6
Q
Data is
A
- raw and unprocessed numbers, facts or symbols that may contain potentially valuable info if analysed effectively
7
Q
Big data, data analytics and insight:
A
- big data and data analytics are providing new insights and understanding
- accessing these insights can be an opportunity for a bus or a potential threat if they fall behind rivals
- most significant sources of big data are the internet, mobile tech and the internet of things
8
Q
Improving info for decision makers:
A
- Decision makers at all levels depend on good quality info
- in order to improve info the data on which it is based must be improved
- significant sources of data include internet of things, social media and internet
9
Q
Collecting data and using it in a deliberate manner is beneficial for decision makers because:
A
- Enhanced data transparency - improved systems for handling data allow new meaning to be found and allows for easier integration with other data sources
- Enhanced performance - real time monitoring of data summarised as key metrics can allow corrective action to be taken
- Market segmentation and customisation - data can enable identification of new market segments which can be more actively targeted
- Improved decision making - by way of better understanding and insight into consumer behaviour
- New products and services - by understanding the various drivers that make a customer buy a specific product can provide insight into development of new products
- Operational gains - detailed insight can highlight potential efficiencies, cost savings and improvements that can give a competitive advantage
10
Q
The FF, data and assembling info and analysing for insight (pg 191):
A
- Tech and automation play a key role in
- collecting and processing data for costing and budgets
- assembling info for financial statements
- assembling info for working capital management
- This has freed up resources of FF but they still have a role in analysing info for insight to understand customers needs
11
Q
The FF, data and advising to influence (pg 191):
A
- Opportunity for FF to use tech and automation for:
- Decision making - analysed info is used to develop solutions and advise to influence (selection of products offered)
- Develop customer value proposition - helping to develop the products that fulfill customers needs
12
Q
The FF, data and applying for impact (pg 191):
A
- The FF will have significant role in:
- Enhancing operational efficiency by deploying solutions such as outsourcing
- Monetising data - take action to generate economic benefit from data
