9 Digitalization Flashcards
What are the pros and cons of blockchain technology?
Pros:
Eliminates intermediaries. Reduces transaction costs. Accelerates processes. Increases security by reducing manipulation possibilities.
Cons:
Size issues due to sequential data structure. Difficulties in detecting and correcting errors. Increased energy costs.
What are the central terms in digitalization?
Data Volume:
The continuously increasing amount of stored data.
Data Variety:
The growing variety of data sources and formats (e.g., unstructured, semi-structured, structured).
Velocity:
The need for faster data evaluation and real-time processing to analyze increasing data volumes efficiently.
Analytics:
Methods to identify patterns, correlations, and insights within data sets, such as statistics, predictive models, data mining, and semantic analysis.
What is blockchain technology and how it works?
Blockchain is like a digital notebook that keeps records of transactions. It’s shared with many people (a network), so no one person controls it. Once something is written in this notebook, it cannot be erased or changed.
User Makes a Request:
Someone asks to do something, like send money to a friend.
Shared with the Network:
This request is sent to a group of computers (called a network).
Computers Check the Request:
The computers check if the request is valid (e.g., does the person have enough money?).
Transaction Gets Approved:
If everything is fine, the request is approved and put into a "block" (a group of transactions).
Added to the Chain:
The block is added to the chain of previous transactions (the blockchain). Now, it’s permanent and can’t be changed.
What is IoT
IoT (Internet of Things) is a system where physical and virtual objects are connected via the internet, enabling them to collect, share, and act on data. It integrates digital and physical products, services, and machines using communication technologies.
How does IoT functions
IoT relies on interconnected technologies and infrastructure to process, manage, and analyze data effectively.
- Big DataIoT devices generate large volumes of data.
This data must be processed quickly to extract meaningful insights. - Cloud ComputingData management happens through cloud services.
Cloud platforms store, process, and manage the massive data generated by IoT devices.
They provide scalability and accessibility for IoT systems. - Artificial Intelligence (AI)AI enables intelligent data analysis and decision-making.
IoT systems use AI to analyze data patterns and automate control mechanisms, like adjusting a thermostat or optimizing factory operations.
Pros and Cons of IoT
Pros:
Improved planning and control. Higher customer satisfaction. Increased flexibility in production. Faster time-to-market. Improved product quality. Customization of products.
Cons:
Uncertain economic benefits and disproportionate investments. Insufficient employee qualifications. Lack of legislation, standards, and certifications. Uncertain legal issues with external data usage. Low maturity of required technologies. Unresolved data security concerns.
What is the definition of the Digital Economy?
The digital economy is all about doing business online. It uses the internet and other digital tools to share information, communicate, and complete transactions. Think of it as an economy that happens on digital platforms, like shopping on Amazon, paying bills online, or using apps to order food.
What are the development phases of Digital Economy
Static Presentation (Stage 1):
Companies present information online. Content is static, like a business website with descriptions and no interaction or personalization.
Communicational Interaction (Stage 2):
Companies start interacting with customers. Examples include email communication, customer inquiries, and after-sales services.
Commercial Transaction (Stage 3):
Transactions happen online. This includes online sales, contracts, and integrating back-office systems.
Value and Partner Integration (Stage 4):
Full electronic integration of business partners and processes. Highest level of interactivity and collaboration to create value together.
What are the central platforms of the digital economy?
E-Procurement:
Electronic purchase of products/services using digital networks. Supports operational and strategic procurement tasks.
E-Shop:
Electronic sale of products/services via digital networks. Enhances operational and strategic sales processes.
E-Marketplace:
Online platforms for trading products/services. Connects supply and demand using digital networks.
E-Community:
Facilitates electronic communication between people or institutions. Enables data and knowledge sharing or transaction-related decisions.
E-Company:
Enables electronic communication between businesses. Links individual company services to create a virtual company with unified transaction offerings.
What are the key stages in the history and development of the digital economy?
Web 1.0 (Supply-Oriented):
Focus on providing information through systems like e-procurement, e-shops, and e-marketplaces.
Internet used as a distribution channel with search functions.
Web 2.0 (Relationship-Oriented):
Builds networks between users (private or commercial).
Focuses on communication and collaboration (e.g., E-Company, E-Community).
Web 3.0 (Demand-Oriented):
Offers personalized products and services tailored to individual needs (e.g., E-Desk).
Web 4.0 (Machine-Oriented):
Machine-to-Machine (M2M) communication.
Integrates IoT, Industry 4.0, and cloud computing for automation of physical and virtual systems.
Web 5.0 (AI-Enhanced):
Combines AI and blockchain with existing technologies like IoT.
Supports advanced systems like E-Artificial Systems for greater interconnectivity and intelligence.
Key Success Factors of Digital Economy
Digital and Innovative Capabilities
* Understand your makret and customer needs
* Evaluate new opportunities and risk for innovation
* balance physicač and digital goods effectively
Strategic and Organizational Flexibility
* Be adaptable to fast chaning internet economy
* focusing on building strong relationship with customers
* Adjusting quickly to shifts in market strcutures
**Network and Integration Capability **
* Combine and process information efficiently
* Save time and resources with seamless digital networking
* unse network effects to keep customer engaged
**User Convenience **
* Provide easy to use systems and interfaces
* move traditional offline services to digital platform
* focus on customer and user satisfaction
What is digital entrepreneurship?
Definition:
Digital entrepreneurship involves creating an independent business in the digital economy. Founders meet demand with specific online products or services.
Digital entrepreneurship involves using digitalization to create new value for businesses. Information and data are now independently used as source of competitive advantage. Digital networks enable the creation of digital value chains by collecting, organizing, and sharing information. This allows businesses to develop innovative ideas and electronic products that customers are willing to pay for.
What is the definition of a digital start-up company?
A digital start-up is a new company with a creative business idea that operates entirely online. It uses digital platforms to offer products or services, made possible by advancements in technology and the internet.
What are the central questions founders of digital companies should ask?
What information can create value for customers?
Which electronic platform is most suitable for delivering this value?
How can the attractiveness of the information product be maintained over time?
How can the company grow independently based on the information product?
What are the key features of digital start-up companies?
Type of Foundation:
Independent, original, and innovative business start-ups.
Start-up Environment:
High growth potential with uncertainty about ICT and business success.
Start-up Reference:
Business ideas enabled by innovative ICT, focused on leveraging information as a competitive factor.
Founding Basis:
Built on the concept of creating electronic value for customers via electronic platforms.
