9.4c Other Uses of Data Technology Flashcards
1
Q
Big data definition
A
A term that describes the large volume of data that inundates a business on a day-to-day basis
2
Q
What are the four V’s that the big data concept is based around?
A
- Volume - the amount of data businesses collect
- Velocity - the speed with which data arrives in a business
- Variety - data comes in all types of format
- Veracity - is the data reliable
3
Q
Ways big data can be used:
A
- Provides information on products a customer would be interested in linked to other things they have bought
- Bespoke advertising based on trends
- Gathering of qualitative data
4
Q
Reasons a business will use big data:
A
- Collect marketing information
- To analyse its operations
- Making better decisions
5
Q
Issues to consider in using big data (E3):
A
- Data protection
- Reliability
- Cost
6
Q
Data mining definition
A
The use of statistical techniques to turn raw data into something meaningful and useful
7
Q
Ways a business can mine data:
A
- Creation of income statements
- Decision trees
- Calculation of PED and YED
8
Q
Reasons businesses mine data:
A
- To have a full understanding of the business
- To understand the reasoning and behaviour of their customers at a more ‘micro’ level
- To make better decisions
9
Q
What happens in Enterprise Resource Planning?
A
A business uses information systems in order to automate its processes and integrate them together
10
Q
How a business uses ERP:
A
- Process orders from customers
- Keep a record of stock
- Meet quality targets
11
Q
Why a business uses ERP:
A
- Links together functional areas
- Automation is more efficient
- Reduce costs and save time
