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 big data is based around?
A
- Variety
- Velocity
- Veracity (is it reliable?)
- Volume
3
Q
How can big data be used?
A
- Provide information on products a customer would be interested in linked to other things they have bought
- Bespoke advertising based on trends
- Gauge customer interest and trends
- Gathering of qualitative data
4
Q
Advantages of using big data:
A
- Collect information to make more strategic choices
- Analyse operations to find areas to improve
- Making better decisions
5
Q
Disadvantages of using big data:
A
- Data protection
- Legality
- Reliability
- Cost
6
Q
Data mining definition
A
The use of statistical techniques to turn raw data into something meaningful and useful
7
Q
How can businesses mine data?
A
- Creation of income statements
- Extrapolations and correlation
- Calculation of PED and YED
- Decision trees
8
Q
Advantages of data mining:
A
- Have a full understanding of the business
- Understand the reasoning and behaviour of their customers at a more micro level
- Make better decisions
9
Q
Enterprise resource planning definition
A
Using information systems in order to automate processes and integrate them together
10
Q
How can a business use ERP?
A
- Process orders from customers
- Order resources from suppliers
- Keep a record of stock
11
Q
Advantages of using ERP:
A
- Links together functional areas
- Automation is more efficient
- Reduce costs and save time
