Business in the digital age Flashcards
Define dark data
Used once or not at all
How much data does the brain store?
Between 100-1000 terabytes
Define data
Symbols with no context that we interact with.
What are the 5 V’s of data collection?
Volume: how much data is coming in.
Velocity: How quickly do you need to process data.
Value: What are you getting from the data, what use? (Cost/benefit)
Veracity: How trustworthy is the data.
Variety: What are the different formats of data that you need to process.
What is an ERP system?
enterprise resource planning e.g. sales, manufacturing, HR & payroll
Define inventory management
How much stock you have, is it selling?
Define financial management
Profit/loss, balance sheet, forecast
Define customer relationship management (CRM)
Aims to increase customer service
Define automated reporting
Modules work together to report across all departments
What is business intelligence
Make data driven decisions
Define project management
connects project activities with company finances
Define compliance management
Modules make sure business stay compliant with industry regulations
What happens in CRM (customer relationship management)
Need to know about the customer
What are the disadvantages of CRM?
- How much info can you record without the person knowing
- People could steal whole CRM and switch companies
What is EDRM
Electronic document record management:
AKA enterprise content management
- role of AI to mine the data
What are the benefits of EDRM (AKA enterprise content management)?
- increase security and compliance mandates.
- increase inter and intra organisational collab objective
- content retention policies and risk mitigation
- workflow enablement
- improved search
What is explicit knowledge?
Knowledge that is straightforwardly expressed and shared between people
What is tacit knowledge?
Knowledge you’ve gained through living experience, both in your personal life and professional development
Define semantics
- Branch of linguistics and logic concerned with meaning aka meaning of a word
In digital age:
-navigating through data
-search and find with words
-represent data and info in value creating way
What is the semantic web?
Extension to current web - data and info for computers to manipulate
How long do employees take searching for online info?
35% of productive time
How much do fortune 1000 waste every year as they can’t find info?
$2.5 billion
Define controlled data?
Organised arrangement of words and phrases to find way through data
What is data?
District elements and sumbols.
What is info?
Linking data together to make a relation or meaning.
What is knowledge?
Appropriate collection of info - so it’s useful
What is wisdom?
Comprehension and recognition of processes and relationships gained through experiences.
What is structured and unstructured data?
Unstructured: not organised systematically
- Not linked or machine readable
Structured: organised and standardised how they relate
Define associative relationship
relationship between terms that are not equivalents
One term is needed in the definition of another e.g. plants and botany
How fast is data growing?
50% increase per year
What does the GDPR (May 2018) attempt to do?
- Enhance personal privacy rights.
- Increase business responsibility to protect user data: data protection officer, breach reporting, penalties.
- Ind. have choice and control
- Ind. can challenge if no consent
- Right to obtain and reuse personal data between services
What is meant by ‘digitally ready’?
Lvl of readiness of an organisation’s workforce to move to digitalised workflows.
What is an ICO?
Information commissioner’s office
-> regulates data protection
What is a code of conduct?
Set of rules outlining sets of norms/rules for an individual.
What are the main differences between the DPA (1998) and the GDPR (2018)?
- GDPR has specific action to opt in
- DPA max fine £500k vs GDPR 4% of previous year turnover
- DPA is not mandatory to inform data breach
- DPA charges you to access personal data
- DPA was compulsory in 38% of EU states vs GDPR making it a requirement
Define blockchain
System in which a record of transactions made in cryptocurrency are maintained across several computers linked in a peer to peer network.
What are the benefits of a blockchain?
- Businesses benefit from connectivity
- Wealth generated by flow of goods
- Markets central to this process
Define assets
Anything that is owned or controlled to produce value
Tangible and intangible
Intangible:
Financial (bonds)
Intellectual (patents)
Digital (music)
What is a ledger?
Records asset transfers
Blockchain: shared ledger tech - anyone in network can access
What’s the fastest 3D printer?
Continuous liquid interface production (CLIP) by Carbon
How much is the IOT (internet of things) worth?
Expected to grow from $151 billion (2018) to $1,567 billion (2025)
What does the IOT include?
% = share value
- Smart module (sim cards, sensors, chips)
- Smart objects (cars, camera)
5-10% - Connectivity (network) 15-20%
- Platform (analytics, billings) 30-40%
- Software customisation (interfaces, data mgmt) 15-20%
- Application (CRM, customer care) 15-20%
- Customer (buys services) 10-20%
What slows down the IOT?
If places don’t have a 5G backbone
Where in 5G most common?
59% in republic of Korea
8% in latin America
3% in sub Saharan Africa
What is the benefit of cloud computing?
- Reduces costs by having someone else mange environment
- Access resources on demand
- Easily upgraded
- Off site data storage
- Disaster assistance
What are the different types of clouds?
Private: for an organisation
Community: shared
Public: gem public
Hybrid: 2+ clouds that remain unique identities but r bonded together
What is the fuzzy rule based system?
A system for predicting viewpoints which mimics the human mind in its ability to reason
What are the main components of a digital economy?
- Core aspects or foundational aspects
- Digital & info tech sectors
- Wide set of digitalising sectors
What are the foundational aspects of a digital economy?
- Fundamental innovations (semi conductors, processors)
- Enabling infrastructures (internet & telecoms network)
- Core tech (computers, devices)
What does IT depend on?
- Payment services
- Digital platforms
Define platform economy
- Digital platform using the internet to connect people
- Mobile platform
Define blockchain
Electronic ledger that all firms within a transaction can access
What is the value proposition of 3D printing?
- Damage environment (printing plastic)
- Enables rapid prototyping manufacturing
- Prolong equipment life by printing spare parts
What is AI?
computers engaging in human like thought processes
What is machine learning (ML)
- computers learn without being explicitly programmed
- learn by experience, repetition and feedback
What is intelligent automation (IA)
AI learning over time to take over human tasks
What is knowledge work?
Intellectual, creative and non routine e.g. education, consulting
What is service work?
Using one’s resources for someone’s benefit e.g. security
What are some arguments for increased use of IA?
1) Consumer preference favour IA (e.g. self checkout in covid0)
2) Increased familiarity of IA
3) Increased business confidence in IA (e.g. less ppl in office during covid)
What are some arguments against increased IA
1) Big data availability & reliability limitations
2) many tasks favour humans
3) Narrow capabilities of IA
4) Lots of humans
What are the implication of IA?
- IS (info system) practioners focus on IA limitations
-IS reassure workforce about IA - Combine IA and human workers
Define cybernetics
Science of communications and automatic control systems in both machines and living things.
What is the systems principle?
- Connectivity of one elements with others
- Must be dealt with as a whole
What is the black box principle
Any exceedingly complex system cannot be fully known e.g. phone
What is the principle of self regulation
Out of control, a system will bring itself back under control
What is the law of requisite variety?
Regulator must have capacity to resolve issues as the system does to generate them
Simple terms: System must have more responses than there are problems in the environment
Define uncertainty
Future cannot be predicted.
How do you establish context (Determining risk)
e.g. project
Elements: scope, resources, quality, cost, time
Process: flexibility, definition, plan, control
Levers: strategic, tactical
How do you ID risk (Determining risk)
Team knowledge, cost/time estimates, Planning -> sources of risk, risk events, risk symptoms
Use expert judgement, brainstorming, independent assessors, interviews.
What is risk analysis (Determining risk)
Take action to move risks to acceptable level
Likelihood vs consequence (risk matrix)
What is risk evaluation (Determining risk)
What to do
What is risk treatment (Determining risk)
Treating risk
How do you monitor and report risk (Determining risk)
Include risk in annual report
How can open data be difficult to consume?
-Dif formats & standards
-Dif periods of delays in available
-Suspect data quality
-Datasets may go missing over time
-Difficult to find and understand
-Data changes over time
What is the 5 star open data rating system?
Explains costs and benefits e.g.
1⭐ available on web (any format
2⭐ as structured data (excel instead of image)
3⭐ non proprietary open format (csv not excel)
4⭐ use URLs to denote thing
5⭐ link your data to other data
What should you check when working with open data?
- Check openness (license to use).
- Check attribution reqs
What is metadata?
Data about data
-Machine readable
-Turns info into an asset
Categorises and tags
What is the info science community?
- Bibliographic control approach (describes the structure that enables cataloguing metadata to be processed by a computer)
- Intellectual ad physical access to context
What is the computer science community?
- Data mgmt approach
- Internal, external documentation needed
What is the difference between computer science and information science?
Computer scientist applies hardware and software tools.
Information scientist focuses on the use of information systems and data science.
What are the types of metadata?
- Descriptive e.g. title, author, keywords
- Structural: how compound objects are put together e.g. pages ordered into chapters
- Administrative: info on how to manage a resource e.g. when created
What is FOAF metadata
Friend of a friend - linking and describing people.
How do you analyse metadata?
1) Analytics tools build linked data structures
2) Process linked data structures
