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Business > Business in the digital age > Flashcards

Business in the digital age Flashcards

1
Q

Define dark data

A

Used once or not at all

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2
Q

How much data does the brain store?

A

Between 100-1000 terabytes

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3
Q

Define data

A

Symbols with no context that we interact with.

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4
Q

What are the 5 V’s of data collection?

A

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.

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5
Q

What is an ERP system?

A

enterprise resource planning e.g. sales, manufacturing, HR & payroll

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6
Q

Define inventory management

A

How much stock you have, is it selling?

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7
Q

Define financial management

A

Profit/loss, balance sheet, forecast

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8
Q

Define customer relationship management (CRM)

A

Aims to increase customer service

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9
Q

Define automated reporting

A

Modules work together to report across all departments

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10
Q

What is business intelligence

A

Make data driven decisions

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11
Q

Define project management

A

connects project activities with company finances

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12
Q

Define compliance management

A

Modules make sure business stay compliant with industry regulations

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13
Q

What happens in CRM (customer relationship management)

A

Need to know about the customer

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14
Q

What are the disadvantages of CRM?

A
  • How much info can you record without the person knowing
  • People could steal whole CRM and switch companies
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15
Q

What is EDRM

A

Electronic document record management:
AKA enterprise content management
- role of AI to mine the data

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16
Q

What are the benefits of EDRM (AKA enterprise content management)?

A
  • increase security and compliance mandates.
  • increase inter and intra organisational collab objective
  • content retention policies and risk mitigation
  • workflow enablement
  • improved search
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17
Q

What is explicit knowledge?

A

Knowledge that is straightforwardly expressed and shared between people

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18
Q

What is tacit knowledge?

A

Knowledge you’ve gained through living experience, both in your personal life and professional development

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19
Q

Define semantics

A
  • 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

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20
Q

What is the semantic web?

A

Extension to current web - data and info for computers to manipulate

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21
Q

How long do employees take searching for online info?

A

35% of productive time

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22
Q

How much do fortune 1000 waste every year as they can’t find info?

A

$2.5 billion

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23
Q

Define controlled data?

A

Organised arrangement of words and phrases to find way through data

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24
Q

What is data?

A

District elements and sumbols.

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25
Q

What is info?

A

Linking data together to make a relation or meaning.

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26
Q

What is knowledge?

A

Appropriate collection of info - so it’s useful

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27
Q

What is wisdom?

A

Comprehension and recognition of processes and relationships gained through experiences.

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28
Q

What is structured and unstructured data?

A

Unstructured: not organised systematically
- Not linked or machine readable

Structured: organised and standardised how they relate

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29
Q

Define associative relationship

A

relationship between terms that are not equivalents

One term is needed in the definition of another e.g. plants and botany

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30
Q

How fast is data growing?

A

50% increase per year

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31
Q

What does the GDPR (May 2018) attempt to do?

A
  • 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
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32
Q

What is meant by ‘digitally ready’?

A

Lvl of readiness of an organisation’s workforce to move to digitalised workflows.

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33
Q

What is an ICO?

A

Information commissioner’s office
-> regulates data protection

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34
Q

What is a code of conduct?

A

Set of rules outlining sets of norms/rules for an individual.

35
Q

What are the main differences between the DPA (1998) and the GDPR (2018)?

A
  • 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
36
Q

Define blockchain

A

System in which a record of transactions made in cryptocurrency are maintained across several computers linked in a peer to peer network.

37
Q

What are the benefits of a blockchain?

A
  • Businesses benefit from connectivity
  • Wealth generated by flow of goods
  • Markets central to this process
38
Q

Define assets

A

Anything that is owned or controlled to produce value

Tangible and intangible

Intangible:
Financial (bonds)
Intellectual (patents)
Digital (music)

39
Q

What is a ledger?

A

Records asset transfers

Blockchain: shared ledger tech - anyone in network can access

40
Q

What’s the fastest 3D printer?

A

Continuous liquid interface production (CLIP) by Carbon

41
Q

How much is the IOT (internet of things) worth?

A

Expected to grow from $151 billion (2018) to $1,567 billion (2025)

42
Q

What does the IOT include?

A

% = 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%
43
Q

What slows down the IOT?

A

If places don’t have a 5G backbone

44
Q

Where in 5G most common?

A

59% in republic of Korea
8% in latin America
3% in sub Saharan Africa

45
Q

What is the benefit of cloud computing?

A
  • Reduces costs by having someone else mange environment
  • Access resources on demand
  • Easily upgraded
  • Off site data storage
  • Disaster assistance
46
Q

What are the different types of clouds?

A

Private: for an organisation

Community: shared

Public: gem public

Hybrid: 2+ clouds that remain unique identities but r bonded together

47
Q

What is the fuzzy rule based system?

A

A system for predicting viewpoints which mimics the human mind in its ability to reason

48
Q

What are the main components of a digital economy?

A
  • Core aspects or foundational aspects
  • Digital & info tech sectors
  • Wide set of digitalising sectors
49
Q

What are the foundational aspects of a digital economy?

A
  • Fundamental innovations (semi conductors, processors)
  • Enabling infrastructures (internet & telecoms network)
  • Core tech (computers, devices)
50
Q

What does IT depend on?

A
  • Payment services
  • Digital platforms
51
Q

Define platform economy

A
  • Digital platform using the internet to connect people
  • Mobile platform
52
Q

Define blockchain

A

Electronic ledger that all firms within a transaction can access

53
Q

What is the value proposition of 3D printing?

A
  • Damage environment (printing plastic)
  • Enables rapid prototyping manufacturing
  • Prolong equipment life by printing spare parts
54
Q

What is AI?

A

computers engaging in human like thought processes

55
Q

What is machine learning (ML)

A
  • computers learn without being explicitly programmed
  • learn by experience, repetition and feedback
56
Q

What is intelligent automation (IA)

A

AI learning over time to take over human tasks

57
Q

What is knowledge work?

A

Intellectual, creative and non routine e.g. education, consulting

58
Q

What is service work?

A

Using one’s resources for someone’s benefit e.g. security

59
Q

What are some arguments for increased use of IA?

A

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)

60
Q

What are some arguments against increased IA

A

1) Big data availability & reliability limitations

2) many tasks favour humans

3) Narrow capabilities of IA

4) Lots of humans

61
Q

What are the implication of IA?

A
  • IS (info system) practioners focus on IA limitations
    -IS reassure workforce about IA
  • Combine IA and human workers
62
Q

Define cybernetics

A

Science of communications and automatic control systems in both machines and living things.

63
Q

What is the systems principle?

A
  • Connectivity of one elements with others
  • Must be dealt with as a whole
64
Q

What is the black box principle

A

Any exceedingly complex system cannot be fully known e.g. phone

65
Q

What is the principle of self regulation

A

Out of control, a system will bring itself back under control

66
Q

What is the law of requisite variety?

A

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

67
Q

Define uncertainty

A

Future cannot be predicted.

68
Q

How do you establish context (Determining risk)

A

e.g. project
Elements: scope, resources, quality, cost, time
Process: flexibility, definition, plan, control
Levers: strategic, tactical

69
Q

How do you ID risk (Determining risk)

A

Team knowledge, cost/time estimates, Planning -> sources of risk, risk events, risk symptoms

Use expert judgement, brainstorming, independent assessors, interviews.

70
Q

What is risk analysis (Determining risk)

A

Take action to move risks to acceptable level

Likelihood vs consequence (risk matrix)

71
Q

What is risk evaluation (Determining risk)

A

What to do

72
Q

What is risk treatment (Determining risk)

A

Treating risk

73
Q

How do you monitor and report risk (Determining risk)

A

Include risk in annual report

74
Q

How can open data be difficult to consume?

A

-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

75
Q

What is the 5 star open data rating system?

A

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

76
Q

What should you check when working with open data?

A
  • Check openness (license to use).
  • Check attribution reqs
77
Q

What is metadata?

A

Data about data
-Machine readable
-Turns info into an asset

Categorises and tags

78
Q

What is the info science community?

A
  • Bibliographic control approach (describes the structure that enables cataloguing metadata to be processed by a computer)
  • Intellectual ad physical access to context
79
Q

What is the computer science community?

A
  • Data mgmt approach
  • Internal, external documentation needed
80
Q

What is the difference between computer science and information science?

A

Computer scientist applies hardware and software tools.

Information scientist focuses on the use of information systems and data science.

81
Q

What are the types of metadata?

A
  • 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
82
Q

What is FOAF metadata

A

Friend of a friend - linking and describing people.

83
Q

How do you analyse metadata?

A

1) Analytics tools build linked data structures
2) Process linked data structures

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