Chapter 12: Digital strategy - digital technologies Flashcards

1
Q

What is disruptive technology?

A

Relates to instances where technology is used to funamentally change and ‘disrupt’ the existing business model in an industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the advantages that organisations have if they are using financial technology?

A

Better use of data
Frictionless customer experience using elements such as smartphone apps to provide a broad and efficient range of services
More personalisation of products/services to individual customers
Lack of physical presence
Access to cheap capital to fund growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What should business leaders focus on in developing digital strategies?

A

Internet of me
Outcome economy
Platform (r)evolution
Intelligent enterprise
Workforce reimagined

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the internet of me?

A

Users are being placed at centre of digital experiences through apps and services being personalised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is outcome economy?

A

Organisations have an increased ability to measure the outcomes of the services that they deliver. Customers are more attracted to outcomes than just simply to products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is platform (R)evolution?

A

Global platforms are becoming easier to
establish and cheaper to run. Developments such as cloud computing and mobile technology offer huge potential for innovation and quicker delivery of next-generation services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the intelligent enterprise?

A

using data in a smart way enables organisations to become more innovative and achieve higher degrees of operating efficiency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is workforce reimagined?

A

whilst greater use is made of smart machines, the role of human beings is not being removed altogether; they are simply being used in a different way.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the myths about digital transformation?

A

Those organisations that are nto digital already have missed their chance
Becoming a digital business is an administrative excercise that focusses on achieving operational efficiencies
Digital transformation can be successfully achieved just by creating a digital business unit headed by a Chief Digital Officer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is AI?

A

Area of computer science that emphasises the creation of intelligent machines that work and react like human beings.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is machine learning?

A

Detect patterns and learn how to make predictions and recommendations by processing data and experiences, rather than by ecplicit programming instruction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What are the three types of machine learning?

A

Supervised Learning
Unsupervised Learning
Reinforcement Learning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is supervised learning?

A

Algorithm uses training data and feedback from humans to learn the relationships of given inputs to given outputs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the three steps to how supervised learning works?

A
  1. Human labels every element of the input data and defines the output variable
  2. Algorithm is trained on the data to find the connection between the input variables and the output
  3. Once training is complete then the algorithm is applied to new data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is unsupervised learning?

A

Algorithm interrogates input data without being given any explicit output variable.
This can be used when there is not known classification of the data, and the user wants the algorithm to find patterns and classify the data for them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the three steps for using unsupervised learning?

A
  1. Algorithm receives unlabelled data
  2. Algorithm then infers some sort of structure on the data
  3. Algorithm identifies groups of data that exhibit similar behaviour
17
Q

What is reinforcement learning?

A

Algorithm learns to perform a task by trying to maximise the rewards it receives for the actions it takes.
It can be used when there isn’t a lot of training data available or the only way to learn abut the environment is to interact with it.

18
Q

What are the three steps for reinforcement learning?

A
  1. Algorithm takes an action on the environment
  2. Receives a reward if the action taken brings the machine a step closer to its objective
  3. Algorithm optimises for the best series of actions by correcting itself over time.
19
Q

What are the benefits of cloud and mobile computing?

A

Store and share data
On-demand self-service
Flexibility - employees no longer need to be ‘plugged into’ work networks
Collaboration
More Competitive
Easier scaling
Reduced maintenance
Back-ups
Disaster recovery
Better security

20
Q

What are the risks of cloud and mobile computing?

A

Reliance on the service provider
Regulatory risks
Unauthorised access of businss and customer data

21
Q

What is the internet of things?

A

Described as the inter connection via the internet of computing devices embedded in everyday objects, enabling them to send and receive data

22
Q

What is big data?

A

Collection of data which is so large that it becomes difficult to store and process using traditional databases and data processing applications

23
Q

What are some examples of data that inputs into big data systems?

A

Social network traffic
Web server logs
Traffic flow information
Satellite imagery
Streamed audio content
Banking transactions

24
Q

What are the 3V’s of big data?

A

Volume - refers to the amount of data
Variety - comes from numerous sources
Velocity - data is likely to change on a regular basis and needs to be continually updated

25
Q

What are the benefits of big data?

A

Driving innovation - by reducing the time to answer key business questions and make decisions
Gaining competitive advantage - by identifying trends
Improving productivity - by identifying waste and inefficiency

26
Q

What is blockchain?

A

Decentralised, distributed and public digital ledger that is used to record transactions across may computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

27
Q

What is the benefit of blockchain?

A

Security

28
Q

What are the key features of blockchain?

A

Transactions are recorded by a number of participants using a network which operates via the internet
When transaction takes place the details of that deal are recorded by everyone
Process of verifying the transaction is carried out by computers
When a new block is added, it is linked to the previous block using a cryptographic hash generated from the contents of the previous block.

29
Q

How can blockchain enhance the accounting profession?

A

Reducing cost of maintaining and reconciling ledgers
Providing absolute certainty over the ownership and history of assets
Helping accountants gain clarity over available resources
Freeing up resources to concentrate on planning and valuation, rather than record keeping

30
Q

What is data visualisation?

A

General terms that describes any attempt to take data and help people to understand it better by presenting it in a visual context.
Helps organisations to understand their home-grow data in more detail and therefore to exploit it better to achieve growth and flexibility.

31
Q

What are some common general types of data visualisation?

A

Charts
Tables
Graphs
Maps
Infrographics
Dashboards

32
Q

What is 3D printing?

A

Additive layer manufacturing (ALM) is a process whereby three-dimensional solid objects are created from digital files

33
Q

What are the benefits of 3D printing?

A

Reduced waste
Eliminate transport costs
Less environmental impact
Shorter lead times
Greater customisation
Increased profitability
Social benefits

34
Q

What are the problems associated with 3D printing?

A

Cost
Quality concerns
Lack of skills
Legal concerns
Environmental impact
Ethical concerns

35
Q

What is process automation?

A

Refers to use of digital technology to perform a process or processes to accomplish a workflow or function.
Processes that used to be manually become automated

36
Q

What are the benefits of process automation?

A

Productivity
Accuracy
Consistency
Audit trail
Flexibility
Staff retention
Availability
Cost savings

37
Q

What are the challenges of process automation?

A

Lack of integration in IT systems
Lack of standardisation
Reluctance to reduce headcount
Cost
Lack of skills

38
Q
A