Chapter 12: Digital strategy - digital technologies Flashcards
What is disruptive technology?
Relates to instances where technology is used to funamentally change and ‘disrupt’ the existing business model in an industry
What are the advantages that organisations have if they are using financial technology?
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
What should business leaders focus on in developing digital strategies?
Internet of me
Outcome economy
Platform (r)evolution
Intelligent enterprise
Workforce reimagined
What is the internet of me?
Users are being placed at centre of digital experiences through apps and services being personalised
What is outcome economy?
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.
What is platform (R)evolution?
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.
What is the intelligent enterprise?
using data in a smart way enables organisations to become more innovative and achieve higher degrees of operating efficiency
What is workforce reimagined?
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.
What are the myths about digital transformation?
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
What is AI?
Area of computer science that emphasises the creation of intelligent machines that work and react like human beings.
What is machine learning?
Detect patterns and learn how to make predictions and recommendations by processing data and experiences, rather than by ecplicit programming instruction.
What are the three types of machine learning?
Supervised Learning
Unsupervised Learning
Reinforcement Learning
What is supervised learning?
Algorithm uses training data and feedback from humans to learn the relationships of given inputs to given outputs.
What are the three steps to how supervised learning works?
- Human labels every element of the input data and defines the output variable
- Algorithm is trained on the data to find the connection between the input variables and the output
- Once training is complete then the algorithm is applied to new data
What is unsupervised learning?
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.