Chapter 15: Technology Flashcards
Cloud Computing
Cloud accounting is the use of the internet to carry out processes that were traditionally done on localised hardware.
Benefits of cloud Computing:
-Competitveness, enables business to compete in a wider market.
-Flexibility, of access and business infrastructure
-Environmentally friendly, reducing carbon footprint
-Collaborations, individuals can be sharing and working on the same documents, and information from anywhere in the world.
-Back up, with information stored on the cloud there is automatic disaster recovery
-Security, data and documents are securely stored without the risk of transferring documents physically.
Cloud Accounting or ‘online accounting’
The same functionality as traditional computerised accounting, the difference is there is no desktop application and log in is to always up to date online information stored on a cloud server.
Benefits of cloud accounting
Access to accounts anywhere
Access to real time information
Access can be provided to others to collaborate, for example individuals from various areas of the business can be accessing the data at the same time for their purpose or to share and collaborate on a task.
Access to app eco systems
Live bank feeds with automatic posting and matching of transactions
Always up to date with lastest software
Enable data to be shared securely.
Artificial Intelligence
AI is technology that can be used to make decisions
Benefits of machine learning
Machines can process considerably more data in determining a decision than humans can.
Machines may be able to identify patterns that humans would not (either due to volume of data the degree of consistency within the pattern)
Machines do not suffer from human characteristics such as bias, tiredness or boredem.
Limitations of machine learning
A machine can only work with input data, which is generated from humans and may contain bias - but the machine cannot identify/edit that out
A machine may not have access to the appropriate data to make decision required
Process automation
The use of software to carry out low level tasks
Big Data
Given to collections of data that are so large that traditional methods of data collection are insufficient.
4v’s of big data
Volume
Velocity
Variety
Veracity
Big Data - Volume
More data than ever before is being collected. Driven by social media and transactional-based data recorded by large organisations.
Big data - Velocity
Speed at which data is being streamed into the organisation, in real time.
Transactions may be constant, particularly for multi-national organisations and those with significant economic presence.
Big Data - Variety
Includes data from many different systems which will be in many different formats.
Structured data will include transactions files. Unstructured data will include soical media posts, which are likely to include images, video and audio recordings.
Big Data - Veracity
Truthfulness of data, the bias, noise and abnormality in the data.
Types of data
Structured
Unstructured
Structured (primary data) - captured intentionally and for an identified use.
Unstructured (secondary data) - data collected with no specific purpose.
