Data and Information in the Digital World Flashcards
What are the three levels of decision making?
Strategic - links to the acumen in the finance function
Tactical - links to the advise/apply in the finance function
Operational - links to the advise/apply in the finance function
What is data monetisation?
Generating revenue from data sources by discoverin, capturing, storing, analysing, disseminating and using the data
Define extraction, transformation and loading
ETL
A process in database systems especially data warehousing
Define data warehouse
A system used for and reporting data and analysis - a key aspect of business intelligence systems
Define data extraction
Taking data from a variety of sources
Define data transformation
Processing data into a storage format for analysis and querying
Define data loading
Insertion of data into the final target database
Define data engineer
Someone who creates links between sources of data in the data warehousing - takes the raw data and builds something with it
Define data mining
Process of discovering patterns in large data sets
What is Hadoop?
An open source distribution processing framework that manages data processing and storage for big data applications running in cluttered systems
It breaks down tasks and shares them across servers allowing processing to run parallel which speeds up processing
Hadoop Distribute File System (HDFS) - the part which breaks down the task
MapReduce framework - the part which coordinates the distributed processing of the data to achieve the outcome
What is business intelligence?
BI is the technical architecture of systems that extracts, assembles, stores and accesses data to provide reports and analysis
How is BI relevant to finance?
CGMA says finance must be at the forefront of business intelligence
Finance must:
Consider the potential for BI in the organisation
Champion appropriate BI projects
Continue to report and monitor pay information
Provide forward looking analysis based on financial and non financial information
Take on decision support roles
How can finance partner with IT?
Develop BI strategy
Support implementation of strategy
Take a significant role in ensuring data quality
Communicate business needs in relation to data
Support less financially literate colleagues with analysis and data modelling
What to consider to ensure appropriate data is used (for decision making)
Audience
Timing
Interactivity
Required outcome
