Data and the finance function Flashcards
Define Novel Technology
New and emerging technological developments that introduce different ways of working with and using data
What are example of novel technologies
- Cloud computing
- Big data
- Process automation
- Data analytics
- Artificial intelligence
- Data visualisation
- Blockchain
-Internet of things
-Mobile Technology - 3D Printing
How does cloud computing improve information
Consistency of information due to holding and maintaining a sigle source of data shared by multiple users
How does big data improve information
Speed that information can be sent to decision makers is increeased as data is streamed in real time
How can data analtics improve information
Pattersna dn trends whcih were previously impossible or time consuming to identify can be provided to decision makers
How does process automation help information
Errors and inconsistencies in data and information that result from human error in data entry are limited
How does AI improve information
Information created by augmenting human knowledge and AI can be made available faster to decision makers
How does data visualisation improve information
Improved visualisation makes communication of data better and quicker
How does blockchain improve information
Increases level of trust in information for decision makers eg/. transactions are verified
How does internet of things improve data
Sensrs in environment can increase range of information provided to decision makers
How does mobile tech improve inforomation
Allows decision makers to access information wherever they are with signal
How does 3D Printing imrpove information
Allows for fast assemble of prototype products for decision makers to evaluate
Changes can be made quickly and results sent out to any other business with 3d printer
What is the role of the marketing function
To identify customer needs to help the organisation to fulfill those needs
What are sources of customer data
Visitor data (eg.cookies)
Responses from online promotions
Relationship management software
Tablet and phone apps
Online trends
Customer feedback posted online
How does big data and data analytics improve organisations understanding of customers
- Identify trends and patterns of customer behaviour
- Identify tastes and tailor interactiosn with speciic customers
- Understanding how customer interact with various communication channels
- Understand customer desires to identify features which have value
What is the role of the operation function
To fulfill customer orders and requests trhough production of goods or services
- Delivery of products or services to customer
What are the sources of operational data
- Electronic data interchange systems
- Logistics systems
- Inventory managment systems
- Material requirement planning, manufacturing resource planning and enterprise resource planning
- Quality control systems
How does data analytics identify inefficient operational processes
- Data in financial and operational systems can be used to generate KPIs
- Electronic data interchange systems: provide darta on how quickly documents are transferred between organisations
- Inventory management systems: identify product lines that are slow moving
- Benchmarking analysis: compare performance of business processes against internal and external process to ifentify underperformance
- Quality control systems: detect product lines with high levels of waste or reqorking
What are the benefits of data for operations
- Forecasting: predctive modelling to prove demand forecasting and production schedule
- Preventative maintenance: identify potential issues before they occur
- Cost Saving: efficiency gains by eliminating bottlenecks
- Improved service: live data and tracking for customers
- Supply chain: large and complex supply chains can be collaborated
Define digital assets
Any digital files that have value
- Typically granted a licence to use the asset by the creator or owner of the asset but might not have ownership themself
What is a key feature of digital asset
Permanence: continue to exist until all copies are deleted
Intangible: ownership rights need to be pretected
How is value created from digital assets
By creating scarcisty
How is scarcity created for digital assets according to the ‘value of digital assets’ by Akindeinde 2018
- Digital assets should have the properties of a physical object
- EG. Bitcoins using blockchains are digital assets that cannot be copied
What is bitcoin
Cryptocurrency
- That uses blockchains
-Cannot be copied and each is unique
- Created through bitcoin mining
- Can be transferred owner to owner
What are other sources of customer value digital assets can take
- Value from brand
- Content of the asset
- Marketing of the asset
- Product development
What are the benefits of digital asset management systems
- Reduced cost and space requirement
- Cosistent and clear information to external users eg.copyright
- Use of metadata to reduce time searching and prevents duplication
- Improved sharing of assets help build team relationships
- Better service to external customers trhough internet
- Usage data
What are the ethical and social considerations of increased data use
- Data Dependence:
- Data Storage:
- Data Mining
- Data distribution
What is meant by ethical/social consideration of data dependence
Organisations must consider their dependence on increasing data
Might make them more vulnerable to errors and poor data quality
What is meant by ethical/social consideration of data storage
Cost of investment needed to store large volumes of data - need to be secure
What is meant by ethical/social consideration of data Mining
Organisations should consider whether effective data minng tool is used to extract maximum amount of useful data
What is meant by ethical/social consideration of data distribution
Need for greater movement of data so organisations need to consider appropriate methods of distrributing data securely
What are the rights established by data protection act for indivduals
- Right to be informed
- Right to Access
- Right to rectify
- Right to erase
- Right to restrict processing
- Right to data portability
- Right to object
- Right to deny automated decision making and profilling
What are the features of sound data management
- Culture: top down approach to promoting significance of data
- Cheif data officer: governance and protection of data
- Data Strategy: embedded
- Training: compliance with legislation
What are the five building blocks of data strategy according to the SAS Institute
Identify: business requirements and organisational structure
Store: requirements an dprotection for storage
Provision: how to package data for easy access and rules for access levels
Process: data designed for clear and consistent processing
Govern: publish clear consistent and user friendly policies to minimise security breaches
