Digital Flashcards
What is industrial revolution?
New technologies and novel ways of perceiving the world that triggers a profound change in economic and social structures
What are the features of the 4th industrial revolution?
- velocity : technological breakthroughs are faster than ever
- effect : disrupting almost every industry, everywhere
- scope : greater depths and breadth than ever before
What are the dynamics of the 4th industrial revolution?
- speed of technological change
- cheaper transportation and communication cost
- Disruptions in the labour market
- value-adding gains in business efficiency and productivity
- industries and supply chains disrupted by technology
- more opportunities for agile competitors vs old establishments
- greater customer expectations for products and services
- opportunities enhance existing products with digital capabilities
- increased collaborative innovation between organizations
Technological developments ?
Technologies are augmenting the capabilities of finance professionals making them :
- faster
- more efficient
- more productive at new tasks
What are the key technologies of the 4th industrial revolution?
• Cloud computing
• Big data
• Data analytics
• Process automation
• Artificial intelligence
• Data visualization
• Internet of things
• 3D-printing
• Mobile technology
• Block chain
What is cloud computing ?
A provision of computing as a consumable service instead of a purchased product
~ It enables system information and software to be accessed by computers remotely as a utility through the internet
What impact does CC have on the way we work ?
-flexible working (which results in increased productivity and motivation by employees)
- collaboration (which improves the way teams work together and solve problems. Through listening and learning from team members, they can help each other reach their goals and help each other see how their role affects others and the importance of their work to the organization)
- the software is always up to date (which is essential in maintaining security and performance of devices and applications, protecting the organization from cyber threats, improving user experience and ensuring compatability with other software and hardware )
- integration of software (which, makes things more efficient, streamline things, and automate simple tasks, reducing the need for manual data input. It also offers real-time data synchronization, which means quicker decision making and a more vigilant organization)
- data security (which protects customer and user data from being lost or stolen and ending up in the wrong hands. It also prevents the reputational risk that comes with a data breach )
What are the characteristics of CC on technologies for organizations ?
- Sold on demand : users only pay for services when they use them
- Elastic : flexible use advised by size of need by users
- fully managed: by service provider. user only needs an internet connection to access the service
- on-demand and self-service: service is available at all times and the user can operate the service themselves
What is big data ?
An emerging technology that involves collecting and analyzing large amounts of data to find trends, understand customer needs and help organizations focus resources more effectively
What are the 4 v’s that are considered when defining big data ?
~ volume
~ velocity
~ variety
~ veracity
What is data analysis?
The collection, management and analysis of large data sets with the objective of discovering useful information that an organization can use for decision-making
What is process automation?
The ability of systems to perform routine activities without the input of a human
What is the main impact of process automation on an organization?
- increased speed
- efficiency of processes
- reduced staff costs
What is artificial intelligence ?
The ability of a computer system to assist a human operator to make business decisions or help solve problems
~ It enables transactions to be processed
~ It uses references from past events in order to detect patterns and make recommendations for future events
What is data visualization?
The process of presenting report formats that present data and info in a pictorial or graphical format that helps the recipient to understand the significance of the content more easily than if presented in a traditional report format
(Visualization tools include the use of different types of charts to present info)
