Digital Technology Flashcards
What are 3 ways that digital technology affects business?
Strategic drift
Efficiency could improve
Can reduce costs
What is E-Commerce?
Refers to the buying and selling of goods and services over the internet
What does e-commerce provide?
Global reach and involves transactions between businesses and consumers
What are 3 advantages of e-commerce for businesses?
Broader market reach
Reduced overhead costs
Increased sales
What are 3 disadvantages of e-commerce for businesses?
High competition
Security risks
Easy Barriers of entry
What are 2 advantages of e-commerce for customers?
Convenience
Wider product variety
What are 2 dis-advantages of e-commerce for customers?
Inability to touch or feel products
Shipping issues
What is big data?
Large amounts of information that companies collect
What can big data be used for? 2 reasons
By businesses when advertising products to consumers
Evaluating risks based on past data
List 2 reasons why digital technology is relevant to marketing
Enhanced reach and engagement
Data-driven insights
List 2 reasons why digital technology is relevant to finance
Digital banking
AI
List 2 reasons why digital technology is relevant to operations
Data driven decision making
Enhanced communication
List 2 reasons why digital technology is relevant to people
Connectivity
Education
What is data mining?
Refers to the process of finding useful patterns of information from large amounts of data
How does data mining help companies?
To understand customers due to finding trends and relationships
What is an advantage of data mining?
Can improve operations as can find ways to save time and money
What are 3 advantages of digital technology?
Improved efficiency
Increased productivity
Increased market reach
What are 3 disadvantages of digital technology?
Cybersecurity
High costs
Employees resistance to change
