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CIMA E1 - MM > Key Tech Driving Business and Finance > Flashcards

Key Tech Driving Business and Finance Flashcards

1
Q

What is big data?

A

Big data describes sets of data that are so large they cannot be analysed by standard reporting facilities.

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2
Q

What is data analytics?

A

Data analytics is the process of analysing big data to make conclusions and answer questions.

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3
Q

What are the forms of big data?

A

Big data can come in three forms:
* Structured data
* Unstructured data
* Semi-structured data

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4
Q

Define structured data.

A

Structured data is easy to deal with as it has a fixed format, allowing it to be organised into categories.

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5
Q

Define unstructured data.

A

Unstructured data does not have a clear format, making it more difficult to categorise and analyse.

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6
Q

Define semi-structured data.

A

Semi-structured data has some properties that allow it to be organised into categories but is not entirely structured.

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7
Q

What is one benefit of big data for the finance function?

A

Provide fresh insight by identifying patterns in large sets of data.

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8
Q

How does big data improve decision making?

A

Big data analytics allows for better financial forecasting based on mathematical evidence rather than subjective opinions.

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9
Q

What is a challenge for the finance function when dealing with big data?

A

Lack of expertise in data analytics may require hiring data scientists.

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10
Q

What is 3D printing?

A

3D printing is the process of using equipment to print 3D shapes from designs held within computer files.

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11
Q

What is the most common method of 3D printing?

A

Additive Layering Manufacturing (ALM).

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12
Q

List two benefits of 3D printing.

A

Benefits of 3D printing include:
* Reduction of transport costs
* Reduction of emissions

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13
Q

What is a disadvantage of 3D printing?

A

3D printing can be expensive due to initial setup and maintenance costs.

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14
Q

What is AI?

A

AI is when computers or robots perform tasks typically associated with intelligent beings.

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15
Q

What are two applications of AI?

A

AI is used for:
* Voice recognition
* Predicting financial activities

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16
Q

Define machine learning.

A

Machine learning is a subset of AI that allows computers to learn from data and identify patterns.

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17
Q

What is one benefit of AI for the finance function?

A

AI can detect errors or fraud by identifying abnormal activities or transactions.

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18
Q

What is a disadvantage of AI in the finance function?

A

Lack of expertise in AI technology can pose a challenge.

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19
Q

What is data visualisation?

A

Data visualisation is the graphical representation of information and data.

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20
Q

Why is data visualisation important for finance?

A

It helps businesses understand complex data quickly and efficiently.

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21
Q

Fill in the blank: The human brain can process an image ______ times faster than words.

A

60,000

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22
Q

What percentage of information that comes into the brain is in a visual form?

A

Around 90%

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23
Q

What do agile finance leaders rate higher than their non-agile peers?

A

Data visualisation skills

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24
Q

What is data visualisation?

A

Attempts by an entity to make data more accessible and understandable by presenting it visually.

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25
Q

List some formats used in data visualisation.

A
  • Charts
  • Infographics
  • Graphs
  • Tables
  • Maps
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26
Q

What is one key benefit of data visualisation tools for the finance function?

A

Makes data easier to understand

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27
Q

True or False: Data visualisation tools can help identify issues in a business.

A

True

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28
Q

What does volume refer to in the context of big data?

A

The amount of data collected by the organization.

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29
Q

What does velocity refer to in big data?

A

The speed at which data is collected by the organization.

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30
Q

What does variety refer to in big data?

A

The range of data types and sources of data available to an organization.

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31
Q

What does veracity refer to in big data?

A

The quality and reliability of the data being collected.

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32
Q

What are the 4 V’s of big data?

A
  • Volume
  • Velocity
  • Variety
  • Veracity
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33
Q

What is blockchain?

A

A growing list of records, called blocks, linked using cryptography.

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34
Q

List the key characteristics of a block in blockchain.

A
  • Contains transaction data
  • Has a timestamp
  • Encrypted information
  • Must be verified
  • Unique hash code
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35
Q

True or False: Once a record is made in a block, it can be altered.

A

False

36
Q

What is one benefit of blockchain to the finance function?

A

Security

37
Q

How does blockchain reduce costs in transactions?

A

By eliminating charges from banks.

38
Q

What are smart contracts?

A

Contracts written in computer code that allow the transfer of assets.

39
Q

What is one challenge for the finance function related to cryptocurrencies?

A

Unclear financial reporting treatment.

40
Q

Fill in the blank: Big data describes sets of data that are so incredibly large, they cannot be handled through _______.

A

traditional data processing

41
Q

What is a significant use case of blockchain in business?

A

Handling transactions without needing a bank.

42
Q

What does real-time accounting enable?

A

Adding validated transaction details to balance sheets in real time.

43
Q

Why is the complexity of blockchain a challenge for organizations?

A

It prevents many organizations from making full use of the technology.

44
Q

What is business process automation?

A

The transferring of tasks previously done by humans to computers.

45
Q

What are the two types of business process automation?

A

Traditional process automation and modern process automation.

46
Q

Define traditional process automation.

A

Automation of any type of simple repetitive task originally done by hand.

47
Q

Define modern process automation.

A

Automation that deals with more complex business processes, incorporating technologies like big data, IoT, AI, and machine learning.

48
Q

List some benefits of business process automation for the finance function.

A
  • Accurate audit trails
  • Human error eliminated
  • Flexibility
  • Cost reduction
  • Consistency in output
  • Productivity
49
Q

How does automation contribute to accurate audit trails?

A

Automated systems record electronic logs of all business transactions and their outcomes.

50
Q

True or False: Business process automation can help prevent fraud.

A

True

51
Q

What is cloud computing?

A

A method of storing and accessing files remotely over the Internet.

52
Q

What are the two main types of cloud computing?

A

Public cloud and private cloud.

53
Q

Give an example of a public cloud service.

A

Microsoft Azure or Google Cloud Platform.

54
Q

What is one major benefit of cloud computing for the finance function?

A

Accessibility of information from any Internet-connected device.

55
Q

What is a potential challenge of using cloud computing in finance?

A

Security breaches.

56
Q

How does mobile technology impact the finance function?

A

It improves communication and provides flexibility for employees.

57
Q

What does IoT stand for?

A

Internet of Things.

58
Q

What is the main function of IoT devices in an organization?

A

To gather device-and user-specific data and provide insights.

59
Q

List some benefits of IoT to the finance function.

A
  • Up-to-date data
  • Real-time decision making
  • Improved resource utilization
60
Q

Fill in the blank: Business process automation can lead to _______ in the finance function.

A

[cost reduction]

61
Q

True or False: Cloud computing eliminates the need for physical servers entirely.

A

False

62
Q

What is one way cloud computing enhances collaboration in finance?

A

Real-time co-working on shared financial documents.

63
Q

Explain how automation can lead to cost reduction in finance.

A

By reducing the number of staff needed in the finance function.

64
Q

What major change did Netflix implement regarding cloud computing?

A

Migrated to using Amazon’s public cloud service, AWS.

65
Q

What technology allows mobile devices to communicate wirelessly?

A

Code-division multiple access (CDMA).

66
Q

Fill in the blank: The transition to cloud computing means finance employees can access their work _______.

A

[anywhere, anytime]

67
Q

What is a significant risk of heavy reliance on public cloud providers?

A

Dependence on the provider’s quality of service.

68
Q

What is the greatest impact on the finance function of an organization?

A

The analysis of data

69
Q

What benefit does real-time data provide to organizations?

A

More responsive to change and effective use of resources

70
Q

How does real-time auditing enhance the finance function?

A

Allows internal auditing to be carried out in real-time

71
Q

Fill in the blank: Environmental audits are particularly important for _______ plants.

A

manufacturing

72
Q

What unique feature does the Google Home device provide?

A

Personalized customer experience

73
Q

What is a significant challenge of IoT related to security?

A

IoT devices often have limited computing power and security

74
Q

True or False: A smart fridge can be a source of useful data for the finance function.

A

False

75
Q

What is a challenge related to integrating IoT devices?

A

Devices may only communicate with others of the same brand

76
Q

What is the Fourth Industrial Revolution (4IR)?

A

Convergence of technologies that blur physical, digital, and biological systems

77
Q

What distinguishes the 4IR from the third industrial revolution?

A

Fast rate of change and widespread impact across industries

78
Q

What impact does artificial intelligence have on the finance function?

A

Changes the way accounting is done and improves financial forecasts

79
Q

Define autonomous technology.

A

Technology which does not need to be controlled by a human

80
Q

What is a cyber-physical system?

A

Physical systems with integrated computers or networks monitoring them

81
Q

How can cyber-physical systems benefit a business?

A

Ensure cost savings and improve product attractiveness

82
Q

What job types are likely to change due to 4IR?

A

Shift from repetitive tasks to jobs requiring compassion and creativity

83
Q

Fill in the blank: The technology of the 4IR has potential for improving the management of _______.

A

natural resources

84
Q

How can digitization and automation impact an organization’s environmental footprint?

A

Reduce the environmental footprint

85
Q

What is one example of technology used in the third industrial revolution?

A

Computers and the Internet

86
Q

What was a significant innovation during the first industrial revolution?

A

Steam and water-powered machinery

87
Q

What characterized the second industrial revolution?

A

Development of electricity, telephones, and global communication networks

CIMA E1 - MM (11 decks)

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