Key Tech Driving Business and Finance

Question 1

What is big data?

Answer 1

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

Question 2

What is data analytics?

Answer 2

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

Question 3

What are the forms of big data?

Answer 3

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

Question 4

Define structured data.

Answer 4

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

Question 5

Define unstructured data.

Answer 5

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

Question 6

Define semi-structured data.

Answer 6

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

Question 7

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

Answer 7

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

Question 8

How does big data improve decision making?

Answer 8

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

Question 9

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

Answer 9

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

Question 10

What is 3D printing?

Answer 10

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

Question 11

What is the most common method of 3D printing?

Answer 11

Additive Layering Manufacturing (ALM).

Question 12

List two benefits of 3D printing.

Answer 12

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

Question 13

What is a disadvantage of 3D printing?

Answer 13

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

Question 14

What is AI?

Answer 14

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

Question 15

What are two applications of AI?

Answer 15

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

Question 16

Define machine learning.

Answer 16

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

Question 17

What is one benefit of AI for the finance function?

Answer 17

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

Question 18

What is a disadvantage of AI in the finance function?

Answer 18

Lack of expertise in AI technology can pose a challenge.

Question 19

What is data visualisation?

Answer 19

Data visualisation is the graphical representation of information and data.

Question 20

Why is data visualisation important for finance?

Answer 20

It helps businesses understand complex data quickly and efficiently.

Question 21

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

Answer 21

60,000

Question 22

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

Answer 22

Around 90%

Question 23

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

Answer 23

Data visualisation skills

Question 24

What is data visualisation?

Answer 24

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

Question 25

List some formats used in data visualisation.

Answer 25

* Charts * Infographics * Graphs * Tables * Maps

Question 26

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

Answer 26

Makes data easier to understand

Question 27

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

Answer 27

True

Question 28

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

Answer 28

The amount of data collected by the organization.

Question 29

What does velocity refer to in big data?

Answer 29

The speed at which data is collected by the organization.

Question 30

What does variety refer to in big data?

Answer 30

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

Question 31

What does veracity refer to in big data?

Answer 31

The quality and reliability of the data being collected.

Question 32

What are the 4 V's of big data?

Answer 32

* Volume * Velocity * Variety * Veracity

Question 33

What is blockchain?

Answer 33

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

Question 34

List the key characteristics of a block in blockchain.

Answer 34

* Contains transaction data * Has a timestamp * Encrypted information * Must be verified * Unique hash code

Question 35

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

Answer 35

False

Question 36

What is one benefit of blockchain to the finance function?

Answer 36

Security

Question 37

How does blockchain reduce costs in transactions?

Answer 37

By eliminating charges from banks.

Question 38

What are smart contracts?

Answer 38

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

Question 39

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

Answer 39

Unclear financial reporting treatment.

Question 40

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

Answer 40

traditional data processing

Question 41

What is a significant use case of blockchain in business?

Answer 41

Handling transactions without needing a bank.

Question 42

What does real-time accounting enable?

Answer 42

Adding validated transaction details to balance sheets in real time.

Question 43

Why is the complexity of blockchain a challenge for organizations?

Answer 43

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

Question 44

What is business process automation?

Answer 44

The transferring of tasks previously done by humans to computers.

Question 45

What are the two types of business process automation?

Answer 45

Traditional process automation and modern process automation.

Question 46

Define traditional process automation.

Answer 46

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

Question 47

Define modern process automation.

Answer 47

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

Question 48

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

Answer 48

* Accurate audit trails * Human error eliminated * Flexibility * Cost reduction * Consistency in output * Productivity

Question 49

How does automation contribute to accurate audit trails?

Answer 49

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

Question 50

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

Answer 50

True

Question 51

What is cloud computing?

Answer 51

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

Question 52

What are the two main types of cloud computing?

Answer 52

Public cloud and private cloud.

Question 53

Give an example of a public cloud service.

Answer 53

Microsoft Azure or Google Cloud Platform.

Question 54

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

Answer 54

Accessibility of information from any Internet-connected device.

Question 55

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

Answer 55

Security breaches.

Question 56

How does mobile technology impact the finance function?

Answer 56

It improves communication and provides flexibility for employees.

Question 57

What does IoT stand for?

Answer 57

Internet of Things.

Question 58

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

Answer 58

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

Question 59

List some benefits of IoT to the finance function.

Answer 59

* Up-to-date data * Real-time decision making * Improved resource utilization

Question 60

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

Answer 60

[cost reduction]

Question 61

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

Answer 61

False

Question 62

What is one way cloud computing enhances collaboration in finance?

Answer 62

Real-time co-working on shared financial documents.

Question 63

Explain how automation can lead to cost reduction in finance.

Answer 63

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

Question 64

What major change did Netflix implement regarding cloud computing?

Answer 64

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

Question 65

What technology allows mobile devices to communicate wirelessly?

Answer 65

Code-division multiple access (CDMA).

Question 66

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

Answer 66

[anywhere, anytime]

Question 67

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

Answer 67

Dependence on the provider's quality of service.

Question 68

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

Answer 68

The analysis of data

Question 69

What benefit does real-time data provide to organizations?

Answer 69

More responsive to change and effective use of resources

Question 70

How does real-time auditing enhance the finance function?

Answer 70

Allows internal auditing to be carried out in real-time

Question 71

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

Answer 71

manufacturing

Question 72

What unique feature does the Google Home device provide?

Answer 72

Personalized customer experience

Question 73

What is a significant challenge of IoT related to security?

Answer 73

IoT devices often have limited computing power and security

Question 74

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

Answer 74

False

Question 75

What is a challenge related to integrating IoT devices?

Answer 75

Devices may only communicate with others of the same brand

Question 76

What is the Fourth Industrial Revolution (4IR)?

Answer 76

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

Question 77

What distinguishes the 4IR from the third industrial revolution?

Answer 77

Fast rate of change and widespread impact across industries

Question 78

What impact does artificial intelligence have on the finance function?

Answer 78

Changes the way accounting is done and improves financial forecasts

Question 79

Define autonomous technology.

Answer 79

Technology which does not need to be controlled by a human

Question 80

What is a cyber-physical system?

Answer 80

Physical systems with integrated computers or networks monitoring them

Question 81

How can cyber-physical systems benefit a business?

Answer 81

Ensure cost savings and improve product attractiveness

Question 82

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

Answer 82

Shift from repetitive tasks to jobs requiring compassion and creativity

Question 83

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

Answer 83

natural resources

Question 84

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

Answer 84

Reduce the environmental footprint

Question 85

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

Answer 85

Computers and the Internet

Question 86

What was a significant innovation during the first industrial revolution?

Answer 86

Steam and water-powered machinery

Question 87

What characterized the second industrial revolution?

Answer 87

Development of electricity, telephones, and global communication networks