Module 19 - Business Application of Technologies Flashcards
Internet of things
A set of computing devices which are integrated to allow transfers of data between them with no interaction or intervention
Benefits of IoT in business
- monitoring
- improving customer experience
- save time and money
- improve health and safety
- improve cross-functional working
Disadvantages of IoT in business
- security and privacy of data
- environmental impact
- machines don’t have judgement
- devices are not necessarily compatible with each other
Examples of IoT already in use
- farming
- smart homes
- healthcare
Artificial Intelligence
Any computer programme which allows a machine to simulate natural intelligence and perform a complex programme and mimic humans
Machine Learning
computer learns using algorithms and statistical models to identify patterns, how to perform a task without needing explicit instructions
two types of AI
applied and generalised
benefits of AI
- lower operational risk
- employees have more time for analytical tasks
- more efficient
- less exposure to processing failures
- identifies patterns
- cost reduction
Robotic process automation
Process by which machines can perform high frequency repetitive tasks replacing slow and repetitive work
Open Banking
introduced by European Parliament - can see all bank accounts in one place
Blockchain
- distributed ledger system
- chain of blocks with each block being a timestamped representation of a transaction
- nodes form a network which verify transaction
- unique identifier is a hash
number of bitcoins capped at ?
21 mil
adv of blockchain
- public
- no transaction costs
- security
- good verification process
disadv of blockchain
- expensive
- time consuming
- time lag between request and block being added
