Section B Flashcards by Lauren Tracey

What is an industrial revolution?

A rapid and major change in an economy, driven by a shift in the methods and types of work undertaken.

How well did you know this?

Not at all

Perfectly

When did the 1st revolution take place?

18th and 19th Century

How well did you know this?

Not at all

Perfectly

When did the 2nd revolution take place?

1870-1914

How well did you know this?

Not at all

Perfectly

When did the 3rd revolution take place?

1980s - also known as the digital revolution

How well did you know this?

Not at all

Perfectly

What are the predicted characteristics for the 4th revolution?

Fusion
Employment: Robots, automation and digitalisation will make jobs redundant.
AI & Machine Learning: Enables products to be customised easily and cheaply.
Machine Led Manufacturing: workers will help machines
Improved asset management: efficient use of natural assets, renewables

How well did you know this?

Not at all

Perfectly

What technologies are included?

Cloud Computing
Big Data
Data Analysis
Process Automation
AI
Data Visualisation
Blockchain
Internet of things
Mobile tech
3D Printing

How well did you know this?

Not at all

Perfectly

What is cloud computing?

Delivery of on-demand computing resources

Users login in order to access, manage, process files and software

How well did you know this?

Not at all

Perfectly

What are the advantages of cloud computing?

Flexibility and Scalability
Security
Cost Efficient
Flexible working

How well did you know this?

Not at all

Perfectly

What are the disadvantages of cloud computing?

Organisation change: working methods and roles need to be modified
Contract Management
Security

How well did you know this?

Not at all

Perfectly

What is big data?

Describes data so large and varied they are beyond capability or traditional data processing.

How well did you know this?

Not at all

Perfectly

What are the 4V’s when talking about big data?

Volume: Amount of data
Velocity: Speed of data
Variety: Various formats of data
Veracity: Reliability

How well did you know this?

Not at all

Perfectly

What are some sources of big data and examples?

Human-sourced: social media, emails, texts
Machine generated: Home assistants, Smart Meters
Processed Data, Customers, Transactions
Open Data: Government, Public Sector, nation Statistics

How well did you know this?

Not at all

Perfectly

What is data analytics?

Process of collecting, organising and analysing big data to discover patterns and other information.

How well did you know this?

Not at all

Perfectly

What are some uses of big data and analytics?

Fresh Understanding and insight
Performance Improvement
Market Segmentation
Decision Making
Innovation
Risk Management

How well did you know this?

Not at all

Perfectly

What is process automation?

Tech enabled automation of company business processes.

How well did you know this?

Not at all

Perfectly

What is traditional process automation?

machine carrying out a simple repetitive task, replacing a job that would have been done by hand.

How well did you know this?

Not at all

Perfectly

What is modern process automation?

Focused on complex business areas, which were previously thought to be beyond limits.

What is artificial intelligence?

Area of computer science that emphasises creation of intelligent machines that work and read like human beings

What is data visualisation?

allows large volumes of complex data to be displayed in visually appealing and accessible way.

What should effective data visualisation display?

Decision making ability
Integration Capability
Effective Infrastructure
Real time collaboration
Prompt discovery of rules and insights

What is blockchain?

decentralised, distributed and public digital ledger that is used to record transactions across many computers. Allows people who don’t trust each other to trust a shared record of events

What is the benefit of blockchain?

Security

What are the key features of blockchain?

Transactions recorded by a number of participants
When transaction happens the details of deal recorded by everyone
Verifying transactions done but computers
When new block is added its linked to previous block

What is internet of things?

Describes network of smart devices with inbuilt software and connectivity to internet allowing them to constantly monitor and exchange data.

What are some examples of connected devices within the internet of things?

``` Smart meters Doorbells and Security Wearable tech Home appliances Cars Transport and Infrastructure Manufacturing Equipment and Plant ```

What is code division multiple access (CDMA)?

Tech that underpins mobile tech

What are some things that are impacted by mobile tech?

``` Newspapers Advertising Music Baking Socialising TV/Film ```

What is 3D Printing?

Process known as additive manufacturing where an object is created layer by layer. Complex parts can be produced much cheaper, faster and in a customisable manner

What are some advantages of 3D Printing?

``` Speed Cost Effective Customisation Less Waster Confidentiality ```

What are the advantages of process automation within the finance function?

Cost savings: reduction in head count Value Adding: staff time is freed up for higher level value work Improved Accuracy: Removal of human error Positive Return Adaptability

What are the disadvantages of process automation within the finance function?

Uncertainty: Uncertainty around job security and future prospects Relationship Management Competence Training Change Management: process must be managed carefully and led effectively

What are the key benefits of data visulatisation?

Accessible: Designed to be user friendly Real time: Live up to date number in an informative way Performance Optimisation Insight and understanding

How is blockchain used in finance?

Financial Reporting Cross border payments Smart Contracts Security & Traceability

What are the benefits with mobile tech in finance?

Communication and Flexibility Scalability Less paperwork Instant data visability

What is the impact of 3D Printing on finance?

``` Less Work No Overproduction Increase in Direct costs minimal tooling and set-up no inventory, materials should be delivered using just-in-time method ```

What is digital mindset?

Concept of seeing beyond the individual elements of digital change to understand ways in which technology will transform society and impact organisation.

What are the five qualities of digital mindset?

``` Provide vision yet empower others Give up control yet 'architect' choices Sustain yet disrupt Rely on data yet trust your intuition Be sceptical yet open minded ```

What are some skills that are anticipated to be fundamental for future accountants? (5)

``` Analytical Skills Business Acumen Judgement People Skills Leadership ```

What is corporate digital responsibility (CDR)?

Extends the idea and ethos of CSR to digital world. It is a voluntary commitment.

What are 5 key areas of the CDR statergy?

Digital Stewardship: Using data in a responsible and secure way Customer Expectations Giving Back: Means companies may share data in a benevolent way to help society Data Value Data Inclusion