Section B Flashcards
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.
When did the 1st revolution take place?
18th and 19th Century
When did the 2nd revolution take place?
1870-1914
When did the 3rd revolution take place?
1980s - also known as the digital revolution
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
What technologies are included?
Cloud Computing Big Data Data Analysis Process Automation AI Data Visualisation Blockchain Internet of things Mobile tech 3D Printing
What is cloud computing?
Delivery of on-demand computing resources
Users login in order to access, manage, process files and software
What are the advantages of cloud computing?
Flexibility and Scalability
Security
Cost Efficient
Flexible working
What are the disadvantages of cloud computing?
Organisation change: working methods and roles need to be modified
Contract Management
Security
What is big data?
Describes data so large and varied they are beyond capability or traditional data processing.
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
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
What is data analytics?
Process of collecting, organising and analysing big data to discover patterns and other information.
What are some uses of big data and analytics?
Fresh Understanding and insight Performance Improvement Market Segmentation Decision Making Innovation Risk Management
What is process automation?
Tech enabled automation of company business processes.
What is traditional process automation?
machine carrying out a simple repetitive task, replacing a job that would have been done by hand.
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
