Technologies in Business Flashcards
Describe the Industrial revolutions
1st: development of water and steam power
2nd: mass production powered by electricity
3rd: automated mass production using electronics and IT
4th: powered by digital technology- blur in the lines of physical, digital and biological sphere
What are the three key elements of the 4th Industrial Revolution
- Velocity: speed of technological breakthrough
- Effect: disruption of every industry in every country
- Scope: breadth and depth of transformations
What are some changes and dynamics caused by the 4th Industrial Revolution
- speed of technological change
- cheaper transport and communication costs
- disruption in the labour market (automation and falling income levels)
- gains in efficiency and productivity
- changes in supply chain
- sharing economies
- greater customer expectations
- opportunities to enhance product
- increased collaborative innovation between organisations
What five other characteristics distinguish 4th Industrial Revolution to the others
- Employment: digitisation and automation changes the nature of jobs
- Natural assets: technology improves use of natural assets- increase in renewables and recycling
- Machine-led manufacturing: change in role of workers to assisting machines rather than machine-assisted
- Fusion: Digital and Physical systems will merge
- AI and Machine Learning: customisable products, cheaply due to faster computing and optimised supply chains
According to the white paper, in what ways does technology increase the value of workers
- Enables them to work faster
- Enables them to work more efficiently
- Makes them more productive at new tasks
Define Cloud Computing
Involves the provision of computing as a consumable service instead of a purchased product
Enables system information and software to be accessed by computers remotely as a utility through the internet
What is a virtual private cloud
When a service provider uses public cloud resources to create a private cloud
What is the purpose of cloud computing
To provide easy, scalable access to computing resources
Selling physical storage and processing power
What characteristics differentiate cloud computing from traditional hosting
- Sold on Demand: users pay for services when they use them
- Elastic: expansion and reduction of resources depending on requirements
- Fully managed: service provider manages it and only require wifi to access
- On demand & serf service: 24/7
Define Big data
Vast volumes of data which is captured from multiple resources
Can be analysed to reveal patterns or trends for value creation
What are sources of big data
- Human interactiosn with social networks
- Machines and smart sensors
- Open data sources- government stats
- Cosed data sources- marketing databases
What are the four characteristics of big data
Volume: large amounts
Velocity: available in real time and constant
Variety: unstructured and can take many forms so is complex and takes up lots of storage
Varacity: accuracy and trustworthiness as data will often contain bias, anomailies or innacuracies which need ot be verified
What is data analytics
Collection, management and analysis of data to discover useful information with value
What are the key impacts of data analytics of big data
- Decision making for profitability
- Marketing for meeting customer needs
- Risk management and understanding
- Product development opportunities
- Knowledge of new areas
- Performance management and identify causes
According to CIMA who has identified 6 benefits of efffective data analytics
McKinsey
What are the 6 benefits fo effective data anlytics
- Fresh insights and understanding
- Improved performance
- Segmentation and customisation of markets
- Fast decision making
- Innovation
-Risk management
Define process automation
Refers to the ability of sustems to perform routine activites without the input of humans
What is the difference between traditional, modern and robotic process automation
Traditional: inolves machine carrying out simple repetitive tasks
Modern: processes more automated and focsses on complex business areas that were thought to be beyond scope of automation
Robotic: technology that enables automation of routine clerical activities to increase speed and efficiency of processes to reduce staff costs
What are the five functions identified by McKinsey of automation by technology and the percentages of automation
- Managing others 9% - leading finance team
- Stakeholder interactions 20%- shaping creation and preservation of value
- Applying expertise 18% - shaping creation and preservation of value
- Data processing 69% - shaping creation and preservation of value
- Data collection 64% - assembling and extrracting data
Define artificial intelligence
Refers to the ability of a computer system to assist human operator to make business decisions or solve problems
What is cognitive computing
Collective name for several technologies including AI machine learning and natural language programming - enable the automation of more complex tasks like data analytics and reporting
What is machine learning
Subset of AI which involvs codes developed to replicate how human brains work
Uses experience from past events, data, connections and probability to apply to future to identify patterns and make suggestions
What is data visualisation
Process of presenting report formats that represent data and information in pictorial or graphical format to help reiepient to understand significance of content easier than traditional report
What visualisations tools does O’Mahoney and Carfax identufy
- Waterfall charts
- Dashboards
- Line charts
- Mapping charts
- Bar and pie charts
- Tables
What is waterfall chart
Known as bridges and are often used to present variance analysis
The size of steps are scaled to show significant movements
What are dashboards
Interface which givens multiple relevant drivers to give an overview of a business area
Each driver can be drilled down into
What are mapping charts
- Present data geographically by regions or countries
- Can be drilled into finf information in specific areas
What are the five features of effective data visualisation tools
- Real time
- Interrogation: tool must be able to interrogate system and business
- Decision making: tool should be focused on results to support decision making
- Prompt/Timely: display results quickly
- Infrastructure: tool should be supported by sufficient quantity and quality of data
What is a blockchain
Form of distributed ledger system
- Records transactions in blocks which are linked together and uses cryptography to prevent alterations
What is a distributed ledger technology
Technology that allows organisations and individuals who are unconnected to share an agreed record of events such as ownership of an asset
What is the purpose of a distributed ledger system
Eliminates the need for data and information to be stored and managed centrally
Allows accurate, up-to-date, single, trusted and transparent records shared between numerous parties
What are the key aspects of blockchain
- Transactions are recorded on the online network and is publically available
- Transactions are recorded by all participants
- Network computers verify transactions have been updated, reconciled and authorised corrected
What are the stages in a block chain transaction
Stage 1: transaction is requested
Stage 2: digital representation of transactions is requested (block)
Stage 3: the block is sent to all nodes in the network ( distributed ledger)
Stage 4: Authenticity of the transaction is verified by each node
Stage 5: a reward for the verification is sent to each node (eg. bitcoin)
Stage 6: the completed and authorised block is added to the chain
What are the three key features of blockchain known as the 3 Ps
Propagation
Permanence
Programmability
What is meant by permanence as a feature of blockchain
Every user has own copy of blockchain and past transactions cannot be edited
Except by consent of majority
So blockchain is permanent record
What is meant by the propagation feature of blockchain
Many copies of a blockchain ledger but no master copy and all versions are identical
When new transactions occur, they propagate to all copies of the blockchain
What is meant by programmability as a feature of blockchain
Blockchains may allow for a program code to be stored as well as transaction information
‘Smart contracts’ - actions are carried out automatically when certain conditions are met and triggered
What are the advantages of the Internet of Things
- Created new opportunities to provide products and services
- created opportunities to improve products and services
What is the internet of things
Many devices of computing devices, objects and mechanical and digital machines can transfer data over the internet without requiring human to human to human to computer interaction
Devices connected to internet
What is mobile technology
Infrastructure that supports cellular communications - masts and devices that transmits signals and data
What is the technology that underpins mobile technology
Code-division multiple access
What types of impact has mobile technology had on organisations
- Creates new opportunities to provide services and products
- Frees employees from having to be located in a central location
What is 3D Printing
AKA Additive Manufacturing
Computer-controlled process in which material is joined, used and solidified to create solid objects
What are the benefits of 3d printing
- Speed: Faster manufacturing of items
- Cost-effective: reduced labour time
- Customisable: design can be tailored
- Lean: exact design is printed with precise amount of raw materials
- Secure: confidentiality as it’s done in-house
