Technology and Data Analytics - Course Notes Flashcards
When asked for the exploitation of new technologies, with regards to benefits and opportunities, what do you do?
- New technologies
- Big Data
- Strategic implications
With regards to new technologies, name the 7 benefits
- Cloud computing
- Flexibility
- Disaster recovery
- Ability to collaborate
- Security
- Environmental friendliness
- Competitiveness
Why is cloud computing a benefit?
Reduces need to invest in and maintain significant infrastructure
Why is flexibility a benefit?
As a result of not having to invest in hardware, IT needs can be flexed more easily to what is needed at the time
Why is disaster recovery a benefit?
Information is stored in the cloud
Why is the ability to collaborate a benefit?
When using the cloud, individuals all over the world can contribute to the same document rather than running parallel versions leading to greater errors
Why is security a benefit?
Document is accessed by everyone from the same remote place, reducing chances of loss of physical data in transit
Why is environmental friendliness a benefit?
This links with flexibility as lack of individual infrastructure reduces carbon footprint and the energy used fluctuates with the actual needs of the current time
Why is competitiveness a benefit?
Use of the cloud can give small business advantages enabling them to compete with bigger businesses
Why is mobile technology a benefit?
Allows access anytime, anywhere from a range of devices - not tied to a physical location
What are Hadoop clusters used for?
Store and manage data so that it can be used by companies as a competitive advantage
What are Hadoop clusters?
Special type of software which stores and analyses huge amounts of unstructured data
How is big data described?
Using the 4Vs
What are the 4Vs for Big Data?
Volume
Variety
Velocity
Veracity
What is volume for the 4Vs?
The amount
What is variety for the 4Vs?
The sources
What is velocity for the 4Vs?
Speed at which it changes
What is veracity for the 4Vs?
The truthfulness
Name the strategic implications for big data?
- More transparent and more accessible
- Minimise risk
- Segmentation and customisation
- Better decisions
- Develop future products
Explain the strategic implication of big data being more transparent and more accessible?
More viable to predict trends, analyse customer behaviour, understand what customers want and provide it to them
Explain the strategic implication of big data minimising risk?
Testing scenarios through knowledge of variables
Explain the strategic implication of segmentation and customisation?
Predictive analytics are used by most large retailers to record customer shopping habits in order to target products more effectively.
Explain the strategic implication of better decisions?
Revealing new insights into customer thinking and product usage.
Explain the strategic implication of developing new products?
Faster time to market
How does big data lead to a significant reduction in costs?
Enabling operational efficiencies improvements, there is large scope for competitive advantage
is big data only relevant to commercial organisations?
No
What does data analytical activity have to be?
Measured - cost v benefit
What must a company comply with for big data?
GDPR
What are the types of tasks could you be asked for technology and data analytics?
- Evaluate how new technologies could benefit
- Identify risks associated with technological benefits
- Analyse how investing in e-marketing could benefit
- Advise the board about key issues relating to e-business
- Assessment of security arrangements and recommendations
- Benefits and costs of investing in big data and evaluating a possible identified opportunity
What are the principles of an e-business?
It can contribute to the sustaining or the creation of competitive advantage
What are the barriers to adoption of an e-business?
- Staff do not have the required skills and knowledge
- Customers do not use e-business
- Costs of implementation
- Security, including confidentiality and fraud
What is disintermediation?
Removal of intermediaries in a supply chain that formerly linked a company to its customers
What is reintermediation?
Establishment of new intermediary roles for traditional intermediaries that were disintermediated.
- Provide customers with new, important value added services not provided in the new direct customer supplier relationship
- Provide customers with more efficient means of transacting business
What is coutermediation?
Creation of a new intermediary by an established company in order to compete via e business with establish intermediaries
What nine generic business models for e-commerce did Rappa classify?
- Brockerage
- Advertising
- Informediary
- Merchant
- Manufacturer
- Affiliate
- Community
- Subscription
- Utility
Explain the Rappa brockerage model?
Those that bring buyers and sellers together and facilitate transactions (often fee based)
Explain the Rappa Advertising model?
Supported by advertising revenue, a Web site will provide content and services together with advertising
Explain the Rappa Informediary model?
Collecting data about consumers and their purchasing habits and selling this information to other businesses
Explain the Rappa Merchant model?
Selling of goods and services on the traditional retail model
Explain the Rappa Manufacturer model?
Direct selling by the creator of a product or service to consumers, cutting out intermediaries.
Explain the Rappa Affiliate model?
Offering financial incentives to affiliated partner sites
Explain the Rappa Community model
Where users themselves invest in a site
Explain the Rappa Subscription model
When users pay for access to the site, usually for high added value content
Explain the Rappa Utility model
A model based on metered usage or pay as you go
Explain the internet
Enables computers across the world to communicate via telecommunication links
Explain a website
Collection of screens providing information in text and graphic form
Explain the World Wide Web
A navigation system within the Internet
Explain the Web Browser
Interpret and display hypertext documents and locates documents pointed to by the links
Explain the Intranet
An internal network used to share information. Utilises internet technology and protocols.The firewall surrounding an intranet fends off unauthorised access
Explain a firewall
A security device that effectively isolates the sensitive parts of an organisation’s system from those areas available to external users. It examines all requests and blocks any not conforming to criteria.
Explain extranets
Web based but serves a combination of users.
Explain servers
Machines that provide services to other machines on the internet.
Explains internet protocol (IP)
Each machine is assigned a unique address
Explain Enterprise Resource Planning System **
An integrated computer system used to manage internal and external resources including tangible assets, financial resources, materials and human resources.
It integrates the variosu business functions into one system and is usually undertaken centrally by information management specialists.
This data would be held in a data warehouse from which customised reports can be produced on a real time basis
How can information system requirements be collected?
Interviews Questionnaires Observation Protocol analysis Workshops Prototyping
What are 4 advantages of using a generic software solution?
Relatively cheap
Quick to install
Proven tested product
Maintenance support
What are 3 disadvantages of using a generic software solution?
May not perform the required tasks
Lack flexibility
Unlikely to provide a competitive advantage
What are the 10 high level categories of requirement suggested by Skidmore and Eva?
1 - Functional 2 - Supplier citizenship 3 - Non functional 4 - Initial implementation 5 - Technical 6 - Operability 7 - Design 8 - Cost contraints 9 - Supplier stability 10 - Time constraints
What is the functional requirement?
What software needs to do to add value to business processes?
What is the non functional requirement?
Compliance of accounting software with GAAP
What is the operability requirement?
Ongoing support and upgrades offered
What is the supplier stability requirement?
Reputation, track record, dispute solving
When selecting and implementing generic software, what five stage approach is recommended?
- Obtain tenders
- First pass selection
- Second pass selection
- Implementation
- Long term relationship
Describe obtain tenders
Which suppliers? Clarifying assessment criterion
Describe first pass selection
Short list tenders v assessment criterion
Describe second pass selection
in depth assessment to identify best supplier AND best software
Describe implementation
Documentation, training, file conversion, testing
Describe long term relationship
On going with supplier
What is CRM split into?
- Acquisition of new customers
- Retention of customers by enticing them to repurchase
- Extension of the range of products/services sold to customers
What are the 8 methods of acquiring and retaining customers?
- Search engine registration and directories
- Newsgroups and forums
- Newsletters
- Link building and partnership campaigns
- Viral marketing
- Banner advertising
- Email marketing
- Customer database management system
Explain the search engine registration and directories method
Skilled website design can put a supplier high among search results
Explain the newsgroups and forums method
Expert opinions and useful help are a way for businesses to communicate with their peers and customers
Explain newsletters method
Allow an organisation to send news - key to retaining customers
Explain link building and partnership campaigns method
Significantly boost online presence. Reciprocal links are an exchange for links between two site owners. Affiliate networks are based on paying commission on sales referred from other sites
Explain viral marketing method
Creating a buzz. Relies on word of mouth and getting people to share it. As well as aiding with customer acquisition and retention, great way of launching new products
Explain banner advertising method
Graphical strips commonly seen on the top of website pages. The organisation could pay by impression, click or action
Explain email marketing
Single largest shift in the way humans communicate
Explain customer database management system
Helps a business engage more effectively with its customer base
What are the 6Is of e-marketing?
Interactivity Intelligence Individualisation Integration Industry structure Independence of location
What is the impact of e-marketing on Product?
Augmented product can be extended through web information and interactively. However product description needs to be clear as the customer cannot see or touch it
What is the impact of e-marketing on Promotion?
Can be targeted using customer databases - more tailored
What is the impact of e-marketing on Price?
Can be changed very quickly in relation to variation in demand
What is the impact of e-marketing on Place?
The internet offers global reach
What is the impact of e-marketing on People?
Can be replaced with interactive software
What is the impact of e-marketing on Processes?
Can be automated
What is the impact of e-marketing on Physical evidence?
Includes responsiveness to email enquiries and the website
What is e-procurement?
Buying from suppliers online
What are the 5 ranges of models for e-procurement?
- Public web
- Exchange
- Supplier centric
- B2B Marketplace
- Buyer centric
Explain public web
Individual buyers find individual suppliers and make a purchase (Google)
Explain Exchange
Suppliers and Buyers trade through a third party marketplace (Amazon)
Explain Supplier Centric
An individual supplier gives access to buying organisations from a pre-negotiated product range. There is a contractual relationship.
Explain B2B marketplace
An independent third party has agreements with a number of buying and supplying organisations. Both are bound with agreements.
Explain buyer centric
Individual companies have contracts with a number of different suppliers. The catalogue and ordering system are maintained within the buying organisation.
Wat are the 5 benefits of e-procurement
Cost reduction Reduced inventory levels Greater control Wider choice of supplier Improved manufacturing cycles
What are the 4 risks of e-procurement?
Unauthorised purchases
Systems failure
Data security
Reduced management spending control
What is the e-business push model?
Organisations producing goods based on historic sales patterns
What is the e-business pull model?
Production and distribution are demand driven based on consumer requests (JIT)
What is e-branding?
Branding online and ensuring customers identify their product
What is the danger of e-branding?
Risk of information overload
What could companies also do with regards to e-branding?
Develop brand alliances
What do you need for systems development and implementation?
Steering Committee
What does the steering committee ensure?
System is installed and meets the needs of the business
What does the Steering committee bring together?
- Project sponsor
- Project manager
- Specialist IT Staff
- Finance Director
- Senior management user/user group
What is the role of the Project Sponsor on the Steering Committee?
Identifying the business need, approving budget
What is the role of the Project Manager on the Steering Committee?
Responsible for day to day delivery
What is the role of the Specialist IT Staff on the Steering Committee?
What technology is needed and what is viable
What is the role of the Finance Director on the Steering Committee?
Cost v benefit
What is the role of the Senior management user on the Steering Committee?
System does what is needed
What could the company use after creating a Steering Committee?
Systems Development Life Cycle
What is the acronym for the SDLC?
PADDIM
What are the 6 steps for the SDLC?
Planning/Feasibility Study Systems Analysis Systems Design Systems Development Implementation Maintenance
What is the planning/feasibility study?
Identify needs and objectives of the system by identifying current problems and feasibility of solution
What is the systems analysis?
Ranks the available systems and determines whether it should be in house or outsourced
What is Systems Design?
Describes design features in detail
What is Systems Development?
Changes to the new system documented carefully. The system should be tested and users should be given necessary training
What is Implementation?
Via parallel running/ director changeover
System should be tested
What is Maintenance?
Post implementation review - correction or enhancement.
Check it meets the needs of managers, is secure and produces accurate information
What are application controls?
Manual or automated processes aim to ensure transactions are complete, accurate and valid
Give 5 examples of application controls
- Mandatory fields
- Arithmetical accuracy
- Range/limit checks
- Edit checks of input data
- Numerical sequence checks
Give 9 examples of general IT controls
- Password
- Physical
- Personnel - training/supervision
- Environmental - fire detectors
- Contingency - disaster recovery
- Regular backups
- Virus protection
- Firewall
- Spyware
What is a disaster recovery plan?
How to deal with a situation where a significant part of operations breakdown as a result of an unpredictable event.
The aim is to limit damage and aid business continuity
What should the disaster recovery plan set out?
- Responsibilities
- Priorities
- Back up and standby arrangements
- Communication and PR
