Technology in a Digital World Flashcards
What is the fourth Industrial Revolution?
Characterised by decentralised consensus (the technical ingredient for developments like blockchain)
Technical developments are enabling increasing peer to peer interactions and changing the structure of how a business operates
Global impact in much smaller time frame
Eg: smartphones introduced in 2007 now a third of the world uses them
Big data and relevance to finance
Collections of data so large that traditional methods of data collection is insufficient
Developments in tech means amount of data has grown exponentially
Process automation and relevance to finance
Use of software to carry out low level tasks - typically repetitive rules based tasks
Many tasks in finance can be completed using this eg credit notes, sending customer statements, performing consumer reconciliation, basic tax returns
Artifical intelligence and relevance to be finance
Technology that can be used to make decisions and carry out tasks that have traditionally required human intelligence
A developing area in finance. Used for forecasting, accounting entries and fraud detection - FAF
Forecasting - AI can recognise and interpret patterns
Accounting entries - better coding
Fraud detection - recognise normal patterns vs suspicious
Data visualisation and relevance to finance
The communication of data in a user friendly diagrammatical way to facilitate understanding
Enhance the value of information to external users. Clarify
Blockchain and relevance to finance
Decentralised continuously growing data record
Full implications unknown
Helps record keeping
Assurance of information
No need for administrator
Businesses become cashless
Internet of things and relevance to finance
Increasing connection of devices to the internet
Full implications unknown
Knowledge of how machines are working may inform costings and inventory valuation
Up to the minute analytical procedures
Feedback about wear and tear for information about useful life and depreciation
Mobile and relevance to finance
Use mobile tech to work flexibly (when finance acts as customer)
Use mobile tech to record the transactions customers are undertaking (when finance is supplier)
3D printing and relevance to finance
Printing 3D objects from a variety of materials
Finance unlikely to be a customer of this but will have to be educated on it to see how it can add value to business and determine cost benefit analysis and whether worth investing in
3D printing and relevance to finance
Printing 3D objects from a variety of materials
Finance unlikely to be a customer of this but will have to be educated on it to see how it can add value to business and determine cost benefit analysis and whether worth investing in
What are the five moral dimensions of the Information Age?
PAILS
Property - the right to the protection of intangible property eg copyrights and patents
Accountability - who is accountable for harm caused by software malfunction, who owns and regulates the internet
Information rights and privacy - the right to be free from surveillance
Life quality - what are the negative social costs eg social media addiction
Systems - quality of data and system quality
What is CDR and what issues to consider when developing a CDR strategy
Corporate digital responsibility - an aspect of corporate social responsibility
CDR covers 5 areas:
Digital stewardship - a responsible approach to using data
Customer expectations - transparency and ability to opt in
Giving back - using data to help society as well as achieving corporate objectives
Data value - incentivising customers to give data
Digital inclusion - reducing digital barriers in society
