TECHNOLOGY PART 3 Flashcards
big data- oppurtunities
Can help in strategic planning, maximise revenue
Informed Decision-Making: Big data provides organizations with a wealth of information about their operations, customers, and the market. This data can be analyzed to make well-informed, data-driven decisions.
Competitive Advantage: Organizations that effectively harness big data gain a competitive edge. They can identify trends, capitalise on it before competitors have even discovered. Predict future demands.
Enhanced Customer Insights: Big data analytics allows organizations to understand their customers better. They can personalize offerings, improve customer service, and create targeted marketing campaigns.
Innovation: Data can be a source of inspiration for innovation. Organizations can identify unmet needs, new product opportunities, and process improvements through data analysis.
Efficiency Improvements: Analyzing operational data can lead to efficiency gains. Supply chain optimization, resource allocation, and process automation are just a few areas where big data can make a significant impact.
Risk Management: Big data analytics can help identify and mitigate risks. This is crucial in industries like finance and insurance, where risk assessment is a core function.
Revenue stream from selling data to manufacturers who want to carry out their own analysis
big data - threats
Threats:
Data Privacy and Security: Collecting and storing large volumes of data can make organizations more susceptible to data breaches and privacy violations. Ensuring the security of this data is a significant challenge.
Regulatory Compliance: Data usage is subject to various regulations, such as GDPR. Organizations need to comply with these rules, or they may face legal and financial consequences.
Data Quality: The “garbage in, garbage out” principle applies to big data. Poor data quality can lead to incorrect analyses and poor decision-making.
Costs: Managing big data requires significant investments in storage, processing, and analytics tools. The costs associated with big data projects can be substantial.
Talent Shortages: Data scientists and analysts are in high demand. Finding and retaining talent with the necessary skills can be a challenge.
Integration Complexity: Combining and analyzing data from different sources and formats can be complex. Data integration and compatibility issues can slow down projects.
Overwhelming Volume: The sheer volume of big data can be overwhelming. Without the right tools and strategies, organizations can drown in data and struggle to extract valuable insights.
Bias and Fairness: Biases present in data can lead to biased algorithms and decisions. Ensuring fairness and avoiding discrimination is a growing concern.
In conclusion, big data presents significant opportunities for organizations in terms of improving decision-making, gaining a competitive edge, and fostering innovation. However, it also brings various threats, including data security and privacy concerns, regulatory challenges, and the need for substantial investments in technology and talent. Successful organizations navigate these opportunities and threats to derive value from their big data initiatives.
how can data analysis be used to inform and implement organisational strategy?
Market Analysis and Trend Identification- helpful in identifying threats and opportunities
Customer Understanding: Segmentation and behavior analysis enable personalized offerings and targeted marketing.
Competitive Intelligence: Monitor and analyze competitors to inform strategic decisions.
Risk Assessment: Analyze financial, operational, and cybersecurity risks to develop proactive risk management strategies.
Supply Chain Optimization: Use data to streamline logistics, reduce costs, and improve supply chain efficiency.
Performance Measurement: Set and track KPIs for strategic goal assessment.
Innovation: Identify new product development opportunities and enhancements through data analysis.
Operational Efficiency: Use data to uncover internal inefficiencies and streamline processes.
HR Management: Apply data analytics to HR functions for improved talent management.
Strategic Decision-Making: Base decisions on data analytics, scenario assessment, and outcome predictions.
Performance Metrics: Real-time performance metrics through data-driven dashboards and reports.
Feedback Loops: Continuously improve strategies by monitoring their impact and making adjustments.
Scalability: Big data technologies support growth initiatives without major infrastructure changes.
Big data empowers informed, adaptive, and efficient strategic decision-making in organizations.
benefits to the company of using AI to achieve strategic objectives
Efficiency: Automation of tasks leads to time and cost savings.
Data Analysis: AI can analyze vast datasets quickly for insights.
Personalization: AI-driven recommendations enhance customer experiences.
Customer Service: Chatbots and virtual assistants provide 24/7 support.
Predictive Analytics: AI forecasts trends, helping in decision-making.
Risk Management: AI identifies potential risks and suggests mitigation.
Productivity: Enhances employee productivity through task automation.
Innovation: Supports research, development, and innovation efforts.
Competitive Advantage: Companies using AI may outperform competitors.
Scalability: AI can adapt to changing demands and scale as needed.
Cost Reduction: Automation lowers operational and labor costs.
Quality Control: AI systems ensure consistency and quality.
Market Insights: Analyzing market data aids strategy development.
Security: AI enhances cybersecurity and detects threats.
Inventory Management: Optimizes stock levels and reduces waste.
Compliance: Ensures adherence to industry regulations.
Revenue Growth: AI can identify new revenue streams and markets.
Decision Support: Provides data-driven insights for strategic decisions.
While AI offers many advantages, it’s essential to consider the potential challenges, such as ethical concerns, data privacy, and initial implementation costs.
importance of online branding, compare with traditional marketing
-global reach. traditional is limited to a region
-cost effectiveness, insta is cheaper than tv ad
-interactivity
-measurability
-flexibility
-24/7 presence
-targeting
-viral potential
E-business, methods to acquire suppliers
-Online Supplier Directories: Utilize online supplier directories, such as Alibaba, ThomasNet, or Global Sources, to discover potential suppliers from around the world.
-Request for Proposals (RFPs): Post RFPs online through your e-commerce platform or on dedicated procurement websites to attract potential suppliers to bid for your business.
-Supplier Portals: Build and maintain supplier portals, where suppliers can register, provide information, and respond to inquiries or requests for quotations.
-Online Auctions: Host online auctions to acquire suppliers by allowing them to compete for your business through a competitive bidding process.
-Supplier Relationship Management (SRM) Software: Implement SRM software to streamline supplier selection, evaluation, and collaboration.
e business- ways to manage suppliers
-E-Procurement Systems: Implement e-procurement systems that automate the procurement process, manage supplier catalogs, and enable electronic purchase orders and invoices.
-Vendor Performance Scorecards: Use e-business tools to track supplier performance and provide feedback through vendor scorecards. This can help suppliers improve and maintain quality.
-Collaboration Platforms: Employ collaborative platforms for communication, document sharing, and data exchange with suppliers.
-Electronic Data Interchange (EDI): Use EDI to exchange business documents electronically, such as purchase orders, invoices, and shipping notices.
-Inventory Management Systems: Implement e-business technology for real-time visibility and management of your inventory levels, which can help optimize supplier relationships.
E business ways to acquire customers
-E-commerce Websites: Establish an e-commerce website or online store to sell products or services directly to customers.
-Social Media Marketing: Leverage social media platforms for marketing and customer acquisition through targeted advertising and engagement with potential customers.
-Content Marketing: Create valuable and informative content, such as blog posts, videos, and webinars, to attract and engage potential customers.
-Email Marketing: Build and maintain email marketing lists to send personalized offers and updates to your customers.
-Online Marketplaces: List your products on online marketplaces like Amazon, eBay, or Etsy to reach a broader customer base.
e business- ways to manage customers
-Customer Relationship Management (CRM) Software: Implement CRM systems to track and manage customer interactions, preferences, and purchase history.
-Personalization: Utilize data analytics to personalize the customer experience, recommend products, and offer targeted promotions.
-Chatbots and AI-based Customer Support: Use chatbots and artificial intelligence for automated customer support, helping to improve response times and efficiency.
-Loyalty Programs: Create customer loyalty programs to incentivize repeat business and reward loyal customers.
-Analytics and Feedback: Gather customer feedback through online surveys and reviews, and use analytics to continuously improve your products and services.
-E-newsletters: Send regular newsletters to keep customers informed about your products, industry trends, and special offers.
steps for an effective e business strategy
-clear objectives
-market research
-decide business model (b2b,b2c,c2c)
-invest in technology infrastructure (website, crms, payment gateways)
-implement security measures to protect customer data , comply with data regulations
-user friendly website
-content strategy
-multi channel presence
-e marketing((seo,sem,email,sm)
-data analytics
-customer service
-mobile optimization
-continuous improvement
-training employees
-A/B testing to improve strategy and results
-customer feedback
Marketing mix for e marketing
Product eg. Online classes rather than physical
Price, different prices for rich and poor countries, dynamic pricing on net easiily update
place- global reach
Promotion, seo web email
