Understanding new developments within the business environment Flashcards
How have business and trade gained from information technology?
improvement in efficiency, productivity and the bottom line.
Understanding emerging trends
By understanding emerging trends companies are able to stay ahead of competition.
Examples of emerging trends:
mobile platform for doing business
cloud computing
technology to handle large data values
When did robotics and automation rapidly increase?
During Covid 19
Why would companies rather invest in robots than people?
robots are faster cheaper and more accurate. They also do not get sick.
Click and Mortar
Stores which have both online and physical stores
XR
Extended reality
VR
Virtual reality
MR
Augmented Reality
Where do companies use augmented reality?
In training and customer service
AI-enabled engineering and manufacturing: what is AI used for?
AI does not only make decisions on designs but also on how they are procured and produced.
examples of emerging trends:
- Robotics and automation
- Click and mortar
- Extended reality
- AI-enabled engineering and manufacturing
- Cloud
- Privacy based computations
- Cyber security
- Big Data
- 5G
- Artificial Intelligence
- Robotic Process Automation
- Blockchain
- Internet of Things (IoT)
Advantages of new technology:
- easier, faster and more efficient communication
- better and more efficient manufacturing
- less wastage
- more efficient stock management and ordering systems
- more effective marketing and promotion
- new sales avenues
Disadvantages of new technology:
- increased dependency on technology
- increased risk of job cuts
- required regular updates
- can break down or get faults
- closure of physical stores due to online stores
Limitations and risks associated with new emerging technology:
- Compliance and legal violations
- Data breaches
- User Privacy
- Fairness and equity
- Reputational risk
- Spoofed Chatbots
- Ethical and legal concerns
- Greater complexity in IoT
- Public Safety
How to mitigate the risks:
- strong monitoring and oversight function
- meaningful investments in InfoSec tools and technology which protects companies against breaches
How to avoid bias data
- ensure that information going into the system is free from error and prejudice
- more data is usually better but also check the source of the data
Using software to find vulnerability and manage risks …steps
use a vulnerability scanner regularly.
companies can hire “penetration tester” (security consultants)
It is used:
1. identifying and keeping track of risks
2. managing
3. mitigating the risks
Ethical use of new developments within the financial sector:
- Privacy and monitoring of employees
- misuse of personal information
- misinformation and deep fakes
- lack of oversight and acceptance of responsibility
- use of AI
- Autonomous Technology
Privacy and monitoring of employees
- executives must adopt a privacy policy
Companies must ensure that employees do not go on social media during working hours
Privacy policy:
A legal statement that reveals how the company retrieves, stores, and analyses technology information, so that their employees will be clear about what technology is allowable and how the company will oversee the monitoring process.
ethical practices in technology
- respect for employees and customers
- moral use of data and resources
- responsible adoption of disruptive tech
- create a culture of responsibility
