Technologies used in business and finance Flashcards
What are the three things that distinguish the fourth industrial revolution from the previous ones?
- Velocity - speed of technological breakthroughs in revolution is faster than at any point in history
- Effect - revolution is disrupting almost every industry in every country rather than specific industries in certain areas of the world.
- Scope - is effecting industries greater than ever before. Causing transformation of entire systems of production, management and governance.
Name 7 effects that the 4th industrial revolution has on organisations?
1.) Speed of technological change
2.) Cheaper transportation and communication costs
3.) Disruption in the labour market
4.) Gains in efficiency and productivity that add value to a business
5.) Opportunities for new, more agile competitors to challenge existing organisations
6.) Greater customer expectations for products and services provided.
7.) Increased collaborative innovation between organisations.
What is the definition of Cloud computing?
Involves provision of computing as consumable service instead of a purchased product. Enables system information and software to accessed by computers remotely as a utility through the internet.
What are the characteristics of Cloud computing service?
- Sold on demand
- Elastic
- Fully managed by service provider
- On demand and self service
What is the definition of Big Data?
Used to describe vast volumes of data which are captured from various sources, such as web browsing and the internet of things that can be analysed to reveal patterns or trends, especially relating to human behaviour or interactions.
What is the definition of process automation?
Refers to the ability of systems to perform routine activities without the input of a human.
What is the definition of Artificial Intelligence?
Refers to the ability of a computer system to assist a human operator to make business decisions or help solve problems
Data visualisation should have 5 features- name them
- Real-time
- Interrogation
- Decision-making
- Prompt (timely)
- Infrastructure
What is The Internet of Things?
Consists of computing devices, objects and mechanical and digital machines which can transfer data over internet without requiring human-to-human or human-to-computer interaction.
What are the benefits of 3-D printing?
- Speed
- Cost effective
- Customisable
- Lean
- Secure
Name 4 sources of Big Data:
1.) Human interactions with social networks, search engines, online retailers etc.
2.) Machines, such as smart devices with sensors
3.) Open data sources, such as statistics published by government and public services
4.) Closed data sources, such as marketing data bases, where data has been processed by research organisations and is available for a fee.
What is Data Analytics?
The collection, management and analysis of large data sets with objective of discovering useful information that an organisation can use for decision making.
What are the 6 benefits that Data analytics can bring to an organisation?
1.) Fresh insight and understanding
2.) Improved performance.
3.) Segmentation and customisation of markets
4.) Fast decision making
5.) Innovation
6.) Risk management
What is Robotic process automation (RPA)?
Is a technology that enables the automation of routine, clerical activities. Main impact on organisations of automation is increased speed and efficiency of processes and reduced staff costs.
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.
