3: Technologies used in Business and Finance

Question 1

fourth industrial revolution

Answer 1

powered by internet and associated digital technology

feature of the blurring lines between physical, digital and biological spheres

Question 2

3 key elements of the fourth industrial revolution

Answer 2

1. velocity
2. effect
3. scope

Question 3

other characteristics of the fourth industrial revolution

Answer 3

employment
natural assets
machine-led manufacturing
fusion
AI and ML

Question 4

technological developments and employment (Farrar)

Answer 4

1. enables them to work faster
2. enables them to work more efficiently
3. makes them more productive at new tasks

Question 5

cloud computing

Answer 5

provision of computing as a consumable service instead of a purchased product

Question 6

characteristics of the cloud

Answer 6

sold on demand
elastic
fully managed
on-demand and self-service

Question 7

4 characteristics of big data

Answer 7

volume
velocity
variety
veracity

Question 8

data analytics

Answer 8

collection, management and analysis of large data sets with the objective of discovering useful information that an organisation can use for decision-making

Question 9

6 benefits with effective data analytics (McKinsey)

Answer 9

more insights and understanding
improved performance and better decision-making
better understanding of the market place
fast decision-making
innovation
better with managing risk

Question 10

process automation

Answer 10

ability of a system to perform routine activities without input of a human being

robotic process automation

Question 11

5 functions that can be automated by technology (McKinsey)

Answer 11

managing others
stakeholder interactions
applying expertise
data processing
data collection

Question 12

AI

Answer 12

ability of a computer system to assist a human operator to make business decisions or help solve problems

1. cognitive computing (AI, ML and NLP)
2. machine learning (idea that a machine can imitate human learning)

Question 13

data visualisation tools

Answer 13

waterfall charts
dashboards
line charts
mapping charts
bar and pie charts
tables

Question 14

5 features data visualisation tools should have to be useful

Answer 14

1. real-time
2. interrogation
3. decision-making
4. prompt (timely)
5. infrastructure

Question 15

distributed ledger technology

Answer 15

technology allowing organisations/individuals who are unconnected to share an agreed record of events

blockchain

Question 16

key aspects of blockchain

Answer 16

transactions are recorded on an online network that is publicly available
transactions are recorded by all participants
network computers verify the transaction to make sure the records have been updated correctly

Question 17

stages of a blockchain

Answer 17

1. transaction is requested
2. digital representation of the transaction is requested (a block)
3. block is sent to all nodes in the network (distributed ledger)
4. authenticity of the transaction is verified by each node
5. reward for the verification is sent to each node (bitcoin)
6. completed and authorised block is added to the chain

Question 18

3 key features of blockchain (ICAEW)

Answer 18

propagation - many copies of the blockchain ledger but no master copy
permanence - no edits unless everyone agrees
programmability - allows program code to be stored as well as transaction information

Question 19

impacts of internet of things

Answer 19

creation of new opportunities
improvement of products and services

Question 20

2 impacts of mobile technology

Answer 20

creates new opportunities
frees employees from having to be located in a central location

Question 21

benefits of 3D printing

Answer 21

speed
cost-effectiveness
customisable
lean
secure