5: Data and the Finance Function

Question 1

the role of marketing

Answer 1

helps organisations identify needs of customers and helps organisations fulfil those needs by developing products/services and advertising those products/services

Question 2

impacts of big data and data analytics on marketing

Answer 2

quickly identifying patterns and trends emerging
identifying tastes/interests to tailor interactions with individual customers
understanding customer interaction with various communication channels
understanding customer desires/preferences to create products/services better fitting their needs

Question 3

role of operations

Answer 3

operations helps the business fulfil customer orders - how we produce goods/services and deliver that to the customer

Question 4

electronic data interchange (EDI) system

Answer 4

systems talk to each other which eliminates the need for a person

Question 5

benefits of data for operations

Answer 5

better forecasting - improving planning and efficiency
preventative maintenance
cost saving
improving the service offering provided to people
looking at the efficiency of the supply chain

Question 6

digital assets

Answer 6

digital files with value

users of such files are typically granted a licence to use the asset by the creator/owner but do not have ownership rights themselves

Question 7

key feature of creating a digital asset

Answer 7

permanence - continue to exist indefinitely unless all copies are deleted

intangible

Question 8

creating value from digital assets

Answer 8

creating scarcity - to add value to digital assets, they have to have properties of a physical object (Akindeinde)

Question 9

creating value for customers

Answer 9

powerful branding
content of the asset
marketing of the asset
product development

Question 10

digital asset management systems

Answer 10

central repository storing all digital assets which are centralised, secure and accessible

Question 11

benefits of digital asset management systems

Answer 11

keeping everything in one place is cheaper/easier
consistent level of services
metadata can create easily searchable databases
improves security
improves sharing of assets between teams
providing data on usage and access to assets

Question 12

4 ethical considerations relating to data

Answer 12

vulnerable to errors and poor data quality
systems need to be capable of securely storing data
need to be using effective data mining tools to extract the maximum value
need to be using the most appropriate methods of distributing the data, with security in mind

Question 13

features of sound data management

Answer 13

culture
chief data officer (CDO)
data strategy with 5 strands - identifying business requirements, storing data in a secure manner, data being safely and easily accessible, processes that are easy/clear/consistent to ensure data is processed in a safe/clear manner, clear guidance on how data is stored and used
training

Question 14

impact of increased data use on CDR

Answer 14

responsibility to act as a steward of the data
responsibility to be transparent
responsibility to ensure accuracy
responsibility to have human checks
responsibility to manage the volume of data held