Definitions

Question 1

The definition of Digitization is?

Answer 1

Digitization - conversion of text, pictures, or sound into a digital form that can be processed by a computer.
Examples of the digitization:
• Converting physical document into a pdf file.
• Converting a music record into an audio.
Restrictions: storage capacity and processing time.

Question 2

What is digitalisation?

Answer 2

Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.

Examples of the digitalization:

• Shift of task from analog to digital like in the case of the sketching.
Restrictions: flow of the entire process, costs, functionality.

Question 3

What is digital transformation ?

Answer 3

Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.
Restrictions: cost and adaptation time.

Question 4

What is the internet of things ?

Answer 4

The Internet of Things describes the network of physical objects, so known as, “things” — that are embedded with sensors, software, and other technologies that is used for the purpose of connecting and exchanging data with other devices and systems over the Internet

Question 5

Explain Artificial intelligence

Answer 5

Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving

Question 6

Platform economy

Answer 6

-> sharing economy
-> platform based business - almost all customers platform provider :online business
-> started with financial services
crowd funding platform/apps: Pop calendar
-> combining digital & physical
-> evolution to sharing economy
* A product, service and experience provides a solution to a customer
↳ in platform economy
* Network and ecosystem
* Technology => app ( mobile usage)-> easy/nice interface

• Data analysis and generation -> cookies and analyse to plan strategically

Question 7

What is data economy ?

Why do we use data?

Answer 7

1. A data economy is a global digital ecosystem in which data is gathered, organized, and exchanged by a network of vendors for the purpose of deriving value from the accumulated information
2. Data makes everything transparent
   • Data could be collected, stored, combined and multiplied endlessly with nominal costs.
   • We learn through data
   • “Experience” is collected and analysed data