Final Study Guide Flashcards
(46 cards)
What is the largest source of online data for organizations?
Social media is the largest source of online data for firms.
What are the three sets of competencies that companies should have for dealing with big data?
The three competencies that companies should have for dealing with big data are:
- Business analytic expertise
- Information management expertise
- An analytic-oriented culture
T/F: Organizational behavior must change if the value of social computing is to be realized.
True, organizational behavior will have to adapt to the new value of social computing.
T/F: Business leaders have shorter time horizon in their thinking than IT and are often not prepared to anticipate new technologies.
True. Business leaders are generally much more focused on short- to medium-term gains.
What are the three level of analytics maturity in organizations?
The three levels of analytics maturity in organizations are:
- Aspirational: Supports finance and supply chain management.
- Experienced: Supports holistic strategy, marketing, and operations
- Transformational: Supports day-to-day strategy and operations
According to Merchand et al., data have four dimensions. What are they?
The four dimensions of data are:
- Unstructured
- Structured
- Internal
- External
What are the five main strategic opportunities developed through the use of big data innovation?
The five main strategic opportunities that can be developed through innovating with big data are:
- Data Generation (Creating new products)
- Aggregation (Creating a data platform)
- Service (Create or improve a service)
- Efficiency (Optimize internal operations)
- Analytics (Develop superior knowledge & insight)
What are the largest challenges posed by social media?
The largest challenges to IT managers for using social media data are:
- Short business horizons: Business leaders focus nearer to now, and don’t anticipate new tech.
- Resources: Social computing requires support and facilitation.
- Culture Change: Participation starts high but usually drops off steeply.
What are the six steps towards using social data?
The six steps towards using social data are:
- Focus: Identify specific problems
- Develop business-savvy IT staff: Promote business-IT rotation, hire power users into IT.
- Become a “data factory”: Work to improve data quality, usability, and integration
- Listen & Engage: Engage customers with the company though IT.
- Hire a graphic designer: Good UI is good.
- Support ease-of-use
T/F: Organizations that are “sophisticated exploiters of data and analytics” are three times more likely to be top performers.
True, organizations that are sophisticated exploiters of data & analytics are three times more likely to be top performers.
T/F: Learning about how people utilize knowledge for action and then using this as the basis for improving an organization’s intelligence is critical for successful BI.
True, learning how people use knowledge lets you produce it better.
T/F: Most organizations’ business intelligence efforts fail because there are too many employees with business intelligence training and expertise.
False. Just plain false.
T/F: The ‘holy grail’ of IT is to have a single authoritative source for all data.
True.
Define business intelligence.
Business intelligence is the manipulation of data, not the management of data, in order to bring the right data/information/knowledge/intelligence to bear on a problem.
What are the six things that BI helps organizations do?
Business intelligence helps businesses:
- Anticipate the future
- Empower employees’ memory
- Sense what’s happening in the environment
- Connect internal and external functions & resources
- Question the status quo
- Focus on the most relevant information
What’s the first level of analytics maturity?
The first level of analytics security is Aspirational: At this level, analytics are siloed and largely based on structured data and spreadsheets, targeting support activities, like logistic and finance.
What’s the second level of analytics maturity?
The second level of analytics maturity is Experienced: Adding onto aspirational, you get visualization, advanced modeling, and data integration. It supports holistic aims, like strategy development, marketing, and operations.
What’s the third level of analytics maturity?
The third level of analytics maturity is Transformational: At this level, a broad variety of tools is used to analyze structured and unstructured. This supports day-to-day strategy and operations.
What’s the first set of competencies needed to deal with big data?
The first set of competencies needed for a firm to deal with big data are Information Management Expertise; things like data governance, good data management practices, and the ability to get the right data to the right people.
What’s the second set of competencies needed to deal with big data?
The second set of competencies needed for a firm to deal with big data are Business Analytic Expertise: That is, analytic talent, tools, and technology required to glean insight from data.
What’s the third set of competencies needed to deal with big data?
The third set of competencies need for a firm to deal with big data are An Analytic-Oriented Culture: A belief that data and analytics are a strategic asset. Have things like analytics champions, mandates, and the involvement of analytics in strategic and tactical decisions.
What are the two major reasons for the new interest in BI?
The two major reasons for the new interest in business intelligence are 1. the sudden explosion of data and 2. the changing information needs of businesses.
The amount and types of data are vastly increasing, as is our ability to handle it in a useful way. It can be useful.
The ability to use this data in more holistic ways (not reports) is increasing as well, and the desire to find new patterns in it.
What’s the first obstacle to helping companies improve BI?
The first obstacle to helping companies improve BI is Perspective: Changing the collective mind-set and culture regarding data. Make people see that it’s an asset.
What’s the second obstacle to helping companies improve BI?
The second obstacle to helping companies improve BI is Lack of Business Knowledge: Be able to understand the actual meaning behind data, and have people with the skills to use business intelligence.
