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E. Technology and data analytics - Coggle Diagram
E. Technology and data analytics
Adopt new technology
[Increase efficiency]
save time
save resources
Economic (reduce wastage)
Non-economic (operational)
new product/ new services
Automation of production/ processes -> operation efficiency
primary + supporting activities benefit -> streamline work flow
Translate into competitive advantage
[USP - unique selling point, better than competitor] (ie, skills, resources)
Cloud technology
data centre away from the co where the data is stored
Private - more costly
Community - extranet (a specific group of ppl can access the system)
Hybrid
Advantage
Lower cost of entry for smaller firms
Co can concentrate on their core business, instead of IT infrastructure
Data driven strategies -> data analytics which provides competitive advantage to the co
Scale your services using accurate information (ie, use predictive analytics)
Make possible new classes of application
Disadvantage
Leakage of private info -> public/ common cloud
Disruption when there is a failure/ outage
Private + Public Cloud; not interoperable, not portable > hinder production
Different vendor system; impossible to migrate from one platform to another > expose to security/ privacy threats
Public - available to general public, confidentiality may be compromised as info shared to public
Mobile Technology
gave rise to fintech (allows transaction to be completed instead of traditional f2f)
mobile IT devices (mobile phones, laptop, payment terminal)
Advantage
increase efficiency and productivity of staff
higher quality/ flexibility of services to customer
ability to accept payment wirelessly (fintech)
communicate in and out of workplace
greater access to application/ services
increase networking
Disadvantages
costly to purchase, ongoing maintenance
distraction
instruction on how to use
security risks, critical biz data
Big Data Analytics
4Vs
Volume
overcome sampling risk
Variety [advantage]
facilitates comparison to establish consistency
remove biasness/ personal opinion
Velocity
speed is fast
can make timely decision
Veracity [disadvantage]
noise, bias, abnormal, dirty data
inaccurate data
may distrort your trend
wrong opinion
data overlook; security policies
5 types of data analytics
Data Mining
analyse large volume of data to establish trend (patterns, relationship, history)
Predictive Analytics
(future trends)
Text Analytics