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BSCI Test 3
Digital
| Term | Definition |
|---|---|
| Industrial Revolution | New technologies & novel ways to perceive the world, that trigger change in economic & social structures |
| 1st IR | Mechanization of manufacturing using steam & water power Late 1700's |
| 2nd IR | Mass production assembly lines using electrical power Late 1800's |
| 3rd IR | Automated production using electronics, PLC's, and robotics 1980's |
| 4th IR | Autonomous decision making of cyber physical systems using machine learning through cloud tech Present day |
| Key technologies in 4th IR | Cloud computing Big Data AI Data visualization Blockchain 3D printing IOT Mobile technologies |
| Characteristics of 4th IR | Fusion of cyber & physical systems Employment of robotics & automation to change many jobs AI & Machine learning Machine-led manufacturing Improved asset management |
| Cloud computing | Computing as consumable service and not purchased product System info & software accessed remotely Ex, Dropbox & Google Dive |
| Types of cloud computing | Public cloud: hosted by 3rd-party company Private cloud: Managed internally |
| Advantages of cloud computing are | Flexibility & Scalability Cost efficient Secure Flexible working environment Easier integration |
| Disadvantages of cloud computing are | Organisational change Contract management Security & privacy compliance Reliance |
| Big Data | Collecting & analysing large amounts of data to find trends & help org focus resources more effectively |
| Key features of Big Data | Volume Velocity Variety Veracity |
| Data Analytics | Collection, management & analysis of data sets to discover useful information that can be used in decision making |
| Components of Data Analytics | 1. Collection 2. Organisation 3. Analysis |
| Benefits of data analytics | Fresh insights & understanding Improved performance Market segmentation & customisation Decision making Innovation Risk management |
| Process automation | Ability of system to perform routine activities without human input Increased process speed & efficiency Reduces labour/staff costs |
| Types of process automation | Traditional: Machine carries out simple repetitive job Modern: Machine focuses on complex business areas previously thought beyond capabilities of technology |
| AI | Ability of computer system to assist human in making decisions of solving problems. Uses past events to detect patterns & help with future suggestions. |
| Data visualisation | Report formats that present info & data in pictorial or graphical format to simplify content. Like displaying KPI's of business |
| Internet of things (IOT) | Computing devices, machines & objects that transfers data over the internet without human interaction Used to collect & present info Ex. Smart watches |
| 3D printing | Additive manufacturing Computer-controlled process of fusing materials to create olid object |
| Advantages of 3D printing | Speed Cost effectiveness Customisation Reduces waste (no overproduction) Confidentiality |
| Mobile technology | Infrastructure that supports cellular communication |
| Impact of mobile tech on org | New opportunities ito services & products (apps) Employees can work remotely Less paperwork Instant data visibility |
| Blockchain | Decentralised, distributes & public ledger to record transactions across many computers |
| Main blockchain benefit | Security since cybersecurity is a large risk in use of internet |
| Key features of blockchain | Shared records (ledger) No central owner Transactions checked by compute Consensus required Blocks are linked Difficult to change added data Secure & trustwothy |
| Cloud accounting | Provision of accountancy software via cloud |
| Advantages of process automation | Cost saving Value adding Improved accuracy Positive return Adaptability |
| Disadvantages of process automation | Uncertainty Relationship management Competence Training Change management |
| AI supports finance function by | Improves efficiency (fraud detection & accuracy) Provides insight & delivers more value |
| Limitations of AI | Relies on sufficient data of good quality Models aren't flexible Societal bias |
| Benefits of data visualisation | Accessible Real-time Optimising performance Insight & understanding |
| Collected data supports | Business planning Resource allocation Optimised processes Minimize expenses |
| Digital mindset | Concept of seeing beyond individual elements of digital change; to understand deeper ways in which technology will transform aspects of society |
| Qualities & practices of digital mindset | Clear vision to evolve Giving up controlling change Disrupting existing business processes to allow new processes Relying on data but trusting personal instincts Being skeptical & open minded |
| Skills required by FUTUR finance professionals due to 4th IR | Analytical skills Judgement People skills Business Acumen Leadership |
| Ethical considerations | 1. Information rights & obligations - privacy & protection 2. Property rights - Ownership 3. Accountability & control 4. System quality - Standards to be in place 5. Quality of life - Neg consequences (monitoring systems, dependence & vulnerability) |
| Importance of social & ethical consideration | Relationships with investors increase Customers feel safer since data is secure Customers prefer ethical companies Stakeholder trust Long-term sustainability |
| Corporate Digital Responsibility | expansion of social responsibilities to cover data & digital services |
| 5 areas of CDR | Digital stewardship Customer expectations Giving back Data Value Digital inclusions |
Created by:
CARA.FAURIE
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