Chp. B Using Technology to Manage Information

Data processing (DP)

Name for business technology in the 1970’s; primarily used to improve the flow of financial information

Data

Raw, unanaylzed, and unorganized facts and figures

Information

Processed and organized data that managers can use for decision making

Databases

An electronic storage file for information

Management Information Systems (MIS)

Data collection, storage & processing used to aid and support decision making (EX. Inventory control, payroll systems, market share analysis)

Information systems (IS)

Technology that helps companies do business

(EX. ATMs & Voice mail)

Information technology (IT)

technology used to store, retrieve, and send information effectively

Business intelligence (BI) & Business Analytics

The use of data analytic tools to analyze an organization’s raw data and derive useful insights from them

Technology Skills All Business Professionals Need

1. Make sense of data using apps like Power BI or Tableu

2. Create compelling presentations

3. Manage communication tasks

4. Manage projects using task management, time-tracking, and file-sharing apps

5. Use best cybersecurity practices

6. Use critical thinking and problem-solving skills

7. Adapt to new technologies

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Types of Information

• Business process information

• Physical-world observations

• Biological data

• Public data

• Data that indicates personal preferences or intentions

Business process information

Transaction data, customer data, production and distribution data

Physical-world observations

Information from cameras, GPS, sensonr

Biological data

Fingerprints, facial recognition

Public data

Data attached to social media, search engine use

Data that includes personal preferences or intentions

Online shopping trends, social media likes

Characteristics that make information useful

1. Quality: information that is accurate and reliable

2. Completeness: sufficient information to use for decision-making

3. Timeliness: decisions should be made based on the most recent data available

4. Relevance: having too much data can be problematic as not all of it is relevant to the task at hand

RADAR Test

• Relevance

• Authority

• Date

• Accuracy

• Reputability

Data analytics

The process of collecting, organizing, storing, and analyzing large sets of data (“big data”) in order to identify patterns and other information that is most useful to business now and for making future decisions

Data mining

A technique for looking for hidden patterns and unknown relationships in the data

Sectors that Benefit form Big Data and Data Analytics

• E-Commerce

• Retail

• Real estate

• Law enforcement

• Health care

Computer Networks

• Intranet

• Extranet

• Virtual private network (VPN)

Intranet

A companywide network, closed to public access, that uses Internet-type technology

Extranet

A semiprivate network that allows more than one company to access the same information or allows people on different servers to collaborate

Virtual private network (VPN)

A private data network that creates secure connections, or “tunnels,” over regular Internet lines

Artificial intelligence (AI)

Machines programmed to think, work, and react like humans

Narrow AI

Training a device or software to perform a specific task, like recognizing images (this is where technology is currently)

General AI

Technology that can evolve and improve any task (doesn’t exist yet)

Machine learning

Training devices or software to perform a task and improve its capabilities by feeding it data and information so it can “learn” over time

Generative AI

A subset of machine learning that creates “new” writing, images or other media based on what it has learned from the data it was trained on

AI Caveats (Warnings)

• Subject to the same biases humans have

• Can “hallucinate”: make up information that is incorrect or cite data sources that don’t exist

• Won’t automatically understand the context of a request and an provide results that are factually correct, but irrelevant

• Don’t let AI do your thinking for you: critical thinking skills are needed to evaluate AI output

• Passing off AI-produced content as your own is still considered plagiarism

2 Major Types of Computer Networks

LAN & WAN

Local area network (LAN)

A group of connected devices in one physical location, such as a home or office

• Can be large or small and include both wired and wireless

• Connects devices in a single limited area

Wide area network (WAN)

A network that extends over a large geographical area and connects individual users or multiple LAN’S

• Internet can be considered a WAN

• Large organizations use WAN’s to connect sites, remote employees, suppliers, data centers

Cloud computing

A form of virtualization in which a company’s data and applications are stored at offsite data centers accessed over the internet

Advantages of Cloud Computing

• Reduced software costs

• Improved security

• Flexible capacity

• Lower equipment costs

• Easier access

Disadvantages of Cloud Computing

• Security breaches

• Stability

• Control of data

Web 3.0

A combination of technologies that adds intelligence and changes how people interact with the web, and vice versa

Major problems of Web 2.0

• Most data generated online is collected by big tech companies

• The system is vulnerable to issues that could lead to losses of service and/or data

moving to a decentralized system in which users can connect and collaborate directly with each other

Web 3.0 Fixes Web 2.0 problems by…

blockchain

Decentralization is made possible through…

Blockchain

A database that exists on many servers at the same time

Advantages of blockchain

• Creates more powerful peer-to-peer system

• Data cannot be altered or lost since it exists on many independent servers at the same time and is not controlled by a central server

Security Issues

• Viruses

• Identity theft

Virus

A piece of programming code inserted into other programming to cause some unexpected, undesired event

(EX. Erasing data or causing your hard drive to crash)

Identity theft

Obtaining individual’s personal information for illegal purposes

(EX. Social Security, credit card numbers)

Phishing

Email messages set up to trick victims into giving important information to a bogus website

Importance of Computer Literacy

• Technology eliminates old jobs while creating new ones

• Workers must continually learn and maintain skills

• Always seek help from experts when you need it

• Be mindful of misinformation; always look for verifiable sources

• Get comfortable using AI, but remember to independently verify its sources and information