Business (Y13) - Data technology

What is big data?

The collection and analysis of large data sets to identify trends that can help with decision making

What fuels the growth of big data?

Growth of e-commerce, transportation systems, social media, location data such as GPS, internet of things like ring doorbells and smart fridges

What are the benefits of big data?

Can track and monitor the reliability and safety of operational equipment

Provides marketing insights such as customer needs and wants

Improved decision making and can drive dynamic pricing

Efficient capacity management such as logistics and transportation

What are the drawbacks of big data?

Ethical issues of data protection - GDPR

What is data mining?

Analysing and converting raw data into useful information

What are the benefits of data mining?

Identifying relationships between data sets, better predicted future trends, extracting performance insights, generate business actions

How is data mining used?

Sales forecasting, database marketing, market segmentation, e-commerce basket analysis

What are some examples of data mining?

Tesco club card, increase sales of pop-tarts before hurricanes in the USA

What does ERP stand for?

Enterprise Resource Planning

What is ERP?

Software that helps integrate and manage the functional areas

What are the benefits of ERP?

Higher productivity and efficiency, more accurate budgeting and forecasting, improved customer service

What are the drawbacks of ERP?

Initial cost such as implementation and training, not always suitable for every business such as smaller businesses