Chapter 17: Data and Competitive Advantage

Vocabulary flashcards covering data management, analytics, database technologies, and case studies like Disney, and Walmart based on Chapter 17 lecture notes.

Big Data

The collections, storage, and analysis of extremely large, complex, and often unstructured data sets that can be used by organizations to generate insights that would otherwise be impossible.

business intelligence (BI)

A term combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.

analytics

A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.

machine learning (ML)

A type of artificial intelligence that leverages massive amounts of data so that computers can act and improve accuracy on their own without additional programming.

dynamic pricing

When a firm sets prices in real or near-real time in order to maximize sales and profits.

Beacons

A Bluetooth technology that emits location data to help identify user location, used for distributing real-time promotions and navigation.

data

Raw facts and figures.

information

Data presented in a context so that it can answer a question or support decision-making.

knowledge

Insight derived from experience and expertise, based on data and information.

database

A single table or a collection of related tables.

database management systems (DBMS)

Software for creating, maintaining, and manipulating data; also known as database software.

structured query language (SQL)

A language used to create and manipulate databases.

database administrator (DBA)

Job title focused on directing, performing, or overseeing activities associated with a database or set of databases.

table or file

A list of data arranged in columns or fields and rows or records.

column or field

A column in a database table representing each category of data contained in a record.

row or record

A row in a database table representing a single instance of whatever the table keeps track of.

relational database

The most common standard for expressing databases, whereby tables (files) are related based on common keys.

serverless computing

A type of cloud computing where a third-party vendor manages servers, replication, fault-tolerance, and scalability, allowing developers to focus on business solutions.

transaction processing systems (TPS)

Systems that record a transaction or some form of business-related exchange, such as a cash register sale or ATM withdrawal.

loyalty program

System that provides rewards in exchange for consumers allowing tracking and recording of their activities.

customer relationship management (CRM)

Systems that empower employees to track and record data at nearly every point of customer contact.

data aggregators

Firms that collect and resell data.

legacy systems

Older information systems that are incompatible with other systems, technologies, and ways of conducting business.

data warehouse

A set of databases designed to support decision-making in an organization, structured for fast online queries and exploration.

data mart

A database or databases focused on addressing the concerns of a specific problem or business unit.

online analytical processing (OLAP)

A method of querying and reporting that takes data from standard relational databases, calculates and summarizes it, and stores it in a data cube.

data lake

A catch-all term for storage and access technologies used in Big Data that allow for storage of both structured and raw unfiltered formats.

Hadoop

A set of mostly open source tools to manage massive amounts of unstructured data for storage, extraction, and computation.

data cloud

A cloud service that provides tools to extract and transform data from disparate sources so that it can be interrogated as needed.

ETL

Extract, Transform, Load; the process of copying data from multiple sources, transforming it into a common format, and loading it into a combined format.

e-discovery

Identifying and retrieving relevant electronic information to support litigation efforts.

query tools

Tools to interrogate a data source or multiple sources and return a subset of data based on a set of criteria.

Python

A general purpose programming language that is popular for data analytics.

R

A programming language specifically created for analytics, statistical, and graphical computing.

canned reports

Provide regular summaries of information in a predetermined format.

ad hoc reporting tools

Tools that put users in control to create custom reports on an as-needed basis by selecting fields, ranges, and parameters.

dashboards

A heads-up display of critical indicators that allows managers to get a graphical glance at key performance metrics.

data visualization

The graphical representation of data and information.

generative AI

A type of artificial intelligence whose output is some type of media, usually generated based on a prompt.

omnichannel

Providing customers with a unified experience across customer channels, including online, mobile, catalog, phone, and retail.

data mining

The process of using computers to identify hidden patterns in, and to build models from, large datasets.

Retail Link

Walmart's proprietary system that records sales and automatically triggers inventory reordering, scheduling, and delivery.