MGSYS101 - Topic 1 (SO1-2)

Week 1

Moore’s Law

An observation, and a prediction: the number of transistors on an integrated circuit will double every two years with minimal rise in cost.

Moore’s Law

• Computer chip performance will double every two years, and

• Chips become smaller, and

• Chips will cost less to manufacture

Economic Impacts of Moore’s Law

• Increased productivity

• Smaller and more energy efficient devices

• Impacts multiple markets

• Cost reductions

• New types of industry

• Global Competitiveness

Technological Impacts of Moore’s Law

• Increased computing power

• New technologies (AI, data analysis)

• Miniaturisation and mobility

• Connectivity and networking of devices

• Cloud computing

• Innovation and disruption

Social Impacts of Moore’s Law

• Affordable technology

• Hyper connectivity

• Access to information

• Digital transformation

• Social media

• Gig economy

• Global collaboration

• Digital workplaces

• Privacy and ethical concerns

Digital Business

refers to the use of digital technologies to transform tradition business processes, operations, and customer interactions. It has been increasingly vital due to rapid advancements of technology and changing consumer behaviours.

Key Characteristics of a Digital Business

• Leverages digital platforms

• Data-driven decision making

• Personalised customer experiences, products, or services (Netflix, Amazon, Google)

• Agile and innovative business models and revenue streams

Digital Technologies

store, generate, process, and transport data across interconnected networks.

Examples of Digital Technologies

• Electric Equipment and Devices

• Applications

• Infrastructure

• Networks

Digitisation

The process of converting information from a physical/ analogue format to a digital format that can be stored processed, and transmitted electronically.

Digitalisation

The process of leveraging digitisation to improve business processes, services, and products.

Digital Transformation

The strategic restructuring of an organisation’s operations to capitalise on digitalisation.

Digitisation

It involves the transformation of text, images, audio, and video, into digital representations that can be manipulated, accessed, and shared using digital technologies.

Digitalisation

It involves integrating digital technologies into various aspects of an organisation to enhance efficiency, innovation, customer experience, and overall competitiveness. It focuses on harnessing the power of digital technologies to reshape the way organisations operate and deliver value.

Digital Transformation

A strategic decision to restructure an organisation’s operations, processes, and business models to leverage the potential of digital technologies. It is a holistic and organisation-wide approach to driving significant change in how businesses operate, deliver value, and interact with customers.

What is digital transformation about?

It is about leveraging digitalisation to improve business operations and gains competitive advantage.

Digital Transformation can improve

multiple dimensions, like:

• Customer experience

• Data driven decision making

• Process optimisation and efficiency

• Technology integration

• Organisational culture and change management

• Business model innovation

ERP stands for

Enterprise Resource Planning

Characteristics of an ERP System

• The implementation of digitisation of paper-based records to improve processes digitally

• All aspects of a business are internally integrated

• The digitalisation enables digital transformation through the introduction of innovative new technologies

Digital Transformation isn’t about ERP Anymore

It’s about Automation with Machine Learning

ERP

• Has centralised and integrated management of day-to-day business activities

• All data in a single database leads to information sharing

• Centralised data can be used to create and share reports, which improves management decision-making

• Leads to increased automation

• Underpins digital transformation

• Digital transformation is the process of moving from information to automation

Disruptor

Something that uproots the status quo and transforms the way we live and work, which has enormous consequences on our lives.

Characteristics of a Digital Disruption

• It must be disruptive - a threat to an incumbent’s business goals in short or long term.

• It must be digital - i.e. a new technology such as AI, or augmented reality

• It must challenge traditional business models, and have enormous consequences for traditional business within an industry.

Uber

has demonstrated digital disruption by challenging traditional business models and having significant consequences for the traditional taxi industry.

Digital Transformation is

What concept is:

• Proactive

• Begins with strategic decision making

• Integration of digital technologies into all areas of the business

• Process of continuous business improvement

• People and technology working together

• Optimising and automating business processes

• Rapid deployment of prototypes

Being Disrupted

• Reactive

• Traditional business models

• Requires a strategic response

  • Ignore; fight; embrace the change

Being the Disruptor

• Leveraging technologies and digital channels

• Being customer focused

• Proactive

• Shedding outdated processes and legacy technology

• New business models - innovation mind set

• Fast-moving, agile businesses that can respond quickly

How does the Van Gogh Alive case study illustrate the concept of digitisation?

Traditional, hand-painted paintings scanned to digital formats and analogue formatted music to digital music to play on speakers.

How does the Van Gogh Alive case study illustrate the concept of digitalisation?

It is the immersion - surround sound music and moving paintings which could not be done without the 40 projectors. The body cameras are utilised by the Melbourne team as they can help co-ordinate with COVID-19 travel restrictions in place.

How can doctors leverage digitisation to improve patient experiences?

The healthcare industry already had access to technology prior to COVID. COVID pushed the healthcare industry to utilise and leverage digitisation to improve patient experiences. For example, through digital prescriptions (where signatures are not needed) and zoom check-up calls.