E. Technology and data analytics

Technology and Data Analytics

1. Cloud Technology

Definition: Manages IT resources and services online using a scalable rented model from various providers, enabling access from a wide range of internet-enabled devices.

Key Elements:

• Large-scale Data Centers: Facilities that host applications and services remotely, providing a robust infrastructure for businesses.

• Internet Services: Both software (SaaS) and hardware (IaaS, PaaS) services are delivered over the internet, allowing for flexibility in resource management.

• Device Accessibility: Users can access services using smartphones, laptops, tablets, and other devices, supporting a mobile workforce.

Deployment Models:

• Public Cloud: Services available to the general public, typically operated by third-party service providers, such as AWS or Microsoft Azure.

• Private Cloud: Services and infrastructure maintained on a private network, tailored to the specific needs of a single organization for enhanced security.

• Community Cloud: Shared infrastructure for a specific community or industry, allowing for collaboration while maintaining data privacy and compliance.

• Hybrid Cloud: A mix of public and private cloud services, allowing organizations to leverage the advantages of both.

Advantages:

• Lower Acquisition Costs: Reduces upfront investment in hardware and infrastructure, resulting in lower operational costs.

• Focus on Core Business: Companies can concentrate on their key business initiatives, with IT concerns managed by cloud providers.

• Real-time Data Availability: Ensures that decision-makers have access to the most current data for timely and effective decision-making.

Risks:

• Data Leakage and Privacy Concerns: Risks associated with unauthorized access to sensitive information.

• Potential Service Outages: Disruptions in service availability can impact business operations.

• Vendor Lock-in Issues: Difficulty in migrating services and data to different vendors due to proprietary technologies and architectures.

2. Mobile Technology

Definition: Portable technologies, including smartphones, tablets, and laptops, facilitating seamless communication and enabling transactions from virtually anywhere.

Key Features:

• Connectivity Technologies: Utilizes innovations such as Wi-Fi, Bluetooth, 3G, 4G, and the emerging 5G for enhanced connectivity.

• Enhancement of Staff Efficiency: Increases productivity by enabling remote work and various service offerings through mobile applications.

Advantages:

• Increased Productivity and Flexibility: Workers can accomplish tasks on-the-go, improving response times and workflow efficiency.

• Real-time Communication Capabilities: Enables instant messaging and video conferencing, promoting collaboration regardless of location.

Disadvantages:

• High Costs for Devices and Maintenance: Initial costs can be high for quality devices, along with the ongoing costs for data plans and repairs.

• Security Risks Associated with Mobile Data: The portability of devices increases vulnerability to theft and data breaches, necessitating robust security measures.

3. E-Business

Definition: The integration of digital technologies into core business processes to optimize operations and create more effective customer interactions using ICT (Information and Communication Technologies).

Scope:

• Sales: Streamlining processes through e-ordering and e-ticketing systems that enhance the buying experience.

• Marketing: Implementing e-marketing strategies that leverage digital channels to reach customers more effectively.

• Procurement: E-procurement systems introduce efficiencies and cost savings in acquiring goods and services.

Types of E-commerce:

• B2B (Business to Business): Transactions between businesses, such as wholesale suppliers and manufacturers.

• B2C (Business to Consumer): Direct sales from businesses to the end consumer, like online retailers.

• C2C (Consumer to Consumer): Platforms that facilitate transactions between consumers, often through online marketplaces.

• B2G/G2B (Business and Government): Interactions where businesses provide services to government agencies or vice versa.

Marketplace Channel Structures

[refers to the way a product can be sold to the customers]

• Disintermediation : refers to removing to the intermediary i.e. middleman (wholesaler/distributor) in the supply chain [ selling directly to end-users ]

• Reintermediation : replacing the physical intermediary with company’s own website to sell directly to end-users

• Countermediation : overcome the issues associated with reintermediation by having comparison website such as trivago

Benefits:

• Cost Reduction: Reduces costs associated with traditional business operations and increases efficiency.

• Enhanced Customer Reach and Experience: Online platforms allow businesses to access wider markets, improving engagement and customer satisfaction.

4. E-marketing

whenever exam q asks e-marketing or e-ordering, always think of 6Is model

Marketing : the management process responsible for identifying, anticipating and satisfying customer requirement profitably

E- Marketing: e-commerce that implements marketing objectives through the use of ICT

Benefits:

• enables businesses to expand their global reach

• 24 hour marketing

• Personalisation as they tailor to customer’s requirements by analysing their preferences using data analytics

• expands its scope or types of products available for sale

6 I model:

• Independence of location : opportunities of selling in untapped markets

• Interactivity : online chat function that allows potential customers’ queries to be immediately answered

• Intelligence : personal information of potential customers such as name, contact number and etc.

• Individualisation : based on customers’ past purchases which were retained in the customer database, the company can categorize them according to their their characteristics so that the marketing effort can be targeted accordingly instead of using ‘one size-fits-all’ approach

• Integration : refers to the company sending email, messages to their potential customers using their personal information provided (intelligence) to stay connect with them

• Industry restructuring : involves redesign business processes, adopting IT enabled services to expand marketing boundaries

5. Big Data Analytics

Definition: The comprehensive analysis of large volumes of complex datasets to identify patterns, correlations, and trends that inform decision-making.

Types of Data Analytics:

• Data Mining : analysing a large volume of data downloaded from a company’s computerised system with the intention of identifying a particular trend that indicate the possibility of fraud

• Statistical analytics :

  • Predictive Analytics : based on past results achieved, what is the likely demand for immediate future? this prediction would allow the company to prepare the resources and plan for production in advance

  • Prescriptive Analytics : measure the effectiveness of past measure taken so that the company can decide whether to repeat the same measures again

  • Descriptive Analytics : reveal the trend over a period of time

  • Descriptive Analytics : problem identification as why is it happening

• Text analytics : scanning text such as emails and word processing documents to extract useful information simply by looking for key-words that indicate an interest in a product or place

• Voice analytics : same as text but with audio

Characteristics:

• Volume: Encompasses extensive datasets generated from various sources, including social media, sensors, and transactions.

• Variety: Data comes in various formats, including structured, semi-structured, and unstructured data.

• Velocity: The high speed at which data is generated and processed, demanding real-time analytics.

• Veracity: Ensures data quality, reliability, and accuracy in analyses.

Advantages:

• Improved Decision Making: Supports data-driven decisions, optimizing operational strategies and enhancing business outcomes.

• Enhanced Customer Service and Loyalty: Insights derived from data analytics can lead to personalized experiences and improved customer engagement.

Limitations:

• Data Privacy Concerns: Managing large datasets raises significant privacy issues and the responsibility to protect sensitive information.

• Costs of Managing Big Data: Requires significant investment in technology and skilled personnel to process and analyze data effectively.

6. AI, Machine Learning, and Robotics

AI Definition: Technology designed to mimic cognitive functions that are often associated with human intelligence, allowing machines to perform tasks that require learning, reasoning, and problem-solving.

Machine Learning: A subset of AI that focuses on the development of algorithms that enable computers to learn from and make predictions based on data without explicit programming.

Benefits:

• Reduction in Human Error: Automating processes minimizes human mistakes, improving accuracy.

• Avoid risks taken by human : e.g. going to Mars, defuse a bomb and etc.

• 24/7 Service Availability: AI and robotics provide continuous service, enhancing customer satisfaction and operational efficiency.

• New inventions : help human solve the majority complex problems such as predicting breast cancer of woman at earlier stages.

Challenges:

• High Initial Costs: Implementation of AI and robotics solutions often requires substantial investment in technology and talent.

• Ethical Considerations: Automation raises concerns about job displacement and the ethical use of AI.

• Unable to think outside of box : machines can only performed those tasks that they are programmed for thus anything out of that, they tend to crash or give irrelevant outputs

7. Cyber Security

Threats:

• Phishing: Deceptive attempts to gain sensitive information through fraudulent communications.

• Viruses and Malware: Software aimed at damaging or disrupting systems.

• Hacking Incidents: Unauthorized access to networks and systems to steal data or cause harm.

Mitigation Measures:

• Use of Strong Passwords: Employ complex passwords and password managers to enhance security.

• Multi-Factor Authentication: Adds an extra layer of security by requiring additional verification methods.

• Regular Staff Training: Keeping staff informed about cyber threats and safe practices helps prevent breaches.

• Monitoring Tools: Implementing advanced monitoring tools to detect and respond to suspicious activities in real-time.