Assessing the greater use of digital technology

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  • Created by: Leary103
  • Created on: 16-01-21 12:38

Digital Technology

Digital Technology: electronic technology which uses binary numbers to store, generate and process data

E-commerce: the buying and selling of goods and services and/or the transmission of funds or data, using an electronic network, such as the internet

Advantages of e-commerce:

  • cost-effective
  • Flexibility
  • increased demand
  • improved efficiency
  • Greater profit margins
  • Impact on marketing

Disadvantages of e-commerce to business:

  • greater competition
  • costs of new technology
  • lack of tactile experience for customers
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Big Data

Big data: large pools of data that can be captured, communicated, aggregated, stored and analysed

Uses of Big Data:

  • Analysis of operations
  • Marketing information
  • Improving their decision making
  • Improving security
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Data Mining

Data Mining: the process whereby a business transforms raw data into useful information, to support the various activities of the business

Examples of data-mining techniques:

  • Data counting and analysis
  • Clustering/grouping
  • Correlation and regression lines
  • Decision trees
  • Network Analysis/Critical Path Analysis
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Enterprise Resource Planning (ERP)

ERP: a business' use of its information system so that it can automate and integrate its core business processes

Activities automated through ERP may include:

  • Order processing
  • Manufacturing
  • Supply-chain management
  • Inventory control
  • Sales and customer service
  • Human resource management
  • Financial accounting

Main advantages:

  • integration of all business processes so that all aspects work towards the same goals
  • Greater efficiency from automation
  • Closer scrutiny of all activities
  • Reports
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