Unit 5

Created by

Banachos 12332

Cards (10)

What is digitization? 
The process of converting analog information into digital format
What are the digital trends?
...
Big data, cloud computing, mobile internet - focuses on changes in infrastructure
Software defined anything - focuses on changes in productivity
Outsourcing and crowdsourcing - focuses on changes in production organization
Prosumer economy - focuses on changes in forces of economic growth
Long tail - focuses on change in competitive landscape
Digital finance - focuses on changes in financial entities and technologies
Collaboration - focuses on changes in operations models
What is Big Data?
Big data emphasizes not the amount of data but rather using new thinking to interpret the data, with help of the internet
Spotify uses big data analytics by collecting data from users around the globe to giver personalized music recommendations
Amazon Prime offers videos, music, and Kindle books in a one-stop shop
What is cloud computing?
An environment that provides resources and services accessed via the internet
What is software-defined anything?
It is a strategy that uses software to control and manage hardware resources in various aspects of technology infrastructure, e.g. networking and storage
What is outsourcing and crowdsourcing?
Outsourcing is a business practise where a company hires a third party to perform tasks, perform operations, or provide services for the company
Crowdsourcing is the act of collecting services, ideas, or content through the contributions of a large group of people
What is a prosumer economy?
A system where people both consume and produce goods and services
What is the long tail theory?
A business strategy where they sell low volumes of rare items rather than sell high volumes of popular items
What is digital finance?
Financial transactions conducted electronically
What is a collaboration? 
When a group of people come together and contribute their expertise for the benefit of a shared objective, project, or mission