Chapter 5: Data and the finance function

• Novel Technology


  New and emerging technology that introduces a different way of working with data
• Examples of novel technologies and how they improve information

  • Cloud computing - Data is all saved in one spot
  • Big data - Speed at which data can be shared
  • Data analytics - Pattern and trends easier to find
  • Process automation - Human error reduces
  • AI - Using human and artificial intelligence to help users
  • Data visualisation - Improved visualisation
  • Blockchain - Increases level of trust users can have in information
  • Internet of things - Sensors in the environment increases range of information provided to decision makers
  • Mobile technology - Information available anywhere
  • 3D printing - Fast assembly of products
• Role of marketing


  Identify customer needs and fulfil them
• Sources of customer data

  • Cookies
  • Responses from surveys
  • Relationship management software's
  • Tablet and phone apps
  • Online trends
  • Customer feedback posted online
• Role of operations


  To fulfil the customer's order
• Sources of operational data

  • Electronic data interchange systems (EDIS)
  • Logistics (and reverse) systems
  • Inventory management systems (IMS)
  • Quality control systems (QCS)
• Identifying inefficient processes


  1. Use KPI to monitor efficiency

  2. EDIS provides data on document transfer speed

  3. IMS can show slow moving product lines

  4. QCS can show product wastage
• Other benefits of data for operations

  • Forecasting
  • Cost saving
  • Improved maintenance
  • Supply chain
• Digital assets


  PDF, music, videos, and pictures. The owner/creator grants users the license to use asset.
• Permanence


  When the asset will continue to exist indefinitely
• How to create value for digital assets

  1. Create scarcity - Produce a low amount so the price can increase

  2. Bitcoins
• How to create value for customers and role of FF


  • Value of the brand - FF creates insights into how brand is perceived in the market
  • The content of the assets - FF creation of insights into how much value different customers places on asset
  • Marketing of asset - FF creations of insights to help the sales and marketing team effectively market the business
  • Product development - FF creation of insight int customer desires
• Digital asset management system

  Stores digital assets centrally
• Ethical considerations and impact of increased data use

  • Data dependence - Impact - More data means more poor data
  • Data storage - Impact - Investment required for increased storage
  • Data mining - Impact - Consider if most effective tool being used
  • Data distribution - Impact - Consider most appropriate method to distribute data
• Impact of increased data use on data and protection privacy

  • To be informed - Impact on org - Org needs to find effective ways of informing individuals of this right
  • Access - Impact on org - Must be able to quickly provide info requested
  • Rectification - Impact on org - Procedures in place to investigate reported errors
  • Erasure - Impact on org - Resources in place to respond to erase requests
  • Restrict processing - Impact on org - Keep track of restrictions placed on processing
  • Data portability - Impact on org - Data stored in a form that is easily transferred
  • To object - Impact on org - Must ensure employees are aware that individuals have right to object
  • Automated decision making - Impact on org - Make sure their systems make best decisions
• Features of data management

  1. Culture
  2. Chief data officer
  3. Data strategy
  4. Training
• Features of data management - Culture

  Top down approach explaining significance of data
• Features of data management - Chief data officer

  Responsibility over governance and protection of data
• Features of data management - Data strategy

  The SAS five key building blocks of data strategy

  1. Identify - Business requirments
  2. Store - Storage requirements
  3. Provision - how it should be packaged
  4. Process
  5. Govern