Big Data & Competitive Advantage
This technology helps companies analyze vast amounts of structured and unstructured data to gain a competitive edge.
What is Big Data?
Systems that record a transaction (some form of business-related exchange), such as a cash register sale, ATM withdrawal, or product return.
What is a transaction processing systems (TPS)?
Cloud computing allows businesses to store and access data over this instead of a local server.
What is the internet?
a type of AI often broadly defined as software with the ability to learn or improve accuracy without being explicitly programmed.
What is machine learning (ML)?
A term combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.
What is business intelligence (BI)?
Retailers, like Walmart, use this open-source framework to process large datasets quickly and efficiently.
What is Hadoop?
This type of software helps businesses manage interactions with customers and improve relationships.
What is Customer Relationship Management (CRM)?
This type of cloud service model provides virtualized computing resources over the internet.
What is IaaS or Infrastructure as a Service?
Computer software that seeks to reproduce or mimic (perhaps with improvements) human thought, decision-making, or brain functions.
What is artificial intelligence (AI)?
When raw facts and figures are converted to this, data is presented in a context that it can answer a question or support decision-making.
What is information?
Airbnb uses this feature, powered by machine learning, to optimize nightly rates for hosts.
What is Smart Pricing or dynamic pricing?
Computer software that seeks to reproduce or mimic (perhaps with improvements) human thought, decision-making or brain functions.
What is artificial intelligence or AI?
AWS, Microsoft Azure, and Google Cloud are major providers of this computing solution.
What is cloud computing?
A type of artificial intelligence whose output is some type of media: e.g. text, images, audio, video. Results are usually generated based on a prompt, typed or spoken. This technology "learns" the patterns and structure of data used and can then generate new output as a result.
What is generative AI?
Sometimes referred to as _______ software; software for creating, maintaining, and manipulating data.
This online retail giant uses real-time data analysis to adjust prices dynamically and enhance customer experience.
What is Amazon?
Firms that collect and resell data.
What are data aggregators?
Unlike a data warehouse, this type of storage holds raw, unstructured and structured data for later processing.
What is a data lake?
A method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data and then stores the data in a special database called a data cube.
Older information systems that are often incompatible with other systems, technologies and ways of conducting business.
What is or are legacy system(s)?
Businesses that fail to leverage big data risk losing their competitive advantage, often referred to as this type of disruption.
What is digital disruption?
Cloud-based CRM solutions offer this advantage over on-premises solutions by providing access to data from anywhere.
What is remote accessibility?
This company, known for its cloud-based data warehouse platform, enables enterprises to store and analyze data efficiently.
What is Snowflake?
A set of databases designed to support decision-making in an organization.
What is a data warehouse?
A tool that allows eye tracking, gives design tips and does much more to put data into an attractive visual form, used by Spotify to provided data visualization and storytelling, enabling them to create interactive dashboards and share insights about music, artists, and global listening behavior with stakeholders and the public.
What is Tableau?