Exam 15: The Data Asset: Databases, Business Intelligence, Analytics, Big Data, and Competitive Advantage

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How are increasingly standardized data, access to third-party datasets, cheap, fast computing, and easier-to-use software collectively enabling a new age of decision making?

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Question 1

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A study by Gartner Research claims that the amount of data on corporate hard drives doubles every six months. With this flood of data comes a tidal wave of opportunity. Increasingly standardized corporate data, and access to rich, third-party datasets—all leveraged by cheap, fast computing and easier-to-use software—are collectively enabling a new age of data-driven, fact-based decision making. The phrase of the day is business intelligence (BI), a catchall term combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis. Alongside business intelligence in the new managerial lexicon is the phrase analytics, a term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.
Anyone can acquire technology—but data is oftentimes considered a defensible source of competitive advantage. The data a firm can leverage is a true strategic asset when it’s rare, valuable, imperfectly imitable, and lacking in substitutes.

E-discovery refers to:

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Question 2

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The category of AI technology used by Google to recognize patterns to improve speech recognition is known as ______________.

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Question 3

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Neural Networks

??????????????Database technology known by the term __________________ is especially popular with Internet firms that rely on massive, unwieldy, and disparately structured data; and this technology is often at the heart of what are often characterized as "big data" efforts.

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Question 4

In database systems, a _____ refers to a list of data.

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Question 5

Describe how L.L. Bean's Big Data efforts have changed and improved firm interactions with customers.

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Question 6

Data warehouses are composed entirely of proprietary corporate data, while data marts take advantage of data purchased from third-party firms.

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Question 7

Advantages based on capabilities and data that others can acquire are long-lived.

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Question 8

Describe "database," "DBMS," and "SQL."

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Question 9

Data are raw facts that must be turned into information in order to be useful and valuable.

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Question 10

The data a firm can leverage is a true strategic asset when it is valuable, rare, imperfectly imitable, and non-substitutable.

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Question 11

Firms that base decisions on hunches are said to be gambling, not managing.

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Question 12

_____ put(s) users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters.

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Question 13

Firms that collect and resell data are known as:

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Question 14

A data cube refers to a:

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Question 15

Walmart uses_____ technology to sift through massive amounts of social media data.

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Question 16

Systems that can absorb any type of data, structured or not, from any type of source are often called schema-less.

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Question 17

_____ refers to software for creating, maintaining, and manipulating data.

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Question 18

_____ are AI systems that leverage rules or examples to perform a task in a way that mimics applied human expertise.

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Question 19

Computer-driven investment models can be very effective when the market behaves as it has in the past. However, in terms of historical consistency, they are vulnerable to failure in the face of:

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Question 20

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How are increasingly standardized data, access to third-party datasets, cheap, fast computing, and easier-to-use software collectively enabling a new age of decision making?

E-discovery refers to:

The category of AI technology used by Google to recognize patterns to improve speech recognition is known as ______________.

??????????????Database technology known by the term __________________ is especially popular with Internet firms that rely on massive, unwieldy, and disparately structured data; and this technology is often at the heart of what are often characterized as "big data" efforts.

In database systems, a _____ refers to a list of data.

Describe how L.L. Bean's Big Data efforts have changed and improved firm interactions with customers.

Data warehouses are composed entirely of proprietary corporate data, while data marts take advantage of data purchased from third-party firms.

Advantages based on capabilities and data that others can acquire are long-lived.

Describe "database," "DBMS," and "SQL."

Data are raw facts that must be turned into information in order to be useful and valuable.

The data a firm can leverage is a true strategic asset when it is valuable, rare, imperfectly imitable, and non-substitutable.

Firms that base decisions on hunches are said to be gambling, not managing.

_____ put(s) users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters.

Firms that collect and resell data are known as:

A data cube refers to a:

Walmart uses_____ technology to sift through massive amounts of social media data.

Systems that can absorb any type of data, structured or not, from any type of source are often called schema-less.

_____ refers to software for creating, maintaining, and manipulating data.

_____ are AI systems that leverage rules or examples to perform a task in a way that mimics applied human expertise.

Computer-driven investment models can be very effective when the market behaves as it has in the past. However, in terms of historical consistency, they are vulnerable to failure in the face of:

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