Podcast
Questions and Answers
What is a key characteristic of Digital Transformation today compared to the past?
What is a key characteristic of Digital Transformation today compared to the past?
90% of the world's data was generated in the last two years.
90% of the world's data was generated in the last two years.
True
What is the anticipated amount of data generated in zettabytes by 2025?
What is the anticipated amount of data generated in zettabytes by 2025?
181 zettabytes
The demand for _____ Analysts is high due to the increasing volume of data.
The demand for _____ Analysts is high due to the increasing volume of data.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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How much data is created each day, according to 2024 estimates?
How much data is created each day, according to 2024 estimates?
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Big Data is solely determined by the volume of data.
Big Data is solely determined by the volume of data.
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What significant change defines the shift from IT-centric to business-centric approaches?
What significant change defines the shift from IT-centric to business-centric approaches?
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What is the primary role of a data analyst?
What is the primary role of a data analyst?
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Data visualisation only involves creating tables of data.
Data visualisation only involves creating tables of data.
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What is one benefit of using visualisations in data analysis?
What is one benefit of using visualisations in data analysis?
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The process of finding hidden patterns and customer preferences from data is called ______.
The process of finding hidden patterns and customer preferences from data is called ______.
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Match the following data visualisation tools with their primary features:
Match the following data visualisation tools with their primary features:
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Which statement about data visualisation is true?
Which statement about data visualisation is true?
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Spotify uses data analytics to recommend music based on user preferences.
Spotify uses data analytics to recommend music based on user preferences.
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Name one type of data mentioned in the content.
Name one type of data mentioned in the content.
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Study Notes
Business Information Management - Week 11
- Module: MI4007
- Presented by: Dr. Michael P. O'Brien
Digital Transformation
- Digital transformation is one of the most transformational times in human history.
- This era involves moving from IT-centric systems to business-centric systems.
- Past: IT-centric approach focused on systems of record (traditional applications, transactional data, reporting, internet). Primarily non-generative.
- Current: Business-centric approach focuses on systems of engagement and insight (cloud-native apps, streams of data, internet of everything). Primarily generative.
Digital Transformation - Data
- In 2017, 60 seconds of internet activity yielded 3.5 million hours watched, $751,522 spent online, 1.8 million snaps created, 15,000 GIFs sent, 900,000 LinkedIn logins, 4.1 million text messages, and more.
- These figures show the exponential pace of data creation.
- In 2023, 60 seconds of internet activity results in 271,309 iOS & Android app downloads, 3.02 million photos created, 6.94 million emojis sent, 22,831 visits to ChatGPT, 241.2 million emails sent, 18.8 million messages, and many other feats.
- 2024 estimates project 402.74 million terabytes of data generated daily. This translates to approximately 147 zettabytes yearly, 12 zettabytes monthly, 2.8 zettabytes weekly, and 0.4 zettabytes daily.
- The amount of data generated annually has grown by over 74x since 2010, with 90% generated in the last two years. By 2025, data creation is forecast to hit 181 zettabytes.
Data Creation Statistics
- Annual data generation is constantly growing.
- This pattern reflects the significant impact of digital transformation.
Data Analytics
- Data analysts play a crucial role in analyzing large data sets and deriving actionable insights for business.
- They are important roles in several fields.
The Internet of Everything (IoE)
- The IoE is transforming the physical world into an intelligent one.
- It transforms jet engines from fuel-powered to data-powered.
What is Big Data?
- Big data involves massive datasets that are initially hard to process with traditional database management tools.
- The challenges include capture, curation, storage, search, sharing, analysis, and visualization.
- Big data is similar to small data only bigger, resulting in a need for different tools and techniques. The aim is to use this knowledge to solve existing and new problems.
Big Data vs Smart Data
- Big data focuses on the amount (size) of data, whereas smart data focuses on extracting value from data.
- Smart data combines big data and analytics to provide actionable insights.
Data Analytics Process
- The process involves aggregating, enriching, presenting, and making informed decisions using data.
- Tools: Databases, data marts, data warehouses, ETL tools.
- Analytics tools are needed to make decisions from data and support strategies.
Data Analytics Tools
- Several analysis tools are available, including R, Python, Excel, Tableau, Power BI, and more.
Data Analytics Case Studies
- Case studies illustrate the importance of data analysis for decision-making, particularly in the areas of UPS, Spotify, and others.
- Examples presented by slides included successful practices: market basket analysis (for example, in retail), cluster analysis, and decision-tree analysis.
Data Visualization
- Data visualization is using charts and graphs to analyze data and quickly present patterns, trends, and correlations.
- It allows for easier understanding and faster decision-making based on the data.
Types of Data
- Structured data follows a rigid format (e.g., databases, Excel sheets).
- Unstructured data doesn't have a predefined format (e.g., images, videos, audio).
- Semi-structured data falls between structured and unstructured, possessing some structure (e.g., JSON, XML files).
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Description
Explore the transformational impact of digital transformation in this week's module of Business Information Management. Learn about the shift from IT-centric to business-centric systems and the staggering data creation statistics that underscore this change. Discover the implications for future business strategies.
