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Questions and Answers
What type of innovation focuses on creating new digital products?
What type of innovation focuses on creating new digital products?
Customer Data includes metrics like conversion rates and churn rates.
Customer Data includes metrics like conversion rates and churn rates.
False
Name one digital business model that utilizes recurring payments.
Name one digital business model that utilizes recurring payments.
Subscription Model
The analysis of data to guide strategic decisions often utilizes tools such as __________.
The analysis of data to guide strategic decisions often utilizes tools such as __________.
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Match the following data types with their descriptions:
Match the following data types with their descriptions:
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What is a primary benefit of cloud computing?
What is a primary benefit of cloud computing?
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Big Data only helps businesses in making historical analyses.
Big Data only helps businesses in making historical analyses.
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Name one application of Artificial Intelligence in business.
Name one application of Artificial Intelligence in business.
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Mobile technology provides __________ access to information and services.
Mobile technology provides __________ access to information and services.
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Match the following digital platforms with their primary function:
Match the following digital platforms with their primary function:
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Which of the following is NOT a key component of data-driven decision making?
Which of the following is NOT a key component of data-driven decision making?
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Data overload is a challenge in data-driven decision making.
Data overload is a challenge in data-driven decision making.
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What is one advantage of using digital payment systems?
What is one advantage of using digital payment systems?
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Study Notes
Technological Infrastructure
- Cloud Computing: Offers flexibility, cost-efficiency, scalability, remote collaboration, and real-time data access.
- Internet Connectivity: Enables global reach, 24/7 operations, instant transactions and payments, and seamless connection between business departments regardless of location.
- Big Data: Facilitates personalized services based on customer preferences, data-driven decision-making for optimized operations, trend prediction for improved products and marketing, and identification of operational waste for enhanced efficiency.
- Artificial Intelligence Applications: Includes AI chatbots for automated customer support, data analysis for personalized recommendations, automation of supply chain logistics, and intelligent fraud detection and cybersecurity.
- Mobile Technology: Enables e-commerce through smartphone apps, instant access to information and services, mobile payments, and increased customer engagement through messaging apps, push notifications, and social media.
Digital Platforms and Ecosystems
- Digital Platforms: Online frameworks that connect stakeholders like producers, consumers, developers, and service providers. Examples include Amazon (e-commerce), Facebook (social media), and Uber (ride-sharing).
- Digital Ecosystems: Networks of organizations, technologies, and platforms that interact and collaborate within a specific market or industry. Characterized by network effects, multi-sided markets, openness, and collaboration.
Data-Driven Decision Making
- Process: Utilizes data analysis instead of intuition or assumptions. Involves data collection, analysis, visualization, real-time data access, and integration of AI.
- Benefits: Improved accuracy and efficiency, enhanced customer experiences, predictive insights, and agile responsiveness.
- Challenges: Data overload, privacy and security concerns, and integration of disparate data sources.
Innovation in Digital Business
- Product Innovation: Creating new digital products.
- Process Innovation: Enhancing operations through technology.
- Business Model Innovation: Transforming value capture models.
The Role of Data
- Importance: Data is crucial for understanding customer behavior, optimizing operations, and guiding strategic decisions in the digital economy.
- Data Sources: Companies gather data from websites, social media, and transactions.
- Types of Data: Customer data (demographics, behavior), transactional data (purchases, payments), performance data (conversion rates, churn rates, CLV).
Turning Data into Insights
- Tools: Companies use tools like Google Analytics, CRM systems, and machine learning to analyze data.
- KPIs: Key performance indicators are critical for tracking performance and making informed decisions.
Digital Business Models and Strategy
- Subscription Models: Recurring payments for ongoing access (e.g., Spotify, SaaS).
- Freemium Models: Free basic services with premium features offered for a fee (e.g., LinkedIn, Dropbox).
- Marketplace Models: Platforms connecting buyers and sellers (e.g., Amazon, Airbnb).
Key Success Factors
- Scalability: Ability to grow and adapt to increasing demand.
- Customer Acquisition and Retention: Attracting and retaining customers.
- Network Effects: Increased value as more users join the platform (e.g., Facebook).
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Description
Explore the key components of technological infrastructure including cloud computing, big data, artificial intelligence, and mobile technology. This quiz will help you understand how these elements contribute to flexibility, efficiency, and enhanced customer engagement in modern business operations.
