L2 - Lecture BDA - Business in the Digital Age PDF

BUSINESS IN THE DIGITAL AGE LECTURE TWO – BSA010 P R OF E S S OR T OM JAC K S ON @ P R OFT OM JAC K S ON T. W.JAC K S ON @ L BOR O. AC. U K Veracity of data  OIL PRESSING: EXPLORING ERP P R OF E S S OR T OM JAC K S ON @ P R OFT OM JAC K S ON T. W.JAC K S ON @ L BOR O. A...

BUSINESS IN THE DIGITAL AGE LECTURE TWO – BSA010 P R OF E S S OR T OM JAC K S ON @ P R OFT OM JAC K S ON T. W.JAC K S ON @ L BOR O. AC. U K Veracity of data  OIL PRESSING: EXPLORING ERP P R OF E S S OR T OM JAC K S ON @ P R OFT OM JAC K S ON T. W.JAC K S ON @ L BOR O. AC. U K Welcome Back! Last lecture This lecture Basics of Enterprise Resource Planning Business Process Rules W3 – The Semantic Web What will I learn? The advantages and disadvantages of an ERP system What’s an ERP System Documents In Invoices: Suppliers send invoices to request payment for goods or services provided to the company. Purchase Orders: These documents are generated by the company to request goods or services from suppliers. Contracts: Legal agreements between the company and other parties, such as clients, vendors, or employees. Resumes and Job Applications: Received from job applicants for recruitment purposes. Letters and Emails: Correspondence with clients, customers, partners, and other external parties. Reports: Internal or external reports, including financial reports, project reports, and performance reports. Proposals: Business proposals submitted by vendors, partners, or contractors. Legal Documents: Notices, subpoenas, court orders, and other legal documents received from external parties. Complaints and Feedback: Customer complaints, feedback forms, and surveys. Deliveries and Shipments: Documents related to incoming shipments and deliveries, such as packing slips and bills of lading. Documents Out Invoices: The company sends invoices to customers for products or services rendered. Purchase Orders: Sent to suppliers to officially request goods or services. Contracts: Drafted and sent to external parties for review and approval. Letters and Emails: Outgoing correspondence with clients, customers, partners, and other external parties. Payroll and Tax Forms: Employee pay stubs, tax forms, and other financial documents. Marketing Materials: Brochures, flyers, catalogues, and promotional materials sent to potential customers. Reports: Company-generated reports, such as financial statements, business plans, and progress reports. Proposals: Business proposals submitted to potential clients or partners. Legal Documents: Contracts, agreements, and legal notices issued by the company. Notices and Announcements: Internal communications to employees, shareholders, or other stakeholders. Product Samples: Samples of products sent to potential clients or partners for evaluation. Shipping and Logistics Documents: Shipping labels, packing slips, and bills of lading for outgoing shipments. Newsletters and Publications: Company newsletters and publications distributed to employees or customers. Marketing Campaigns: Marketing emails, advertisements, and promotional materials. Social Media Posts: Content posted on the company's social media accounts for external communication. Product Manuals and Documentation: Instruction manuals and documentation provided with products. Training Materials: Training manuals, presentations, and materials sent to employees or partners for training purposes. Financial Statements: Annual reports and financial statements shared with shareholders and regulatory bodies. Chat GPT Generated  ERP Systems #1 Inventory management: Also known as material management, inventory modules help with measuring stock targets, standardising replenishments, and tracking items in your organisation with serial numbers. Purchasing: These modules manage procurement processes and work closely with inventory and Supply chain management (SCM) modules.  ERP Systems #2 Sales and Marketing: These modules handle sales workflows, ranging from inquiries and quotes to sales orders and invoicing. With more advanced implementations, it’s also possible to track shipments and integrate tax rules. This works closely with CRM modules to speed the sales cycle to generate more profit. Manufacturing: Also referred to as Production or Engineering, this module aims to make manufacturing more efficient. It features product planning and forecasting, daily production monitoring, and more. It is integrated with SCM and inventory modules.  ERP Systems #3 Financial management: This module manages capital, allowing you to more easily see the money coming into and going out of the business. It addresses standard accounting transactions including expenditures, balance sheet, tax management, bank reconciliation and more. It can also generate financial reports for any department. Customer relationship management (CRM): This module aims to improve customer service and profit per capita. It manages leads, customer issues, and customer opportunities. In an ERP setup, it works closely with the sales module to speed up conversions.  ERP Systems #4 Supply chain management (SCM): This module addresses your supply chain, including areas such as purchase order management, process automation, and production flow from production to consumer, and back again in the case of recalls or returns. Human resource management (HRM): This addresses your staff and includes things like time sheets, employee records, performance reviews, payroll systems, and job profiles.  ERP Systems #5 Automated reporting: These modules work with others to make reporting easy across all departments. Staff will no longer spend time pulling reports from each system. Business intelligence (BI): These modules make it easier to use business intelligence to make data-driven decisions for the future of the company. Typically, you’ll only find BI modules in large ERP packages. Project Management: This module connects project activities with company financials to make it easy to report on the success or failure of projects. Use it to see how well you’re working on completing projects on time and on budget.  ERP Systems #6 Compliance monitoring: This module works to make sure your business stays in compliance with industry regulations. It addresses compliance with local law, security measures, and documentation requirements. IT optimisation: This module works to optimise your IT structure, to keep systems running smoothly. Asset management: This module aims to manage your physical assets, such as your building, manufacturing equipment, and more. E-commerce: This module integrates management of multiple online sales channels with other areas of your ERP. Business Processes Summary Many facets to an ERP system Helps provide an overall picture of an organisation Requires business process rules for every area Testing your Understanding? Could you walk up to someone and tell them about: The different facets of an ERP system The obstacles involved in implementing it within the company It’s worth writing the answers down as they will act as notes for when you revise. Try to look for more information outside of just the lecture notes. OIL FILTERING AND MINING: EXPLORING CRM AND EDRM P R OF E S S OR T OM JAC K S ON @ P R OFT OM JAC K S ON T. W.JAC K S ON @ L BOR O. AC. U K What will I learn? The importance of capturing and storing key information for an organisation; The legal aspect of having to store certain records for a designated period of time. CRM CRM How does your company make money? What’s you most prized asset within an organisation? CRM systems help manage your most prized asset CRM EDRM What is Electronic Document Record Management? Called many different names: Enterprise Content Management Document Management System Electronic Document Management System NOT Content Management System e.g. web site Content Management Increasing Regulatory, Security and Compliance mandates (e.g. HIPAA - Health Insurance Portability and Accountability Act, GDPR -General Data Protection Regulation , etc.) Increasing inter (external) and intra (internal) organisational collaboration objectives Content Retention Policies and risk mitigation Workflow enablement Improved Search Content Management API (Application Programming Interface) connectivity to surface content where and when it’s needed Anytime, anywhere, any device access to critical content aligned to broad-based mobile strategies Millennial workforce expectations Platform-centric content strategies displacing on-premise storage shared drives and legacy containers Cost reductions and offsetting ROI expectations Artificial Intelligence and Machine Learning innovations Google – Personalised search Google – Filter Bubble Cost of searching and duplicating? SEARCHING: According to a McKinsey report, employees spend 1.8 hours every day searching and gathering information. On average, that’s 9.3 hours per week! £30k salary + 100% FEC = £60k pa /48 week = ~£33.33 per hour: COST £310 per week DUPLICATING 60% of employees spend at least one hour per day duplicating work already done by others £30k salary + 100% FEC = £60k pa /48 week = ~£33.33 per hour: COST £166 per week Summary The need for CRM systems From EDRM to cloud content management The role of AI to mine all of the data Increasing the value proposition Testing your Understanding? Could you walk up to someone and tell them about: What issues are there with CRM systems? What’s a searching filter bubble? It’s worth writing the answers down as they will act as notes for when you revise. Try to look for more information outside of just the lecture notes.  OIL STORAGE AND RETRIEVAL P R OF E S S OR T OM JAC K S ON @ P R OFT OM JAC K S ON T. W.JAC K S ON @ L BOR O. AC. U K What will I learn? How everyday systems, like Google, work Role of Context Finding the diamond in the rough Can't see the forest for the trees Finding a needle in a Haystack  Information Landscape Internet 500bn gigabytes Internet Public Information Intranet Explicit Knowledge Folder Own and Hierarchies Company The Records Group File employee stores 54TB of unstructured data You need Tacit Colleagues Knowledge That need you 50...between 100 and 1000 terabytes per employee Context What do you see? What caption would you use? Context: You work for the federal bank in the US What do you see? What caption would you use? Context: You work for the bank in China What do you see? What caption would you use? Techniques for retrieving information How does a computer find things quickly? For Google to work: It can’t do a new search every query It must be able to retrieve pages quickly It could use inverted indexes Inverted Indexes Example Document 1 – computer, laptop, keyboard Document 2 – computer, keyboard Document 3 – computer, keyboard, laptop Document 4 – computer Document 5 - computer, keyboard, laptop (17 words) Example Inverse computer – Document 1, Document 2, Document 3, D4, d5 laptop – Document 1, Document 3, d5 keyboard – Document 1, Document 2, Document 3, d5 (15 words) Inverted Indexes How does a search engine rank the results? Simplified PageRank Algorithm Larry Page and Sergey Brin developed PageRank at Stanford University in 1996 as part of a research project about a new kind of search engine. Suppose a small universe of four web pages: A, B,C and D. The initial approximation of PageRank (1) would be evenly divided between these four documents. Hence, each document would begin with an estimated PageRank of 0.25.  Example: Initial approximation of PageRank Outbound Inbound for a page? Weight = 1.0 (share Page Links Links this amongst all pages) A B B,C,D,E What is the page rank for Page B? B A,C A,D,E C A,E B,D D A,B,C None E A,B C nPR(B) = Starting value for each page - 1/5 = 0.20 nPR(B) (votes) = A 0.20 / outbound links 1 (= 0.2) + D 0.20 / outbound links 3 (= 0.066) + E 0.2 / outbound links 2 (= 0.1) Outbound Inbound Answer = 0.366 Page Links Links A B B,C,D,E B A,C A,D,E C A,E B,D D A,B,C None E A,B C Then the ranking… Once you have all the PageRanks for each page you can then rank them. This then gives you the order list in which to present the search results back to the end user  You have a go… Initial approximation of PageRank Outbound Inbound for a page? Page Links Links What is the page rank for Page A? A B B,C,D,E B A,C A,D,E C A,E B,D D A,B,C None E A,B C nPR(A) = Starting value for each page - 1/5 = 0.20 nPR(A) votes = B 0.20 / outbound links 2 (= 0.1) + C 0.20 / outbound links 2 (= 0.1) + D 0.20 / outbound links 3 (= 0.066) + Outbound Inbound E 0.20 / outbound links 2 (= 0.1) Page Links Links Answer = 0.366 A B B,C,D,E B A,C A,D,E C A,E B,D D A,B,C None E A,B C  You have a go… Initial approximation of PageRank Outbound Inbound for a page? Page Links Links What is the page rank for Page C? A B B,C,D,E B A,C A,D,E C A,E B,D D A,B,C None E A,B C nPR(C) = Starting value for each page - 1/5 = 0.20 nPR(C) (votes) = B 0.20 / outbound links 2 (= 0.1) + D 0.2 / outbound links 3 (= 0.066) Answer = 0.1666 Outbound Inbound Page Links Links A B B,C,D,E B A,C A,D,E C A,E B,D D A,B,C None E A,B C So far the list looks like… Page A 0.366 Page B 0.366 Page C 0.1666 Summary Context changes all the time Techniques to process data Page Rank Inverted indexes Testing your Understanding? Could you walk up to someone and tell them about: The issues with context Techniques to store and rank web pages It’s worth writing the answers down as they will act as notes for when you revise. Try to look for more information outside of just the lecture notes. Digital service – office 365 Platform - Amazon, eBay, and Etsy Sharing – AirBnB Gig – Uber Taxi W3 – The Semantic Web