Purpose and content of
Classified in Economy
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Data-driven and Decision-Making
Definition Data-Driven: Involves rational quantitative assessment, and information arise through slow, conscious, sequential associations.
Definition Data-Making: Refers to affectively charged judgments that arise through rapid, non-conscious, holistic associations
Big data and the 5Vs Definition:
Big Data is a term that is applied to datasets whose size or type is way complex than traditional data sets and is beyond the ability of traditional relational databases to capture, manage, and process with efficiency. Examples: Google trends Uses big data generated by our Google searches
The 5Vs: Volume, Variety, Velocity, Veracity, Value Link with DATA: individual prices, weights. Link with Information: Time Table, Merit List. Knowledge Definition: The universal domain says that’s a set of signs representing the meaning of thoughts in the mind of an individual capable to justify them.
Digital Platforms
Definition: Business based on enabling value creating interactions between external producers and consumers. Its final purpose is to consummate matches among users and facilitate exchange of goods, services or currency, creating value for all participants”. Example: Airbnb
Information systems: An integrated set of components for collecting, storing and processing data and for providing information, knowledge and digital products.
ERP (enterprise resource planning): A category of business-management software – typically. Suite of integrated applications – that an organization can use to collect, store, manage and interpret data from many business activities. à ODOO
CRM (Customer relationship management) : allows business to manage business relationships and the data and information associated with them. à KPI, reports etc