Understanding new developments within the business environment

Question 1

How have business and trade gained from information technology?

Answer 1

improvement in efficiency, productivity and the bottom line.

Question 2

Understanding emerging trends

Answer 2

By understanding emerging trends companies are able to stay ahead of competition.

Question 3

Examples of emerging trends:

Answer 3

mobile platform for doing business
cloud computing
technology to handle large data values

Question 4

When did robotics and automation rapidly increase?

Answer 4

During Covid 19

Question 5

Why would companies rather invest in robots than people?

Answer 5

robots are faster cheaper and more accurate. They also do not get sick.

Question 6

Click and Mortar

Answer 6

Stores which have both online and physical stores

Question 7

XR

Answer 7

Extended reality

Question 8

VR

Answer 8

Virtual reality

Question 9

MR

Answer 9

Augmented Reality

Question 10

Where do companies use augmented reality?

Answer 10

In training and customer service

Question 11

AI-enabled engineering and manufacturing: what is AI used for?

Answer 11

AI does not only make decisions on designs but also on how they are procured and produced.

Question 12

examples of emerging trends:

Answer 12

1. Robotics and automation
2. Click and mortar
3. Extended reality
4. AI-enabled engineering and manufacturing
5. Cloud
6. Privacy based computations
7. Cyber security
8. Big Data
9. 5G
10. Artificial Intelligence
11. Robotic Process Automation
12. Blockchain
13. Internet of Things (IoT)

Question 13

Advantages of new technology:

Answer 13

1. easier, faster and more efficient communication
2. better and more efficient manufacturing
3. less wastage
4. more efficient stock management and ordering systems
5. more effective marketing and promotion
6. new sales avenues

Question 14

Disadvantages of new technology:

Answer 14

1. increased dependency on technology
2. increased risk of job cuts
3. required regular updates
4. can break down or get faults
5. closure of physical stores due to online stores

Question 15

Limitations and risks associated with new emerging technology:

Answer 15

1. Compliance and legal violations
2. Data breaches
3. User Privacy
4. Fairness and equity
5. Reputational risk
6. Spoofed Chatbots
7. Ethical and legal concerns
8. Greater complexity in IoT
9. Public Safety

Question 16

How to mitigate the risks:

Answer 16

1. strong monitoring and oversight function
2. meaningful investments in InfoSec tools and technology which protects companies against breaches

Question 17

How to avoid bias data

Answer 17

1. ensure that information going into the system is free from error and prejudice
2. more data is usually better but also check the source of the data

Question 18

Using software to find vulnerability and manage risks …steps

Answer 18

use a vulnerability scanner regularly.
companies can hire “penetration tester” (security consultants)
It is used:
1. identifying and keeping track of risks
2. managing
3. mitigating the risks

Question 19

Ethical use of new developments within the financial sector:

Answer 19

1. Privacy and monitoring of employees
2. misuse of personal information
3. misinformation and deep fakes
4. lack of oversight and acceptance of responsibility
5. use of AI
6. Autonomous Technology

Question 20

Privacy and monitoring of employees

Answer 20

1. executives must adopt a privacy policy

Companies must ensure that employees do not go on social media during working hours

Question 21

Privacy policy:

Answer 21

A legal statement that reveals how the company retrieves, stores, and analyses technology information, so that their employees will be clear about what technology is allowable and how the company will oversee the monitoring process.

Question 22

ethical practices in technology

Answer 22

1. respect for employees and customers
2. moral use of data and resources
3. responsible adoption of disruptive tech
4. create a culture of responsibility