IDSC 3001 Quiz 1 Updated 2025 with complete solution

Opportunity: the digital edge - -At the extreme are hyperscale businesses that are challenging conventional business models -These businesses have platforms: users, suppliers, devices, transactions, "data", numbered in the hundreds of millions -Digital powerhouses are moving from search and social networking into new sectors like crypto currency, banking, food, transportation, retails, ect -Hyperscaling will expand as cheaper computer power, sensors, and communications accelerate businesses adoption of digital technologies Common building blocks of technology: digital assets - convergence of employees, customers, and suppliers into a shared digital domain Why technology matters to business - Largest single capital investment and 50% is wasted Technology is essential but risky One million new malicious programs launched every day The US is number one for targeted attacks Information systems - A set of interrelated components (data, software, hardware, networks) used to collect, process, store, and retrieve -A transport mechanism -Global infrastructure technology (internet) -It's a perfect commodity Common building blocks of technology: employees - distributed, mobile, diverse, global, connected, 24/7 workforces Common building blocks of technology: customers - want seamless interaction on demand, emphasis on convenienceCommon building blocks of technology: suppliers - must securely capture, analysis and share data in real time, at multiple points of contact, with a variety of partners DIKW Model - Moore's Law - "The speed of technology doubles and the costs falls in half every 18 months." Quantum computing growth - -Exponential growth -Quantum advantage IBM's results: exponential forecast for growth of quantum processing power -No end in sight Why is technology unstoppable in industries? - •Market entry is getting easier •Entirely new disruptive markets •Data travel at the speed of trust •New digital skill-sets and attitudes The global economy is becoming the ____ economy - digital What is driving disruptive changes in business? - Digital technology The digital economy is changing conventional notions about what? - how businesses are structured, how firms interacts, and how consumers obtain goods, services, and information Enterprising technology trend -- Disruption - -Business success in the digital age is driven by how well organizations understand end-user requirements -The value of digital transformation is important in most industries, and critical for survival in some -First mover status and speed to market is a deciding factorOpportunity: a new employment role -- the business translator - -Many organizations focus on the need for data scientists, but equally important is the link between analytical talent and practical applications to business questions -This enables organizations to as the data science team the right questions -It's possible to outsource analytics, but business translators require propreitary knowledge and should be deeply embedded in the org -Could be demand for 2-4 million business translators in the US alone over the next 10 years Digital organizational challenges - Risk aversion Organizational culture issues Innovation requires failure Must be a customer-centric organization Silos are costly Cross-functionality is required