Chapter 17. Data and Competitive Advantage: Databases, Analytics, and Prepping Data for Use with AI

Data mart

A database(s) focused on addressing the concerns of a specific problem or business unit

Dashboards

A heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics.

Online Analytical Processing (OLAP)

A method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special database

Data cube

A special database used to store data in OLAP reporting.

Machine Learning

A type of AI often broadly defined as software with the ability to learn or improve without being explicitly programmed

_____ is/are a class of computer software that seeks to reproduce or mimic human thought, decision-making, or brain functions.

AI

_____ refers to software for creating, maintaining, and manipulating data.

DBMS

Walmart has invested a total of $19.5 billion over several years to acquire an 80 percent share of India's largest e-commerce firm _________

Flipkart

______________ provide rewards and usage incentives, typically in exchange for a method that provides a more detailed tracking and recording of customer activity.

Loyalty cards

Despite Walmart's backing, a new pay-with-your-phone standard __________ foundered, and the technology was eventually purchased by JP Morgan Chase.

MCX

_______________ provides customers with a unified experience across customer channels, which may include online, mobile, catalog, phone, and retail

Omnichannel

___________ processing is a method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special database called a data cube.

Online analytical

Walmart has been a catalyst for technology adoption among its suppliers. Which of the following technologies does Walmart require suppliers to ship products with, keep accurate inventory, speed reordering to avoid stockouts, and allow customers placing online orders to pick up items in stores?

RFID tags

Why do firms need to create separate data repositories for their reporting and analytics work?

Running analytics against transactional data can bog down a TPS.

_____ is by far the most popular language for creating and manipulating databases.

SQL

Data Mining

The process of using computers to identify hidden patterns in, and to build models from, large data sets.

__________ isn't just the largest retailer in the world; over the past several years, it has popped in and out of the top spot on the Fortune 500 list—meaning that the firm has had revenues greater than any firm in the United States.

Walmart

__________ is a term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.

analytics

_____________ are reports that provide regular summaries of information in a predetermined format.

canned reports

__________ are a heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics

dashboards

Firms that collect and resell data are known as _____.

data aggregators

Most transactional databases are not set up to be simultaneously accessed for reporting and analysis. As a consequence,

data is not efficiently transformed into information.

Over fifteen years, The Lion King wasn't just Broadway's top money earner; it was also the only Broadway show to see revenues grow exponentially. What technique did Disney use to help gain such large revenues?

dynamic pricing

Database

either a single table or a collection of related tables

In database systems, a _____ refers to a list of data.

file

In database systems, a table is also known as a _____.

file

Despite its success, Walmart is a mature business that needs to do which of the following to boost profits and continue to move its stock price higher?

find dramatic cost savings find huge markets

Data becomes _____ when it is presented in a context so that it can answer a question or support decision-making.

information

______________ are older information systems that are often incompatible with other systems, technologies, and ways of conducting business.

legacy systems

If a customer pays a retailer in cash, they will likely to remain a mystery to the retailer because his name is not attached to the money. Retailers can tie the customer to cash transactions and track the customer's activity if they can convince the customer to use a _____.

loyalty program

You have a new food truck and you want to build your customer base. Many of your customers pay in cash which eliminates the opportunity to collect their personal information and transaction details. In order to better track the behaviors of returning customers, you can implement a(n) ____.

loyalty program

Most transactional databases are not set up to be simultaneously accessed for reporting and analysis. In order to run analytics the data must first be _________ to a data warehouse or data mart.

ported

___________ database is the most common standard for expressing databases, whereby tables (files) are related based on common keys.

rational

Data is oftentimes considered a defensible source of competitive advantage; however, advantages based on capabilities and data that others can acquire will be ___________

short lived

_____________ query language is a language used to create and manipulate databases.

structured

Knowledge is defined as:

the insight derived from experience and expertise.

L.L. Bean shifted from collecting structure data to unstructured because

they could obtain more valuable insights from unstructured data.

_______________ is a Bluetooth technology that emits location data to help identify user location.

Beacons

_____ refers to the process of combining aspects of reporting, data exploration and ad hoc queries, and sophisticated data modeling and analysis.

Business Intelligence

_____ is the term used to describe raw facts and figures.

Data

Record

a single instance of whatever the table keeps track of

Column

categories of data (Name, ID#, DOB, etc)

In the Faculty table, FAC_ID is a ______ key and in the Course list table, FAC_ID is a __________ key.

primary, foreign

Which reasons indicate why legacy systems often limit data utilization?

- They are often not aligned with a firm's current business needs. - They are often not compatible with newer technologies. - They are often not designed to share data. - They are often not able to port data.