BCOR 2205: Class 2-1 and 1-1
Build in 1954, the ENIAC
(Electronic Numerical Integrator and Computer) was one of the first digital computers; it weighed 30 tons and was powered by thousands of vacuum tubes, capacitors, relays, and electrical equipment. Former IBM president Tom Watson famously remarked, "I think there is a world market for maybe five computers."
Computers are Everywhere
-A computer is a programmable machine that responds to a specific set of defined instructions. It consists of hardware (the machinery and housing for its electronics) and software (the programs that contain the data used y the computer). The hardware includes a central processing unit (CPU) that controls an operating system, which directs your inputs (keyboard, mouse), outputs (monitor or printer), memory, and storage. The first computers were enormous slow machines designed to solve complicated mathematical questions.
Static report
-Created once based on data that does not change. Static reports can include a sales report from last year or salary report from 5 years ago.
Information
-Information is data converted into a meaningful and useful context. The simple difference between data and information is that computers or machines need data and humans need information.
Machine generated data
-Is created by a machine without human intervention. Machine-generated structured data includes sensor data, point-of-sale data, and web log data.
What is IoT doing, and what is the core driver of information age?
-Students who understand business along with the power associated with the power associated with the information age will create their own opportunities and perhaps even new industries. Realizing the value of obtaining real-time data from connected "things" will allow you to make more informed decisions, identify new opportunities, and analyze customer patterns to predict new behaviors. Learning how to collect, analyze, and communicate data is a critical skill for all business managers that want to lead by making data-driven decisions. The core driver of the information age include:-Data -Information -Business intelligence -Knowledge
How is the fourth industrial revolution going to compare to the first three
-The fourth industrial revolution is expected to make the first three industrial revolutions look like child's play impacting every single discipline, industry, and economy. In this revolution we will design and engineer the world around us by manipulating the very atoms and molecules that construct our reality. Atoms and molecules are the "digital" code of the real world and we are just learning how to hack this code and change reality. Gene editing, nanotechnology, and synthetic biology will reprogram DNA< build human robots and space crafts, and even change the food we consume. The fourth industrial revolution offers a giant leap forward for productivity generating numerous opportunities. Among the simplest is faster acceleration: Changes happen more quickly and organizations can do more things in less time. -It is critical to be proactive in shaping the technologies driving this massive disruption. This requires global cooperation and a shared view of how technology is reshaping our economic, social, cultural, and individual lives. Companies should begin by investing in their technical infrastructures and data analysis capabilities. All businesses must be making a move to be smart, connected organizations or they will soon fall behind the competition.
What is the fourth industrial revolution
-The fourth industrial revolution is here and is going to exponentially change how we live, work, and interact. The fourth industrial revolution is disrupting almost every industry globally and creating massive change at unprecedented speeds. Professor Klaus Schwab, founder and executive chair of the World Economic Forum's latest book, The Fourth Industrial Revolution, describes a world where physical, digital, and biological spheres merge. -This revolution refers to how new technologies like AI, autonomous vehicles, voice recognition, and the Internet of Things are blending our digital and physical worlds. You can expect to see changes in the ways individuals, businesses, and governments operate, ultimately leading to transformations similar to what we witnessed in the first three industrial revolutions. -The First Industrial Revolution (1760-1860): Began in Britain with the invention of the steam engine allowing businesses to fully harness the power of steam. This led to the creation of factories along with dramatically improved manufacturing processes. -The Second Industrial Revolution (1860-1960): Mass production in the steel, oil, and electricity industries drove the invention of the light-bulb, telephone, and internal combustion engine. -The Third Industrial Revolution (1960-2006): The beginning of the digital era saw the invention of the semiconductor chip, Internet, and personal computer. This is also referred to as the "Digital Revolution." -The Fourth Industrial Revolution (2006-present): Represents the blending of the digital, physical, and biological worlds with the rate of change at hyper-velocity speed.
The Internet of Things
-Today data is being created on a scale far beyond a human's ability to process. Future business leaders must able to collect, analyze, and evaluate massive amounts of data daily to remain competitive. Over 20 years ago a few professors at MIT began describing the Internet of Things (IoT), a world where interconnected Internet-enabled devices or "things" have the ability to collect and share data without human intervention. You might be wearing a smart watch (IoT device) that is tracking each time your heart beats and every single calories you burn during your day.
Answers day to day questions such as
-Who are my best customers? -Who are my least profitable customers? -What is my best-selling product? -What is my slowest-selling product? -Who is my strongest sales representative? -Who is my weakest sales representative?
What is a variable?
A characteristic that stands for a value that changes or varies over time.
What is a fact? How is it relevant?
A fact is a confirmation or validation of an event or object. -In the past, people primarily learned facts from books. Today, by simply pushing a button, people can find out anything, from anywhere, at any time. We live in the information age, when infinite quantities of facts are widely available to anyone who can use a computer. -Many seemingly "tech" companies started as business ideas and expanded
What is a report?
A report is a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information. Reports can coer a wide range o subjects or a specific subject for a certain time period or event.
What is a snapshot?
A snapshot is a view of data at a particular moment in time. Figure 1.5. shows sales data for Tony's Wholesale Company, a fictitious business that supplies snacks to stores. The data higlights characteristics such as order date, customers, sales respresentatives, product, quantity, and profit.
What is machine-to-machine?
Another term commonly associated with the Internet of THings is machine-to-machine (M2M), which refers to devices that connect directly to other devices. Just think of your smart watch directly connecting with your smartphone. Just imagine the amount of data being sent via Wi-Fi between these devices without any human intervention.
What are big data?
Big data is a collection of large, complex datasets, which cannot be analyzed using traditional database methods and tools. The move to big data combines business with science, research, and government activities and includes petabytes of data, which is equivalent to 20 million four-drawer file cabinets filled with text files or 13 years of HDTV content. -The emergence of big data is a result of the last 50 years of technology evolution and its four common characteristics include large data volumes, with high velocity, wide variety, and veracity. A company can now analyze petabytes of data for patterns, trends, and anomalies gaining insights into data in new and exciting ways. The four common characteristics of big data are detailed in Figures 1.2 and 1.3.
Dynamic report
Changes automatically during creation. Dynamic reports can include updating daily stock market prices or calculating available inventory. -The truth about information is that its value is only as good as the people who use it.
What are data?
Data are raw facts that describe the characteristics of an event or object. Before the information age, managers manually collected and analyzed data, a time-consuming and complicated task without which they would have little insight into how to run their business. -Today data is your competitive advantage. Data allows you to make evidence based decisions to help you run your operations along with analyzing past data to make future predictions. Data-driven decisions enable savvy companies to create business strategies that increase profits, reduce risk, and optimize business processes.
Human generated data
Data that humans, in interactions with computers, generate. Human-generated structured data includes input data, clickstream data, or gaming data.
Bits and Bytes
Have you ever wondered how your computer stores your data? The answer: Bits. A bit, which is short for binary digit, is the smallest unit of storage on a computer. Eight bits is equal to 1 byte. A byte is big enough to store a letter, number, space, or symbol. Each time you press a key the computer translates the keystroke into a numerical code that takes up 1 byte of space. -One megabyte is equal to 1 million bytes -One gigabyte is equal to 1 billion bytes -One terabyte holds a trillion bytes -It has been stated that future business leaders must be data literate to survive and thrive in the hyper-competitive business arena≥≤
Human-generated unstructured data
Includes text messages, social media data, and emails.
What is analytics?
THE SCIENCE OF FACT BASED DECISION MAKING.
What is business analytics
The scientific process of transforming data into insight for making better decisions.
What is unstructured data?
Unstructured data is not defined and does not follow a specified format and is typically free-form such as text, email, Twitter tweets, and text messages. Unstructured data accounts for about 80 percent of the data that surrounds us. The sources of unstructured data include...
Machine-generated unstructured data
includes satelite images, scientific atmosphere data, and radar data
