QB Penseum ‘Study Notes * Analytics is the use of data to gain a competitive advantage * Data is extensively used in various scenariosto improveourlives * Inthe last class, we discussed Module# 1 which introduced the concept of using analytics for competitive advantage. Revision Session * At the beginningof each class, there will be a revision sessionto recap what was taught previously. * ifyouhave any doubts or questionsabout the concepts, feel free to share your views. ications of D * Data is used in gamesto enhance the gamingexperience and make it more interactive. * Parenting can also benefit from data analytics by helping to monitorand improve the health and well-being of children * The automobileindustry is utilizing data analytics for the development of driverless vehicles, which are currently in the testing phase. Note: The study notes provided are based on the limited informationavailable. # Study Notes Data in the Fishing Industry * Data is used in the fishingindustry to locate schools of fish and improve ishingefficiency. * By analyzing data, fishermencan identify the best fishing spots and increase their catch. * Data can also be usedin other aspects of the fishingbusiness such as customerretention and understanding customer preferences Internal Customers * Internal customers are customers or people from other departments within the same organizationwho rely on the input from another department * Examples of internal customers include HR being an internal customer to the sales department or vice versa, * Internal customers can be from different divisions or departments within the organizationPower of Information * The power of informationrefers to the value and impact that data and informationcan have. * Alvin Toffleris a notable author who discussed the power of informationin his book * Claude Shannonalso contributed to the understandingof informationtheory and how data can be quantified # Artificial Intelligence and Big Data * The expansion of libraries and knowledge bases has been greatly influencedby the internet. * The internet has surpassedall other libraries combinedin terms of available information. * This expansion has led to advancementsin artificial intelligence. * Machinesare now able to communicate with us and respondin ways that we expect D if 7 * Thereare debates on the use of artificial intelligence and how far we should go with it. * Different viewpoints have been expressed by experts from around the world. * Itis encouragedto explore these debates to gain a better understandingof the topic. ‘The Four V's of Big Data * The concept of big data was discussedin class. * The four V's of big data are volume, variety, velocity, and veracity * Volume refers to the amount of data. * Variety refers to the different types of data. * Velocity refers to the speed at which data is generated and processed. * Veracity refers to the truthfulness and reliability of the data, Understanding the Four V's * Volume, variety, and velocity are well understood. * Veracity focuses on whether the data accurately represents the scenario of interest. * Itisimportantto considerthe truthfulness of the data when analyzing big data. # Study Notes Value of Data in Big Data * The value of data in big data is moreimportant than the size or speed of the data. * Itis about the value that the data adds to the business * Collecting data that is not valuable to the businessis pointless. ‘Smart Data vs Big Data * Big data transformsinto smart data when it is valuable and can be put to use.* Smart data is data that is valuable to us and can be utilized effectively. * Many people emphasizethe importance of smart data over big data eae a * The four views of big data are volume variety, velocity, and value. * These views are commonly mentionedin books and discussionsabout big data Internet of Things (loT) * The Internet of Thingsrefers to the concept of different devices communicatingwith each other. * Devices can communicate make decisions and reduce human burden * loTis animportantaspect of big data * Cognitive computingincludes machine learning deep learning and natural languageprocessing * Itisa field that focuses on creating intelligent systems that can learn and understand like humans Uses of Data * Data can be used to make better market and customer intelligence. * Itcan help gain efficiencies and improve operations * Data can improve product offerings supply chain management and inventory forecasting. # Logistics and Industry 40 Logistics is an important aspect of variousindustries including banking and manufacturing It involves the management and transportation of goods and resources to ensure smooth operations With advancements in technology, we now have the concept of smart factories, which are enabled by Industry 4.0. Industry 4.0 * Industry 4.0 refers to the current era where machinesin industriesare not only communicatingwith each other but also taking autonomousactions without humanintervention. * Thismeans that machinescan understandithe scenario and start working on tasks without waiting for humansto initiate the process. * Automation plays.a crucial role in Industry 40, and it is because of automation that we have technologies ike blockchain, Blockchain in Logistics * Blockchain technology's widely used in various cases, includinglogistics. * One example of blockchain technology in logistics is the use of cryptocurrency. * Cryptocurrencyallows for the transfer of ownership without the need for physical exchange of finances * It simplifiestransactions by enabling ownership transfers digitally, makinglife easier for individuals and businesses* Blockchain acts as a secure and transparentplatform for recording and verifying these transactions, Benefits and Drawbacks of Blockchain * Benefits * simplifiedtransactions Blockchain technology eliminates the need for intermediariesand streamlines the transfer of ownership. * Security: Transactions recorded on the blockchainare highly secure and tamper-proof. * Transparency. The decentralized nature of blockchain ensures transparency in transactions. * Drawbacks: * Debate about cryptocurrencies Thereare ongoingdebates about the long-term viability and stability of cryptocurrencies * Scalability: Blockchain technology til faces challenges n handlinga large numberof transactions simultaneously. Overall, blockchain technology has the potential to revolutionize logistics and various other industriesby providing secure and efficient solutions for transactions and data management