- Important acronyms to know
- ERP 5.1 (Slide 34)
- CRM 5.1 (Slide 10)
- What is the purpose of ERP? 5.1 (Slide 26)
- What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
- What is the purpose of a CRM? 5.1 (Slide 34-42)
- Who uses CRMs? (slide 34)
- What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
- What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
- What are descriptive and predictive analytics? 6.1 (Slide 11)
- What separates data from big data? 6.1 (Slide 13)
- Why do companies use big data? 6.1 (Slide 9-10)
- What is business intelligence, and how does it help companies? 6.1 (Slide 29)
- What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
- What are the types of data? (slide 22-24)
- What are the sources of data? (Slide 17)
- What is supply chain management and how does it affect businesses? (Slide 34)
- Why are supply chains fragile?
- What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
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Ashanna Khan says
• ERP – Enterprise Resource Planning
• CRM – Customer Relationship Management
2. The purpose of ERP is to manage day to day business activities.
3. Some issues with legacy systems are security, costly maintenance, inefficiency, incompatibility, and lack of support.
4. The purpose of a CRM is to manage relationships and interactions with customers and potential customers.
5. Sales, marketing, HR, accounting, and strategy.
6. The similarities between ERP and CRM are shared data and increased profit. ERP is about the business and internal focus. Wile CRM is about the customer and external focus.
7. Velocity is the speed in which data is generated, distributed, and collected. Whereas veracity is the accuracy of a data set. Velocity and veracity contribute to the overall accuracy, completeness, and consistency of data.
8.Descriptive analytics ask about the past. While predictive analytics ask about the future.
9.Data is based on a centralized database architecture and big data uses a distributed architecture. Big data delivers better performance and cost benefits.
10.Companies use big data to improve operations, provide better customer service, create personalized marketing campaigns, and take other actions that can increase revenue and profits.
11. Business intelligence is a technology- driven process for analyzing data and delivering actionable information. This process helps companies to make informed business decisions.
12.OLTP captures, stores, and processes data from transactions. OLAP uses complex queries to analyze aggregated historical data from OLTP systems.
Examples of OLTP: online banking, purchasing a book online. Booking an airline ticket, sending a text
Examples of OLAP: Spotify and Netflix
13.The types of data are transactional and analytical
14.The sources of data are people, locations, platforms, transactions, and systems.
SCM is the management of the flow of goods and services between businesses and locations. SCM allows companies to cut excess costs and deliver products faster, it allows businesses to control whether they are successful or not.
15.Supply chains are fragile because of complex ecosystem of partners, cost distribution, balancing inventory, and efficiency and manual SCM causes issues.
16.Radio Frequency Identification is a wireless technology that uses radio waves to identify people or objects. It helps supply chain management to accurately count, correct, and track all individual items and cartons across the supply chain.
Bita Bagheeri says
Hi Ashanna,
I agree with your response to what a CRM is. This is very important for businesses and companies because it will allow them to manage and maintain its relationship with their customers, as well as meeting customer’s needs to their satisfaction.
Satish Mishra says
Hello there, Ashanna.
I agree with your assessment that the goal of ERP is to handle day-to-day company operations such as accounting, procurement, project management, risk management and compliance, and supply chain operations.
Jessica Mejia says
HI Ashanna, it’s very interesting how big data reflects the companies revenue and profit. Theres are methods and statistics that can be implemented to be successful.
Anna Bauza says
Hey Ashanna:
It seems like RFID is also a form of apple air tag which keeps a track of the inventory while it’s in transition but the inventory is priceless. RFID is also a more technologically advance system as well.
Christopher Elko says
I hadn’t known anything about RFID till this course, though at my little retail job I had unknowingly been applying them to out-bound pallets the entire time. I think your explanation is accurate and helpful.
Brandon Lee says
Hi Ashanna, you did amazing answering this discussion post! I found that your examples of OLTP and OLAP really helped me understand what these two terms mean.
Zawahi Mustafa says
Hello Ashanna,
Your response to week 3 questions was very great, it was easy to understand. I liked the examples you used for OLTP and OLAP. It makes it easier to understand the differences between the two. Great Job!!
Ross Faber says
I like the way you phrased the difference between descriptive and predictive analytics. Great way to distinguish between the two.
Robert Manzo says
Hey Ashanna, good job with this post. I agree that companies having big data is essential for their success because it allows them to provide good customer service, create personalized ad campaigns, and do anything necessary to establish an increase in revenue and profits.
Ndeye Sall says
Hey Ashanna,
You made a good point regarding RFID. I work at Target an we have RFID scanners that help us find certain orders such as clothes, bedding, etc. to prepare customer orders.
Bita Bagheeri says
1. ERP- Enterprise Resource Planning
CRM- Customer Relationship Management
2. The purpose of ERP is to automate core business operations.
3. Some issues with legacy systems are that they do not have any support or maintenance.
4. The purpose of a CRM is to maintain customer relationship and communication.
5. Sales, Marketing, HR, Accounting, and Strategy use CRMs.
6. One difference between ERP and CRMs is that ERPs are all about business where as CRMs are all about customers. Another difference is that ERP is focus internally and CRMs focus externally. One similarity between the two is that they both have shared data and increased profit.
7. Velocity is how fast data can be made and how fast that data can move. Veracity is the accuracy of a data set.
8. Descriptive analytics is when we are told what has already happened. Predictive analytics is when we are told what could happen.
9. Traditional data uses centralized database architecture and big data uses distributed architecture.
10. Companies use big data to improve operations, deliver better customer service, and increase revenue and profit.
11. Business Intelligence leverages software and services to transform data. BI is user friendly and leads to strategic business decisions.
12. OLTP is online transaction processing and it stores real-time transactional data. An example would be retail sales. OLAP is online analytic processing and it stores historical transactional and summary data. An example would be an ATM.
13. The two types of data are transactional data and analytical data.
14. the sources of data are people, platforms, locations, transactions, and systems.
15. Supply chain management is about getting the right product at the right time. It improves trust and collaboration, as well as inventory visibility and velocity. They are fragile because of complex ecosystem of partners, cost distribution, balancing inventory and efficiency, and manual SCM causes issues.
16. RFID is radio frequency identification. It helps supply chain management because it has inventory and access control.
Satish Mishra says
Hello there, Bita.
I agree with your comment, which stated in your post that the distinction between ERP and CRM is that ERPs are all about the company, whilst CRMs are all about the customers. CRM is likewise concerned with increasing sales columns, but ERP is concerned with lowering overhead.
Ndeye Sall says
Hey Bita,
I also wrote something similar to what you said regarding CRM. Its essentially all about communication to customers.
Ashanna Khan says
Hi Bita, great work on this blog post. I believe CRMs are extremely important in keeping businesses alive. You explained everything precisely.
Satish Mishra says
1. Answer- • ERP – Enterprise Resource Planning
• CRM – Customer Relationship Management
2. Answer-The purpose of ERP is to facilitate the flow of information so business decisions can be data-driven.
3. Answer- Some of the issues with legacy systems are r
a. Running very old hardware that is no longer available to purchase.
b. Running on incompatible software.
4. Answer- The main purpose of a CRM is
a. It includes maintaining and creating relationships with customers.
b. It helps in the growth of the business by building a strong personal relationship with the
customers
5. Answer- The CRMs uses by the Retail industry, Hotels, Banking, and Financial Services.
6. Answer- The difference is CRM is focused on producing greater sales columns and ERP is focused on reducing overhead. The similarities are both are Salesforce automation and marketing automation.
7. Answer- Velocity is how fast that data is being created or being changed. Veracity is how “clean” the data is. Velocity and veracity contribute to the overall accuracy, completeness, and consistency of data.
8. Answer- Descriptive analytics are the ones that help in reviewing the events that have taken place in the past, analyzing the data, and providing a report showing the details that have taken place in the given period and the methods to prepare in the future. Predictive analytics helps in preparing or deciding for the events to be taken in the future.
9. Answer- Big data is a term that refers to a large amount of data whereas data refers to a deep drive into the data to extract the key knowledge/Pattern/Information from a small or large amount of data.
10. Answer- Companies use big data because it represents the whole population.
11. Answer- Business intelligence (BI) is an umbrella term for the technology that enables data preparation, data mining, data management, and data visualization. By displaying current and historical data within the framework of their business, business intelligence may assist firms in making smart choices. Experts may use BI to provide capabilities and competitive standards, which will help the company run better efficiently, and reliably.
12. Answer- OLTP database stands for Online Transaction Processing database which contains only the data being used presently which is also known as the operational current data. It does not include any historic data. They contain only a small amount of data that is in Megabytes (MB) OR Gigabytes (GB) as compared to the historical data in OLAP databases.
OLAP database stands for Online Analytical Processing database which contains data retrieved from multiple different databases. It contains the entire records of all the previous data which is also known as the historic data. They contain data in very large amounts that are in the range of Terabytes (TB) or Petabytes (PB).
13. Answer- The types of data are transactional and analytical.
14. Answer- The sources of data are physical or digital places where information is stored in a data table, data object, or some other storage format.
15. Answer- Supply chain management (SCM) is the centralized administration of the flow of goods and services, and it encompasses all operations that convert raw materials into finished commodities. Companies may save costs and deliver items to customers faster and more effectively by optimizing the supply chain.
16. Answer- The supply chain is fragile because of a significant change in interest and exchange rates.
17. Answer- RFID is an acronym for “radio-frequency identification” and refers to a technology whereby digital data encoded in RFID tags or smart labels are captured by a reader via radio waves. It helps with real-time tracking, improved security, and enhanced efficiency.
Jessica Mejia says
Hi Satish, descriptive and predictive analytics will tell what happened in the past and to also predict the future. This will seem like an interesting job.
Anna Bauza says
Hey Satish:
That’s a good one, running very old hardware that’s no longer available to purchase and don’t forget the parts that are no longer made to fix the old hardware and if you find a piece, it might be super expensive.
Bita Bagheeri says
Hi Satisha,
I agree with your response to what CRMs are and what their purpose is. Creating these personal relationships with customers will make them feel important and making them want to stay to continue to do their business with that specific organization.
Raj Rawal says
Hi Satish,
At my job we use Tableau to create visualizations which are quicker and easier for us to understand than data being collected on Excel spreadsheets. This really helps me manage my team more efficiently and helps us reduce variance.
-Raj
Ashanna Khan says
Hi Satish , you did well explaining everything in this blog post. I think RFID is game changing and will bring along more efficiencies.
Anna Bauza says
ERP – Enterprise Resource Planning.
CRM Customer Relationship Manager.
Day to day business management.
Maintenance Cost, support and incompatibility.
Relationships with customers, interactions with them and keep track of potential new customers.
Sales, marketing, accounting, quality management and HR.
Difference between CRM and ERP is that CRM is shared date about the customer and it’s used as an external focus. ERP is shared data about the business and it’s used as an internal focus.
Velocity is the speed at which data is spread. Veracity is accuracy of the data. They both provide accurate, up to date and speedy information that can be relied on.
Descriptive analytics tells you what happened in the past and Predictive analytics tell you what could potentially happen in the future.
Data is a set of qualitative or quantitative variables which can be structured or unstructured.
Companies use big data to improve operations, provide better customer service and increase profits.
Business intelligence combines business analytics, data mining, visualization, tools and infrastructure. Best practices help organizations make data driven decisions.
OLTP is Online Transaction Processing database, example is buying concert or movie tickets and OLAP is an analytical processing system reporting multidimensional analytical queries like financial reporting, and forecasting. OLAP example is an ATM.
Transactional and analytical data.
Systems, platforms and people are sources of data.
Supply Chain includes many components…from Procurement to Manufacturing to Distribution. It’s about getting the right product on the right shelf at the right time
SCM is a centralized management of flow of goods and services including all processes that transforms raw materials into final products. Getting the right product on the right shelf at the right time. Deliver products to the consumer faster and more efficiently.
Not enough products in inventory, change in demand, and disruptions in the delivery of products.
FRID – Radio Frequency Identification. It helps with inventory control and access control.
David Trickett says
Hey Anna,
I liked your specificity regarding how companies can use big data, as its proper use can certainly be used for overall improvement of business operations. Your point about supply chain management and the transformation of raw materials into final products is a notable factor that should be well-emphasized, as the supply chain includes factors that affect the entirety of a business’s operations from start to finish.
Well done!
Christopher Elko says
1 ERP – Enterprise resource planning
CRM – Customer relationship management
2 The purpose of ERP is to help automate and manage processes in a business.
3 Some issues with legacy systems would include a lack of updates and development.
4 CRM’s help manage customer data and tailor yourself towards your market.
5 Basically every business, but especially business and financial based operations
6 Similarities between CRM’s and ERP’s both process data, while a difference is the kind of data they process, one being financial and the other being customer information.
7 Velocity as implied by the term is how fast data moves or is collected. Veracity is akin to accuracy. To have up to date, accurate data is critically important for basically everything in any sort of business.
8 Descriptive analytics looks at the past to understand the current, and predictive uses the current to understand the future, or at least- make better informed assumptions/predictions about what to do for the road ahead.
9 “Data” uses a centralized database whereas “big data” uses distributed architecture, combining servers to better manage and process massive amounts of data.
10 Companies use big data because the scale, volume, and information in ‘big data’ provides information that can better guide their business. Information is greatly useful in all fields.
11 Business intelligence is a manner of organizing data into sets to better understand the information gathered.
12 OLAP is better suited for more specialist and decision oriented information, whereas OLTP processes more information in a more en masse application like e-commerce. An example of OLAP would be data collected from your ebay search history to make relevant suggestions, or spotify using your data to make suggested playlists and musicians. Mines usually pretty inaccurate but thats probably my fault.. An OLTP would be something like inventory control or credit card processing.
13 Transactional, and analytical data.
14 Supply chain management is the handling of resources, goods, and supply lines in commerce. It is directly tied to business in the sense that no matter what stage of product you are at, raw material, partially finished, or fully finished good, it is worthless if you cannot distribute it for sale. It affects business based off its speed and efficiency, it can be responsible for a rise in cost, delays, complete lack of product, or the opposite, ensuring timely transit of resources and goods.
15 Radio Frequency Identification is used in the supply chain via distribution, with the ability to track goods in real time, provide more accurate data, and increase automation for the supply chain.
Raj Rawal says
Hi Chris,
We deal with legacy issues at my job often. Our company is a fairly old investment firm that has various legacy platforms that clients are refusing to upgrade. Many of the platforms cause a lot of issues and are costing the company millions of dollars to support the old licenses.
-Raj
Alexander Neff says
Hey Chris, I really like how you described velocity and veracity! I think your definitions were spot on. Thank you for sharing!
Olivia Jardel says
Christopher,
Great way of explaining BI. Many of us interact with BI interfaces day to day, and it provides a huge help to us to better understand and dissect data and make decisions from it.
Robert Manzo says
Hey Chris, I like how you described supply chain management. I find that it is very important that we should use our resources, goods, and supply lines in moderation for the good of the Earth. This process is essential in how foods and supplies are delivered to others.
Raj Rawal says
*What is the purpose of ERP? 5.1 (Slide 26)
ERP’s purpose is to manage the core day-to-day activities of the business. This can include things like, accounting, compliance, project management, etc. ERP helps with increasing efficiency within an organization.
*What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
A legacy system is an old out of date system that generally does not integrate well with other systems. This means that data is only accessible in one system and cannot be utilized efficiently. Another issue with legacy systems is the lack of support due to its archaic technologies.
*What is the purpose of a CRM? 5.1 (Slide 34-42)
The purpose of a CRM is to improve business relationships to grow the business. It helps organizations manage, track and organize their interactions with clients.
*Who uses CRMs? (slide 34)
CRMs can be used by Sales, HR, Accounting, Marketing, etc. At my workplace we use a system called Genesys to help use track our calls with clients.
*What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
ERP focuses on the business with CRM main focus is on the customer/client. They both serve one purpose and that is to make an organization more efficient and profitable.
*What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
Veracity refers to the accuracy of data while velocity refers to the speed at which data is being generated, collected and distributed. They both contribute to the reliability, consistency and integrity of the data.
*What are descriptive and predictive analytics? 6.1 (Slide 11)
Descriptive analytics looks at historical data to recognize trends and other information while predictive analytcis focuses on future forecasting.
*What separates data from big data? 6.1 (Slide 13)
The difference between data and big data is just the quantity of data that is being collected by companies. A large amount of data is referred to as big data
*Why do companies use big data? 6.1 (Slide 9-10)
The data is used to improve operations, provide better services, increase efficiency and profits, problem resolution etc.
*What is business intelligence, and how does it help companies? 6.1 (Slide 29)
Business intelligence is a way to make the data easily digestible by its users and put it to use. It can help companies make data driven decisions. At my job we use Tableau to create visualizations which are quicker and easier for us to understand than data being collected on Excel spreadsheets.
*What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
OLAP is online analytical processing which stores historical transactional and summary data. OLTP is Online transaction processing which stores real-time transactional data. Examples of OLAP are financial reports or historical invoices. OLTP examples would be ATMs or retail sales portals.
*What are the types of data? (slide 22-24)
There are to types of data – Transactional and Analytical Data.
*What are the sources of data? (Slide 17)
The sources of data can be people, platforms, social media interactions, purchasing habits etc.
*What is supply chain management and how does it affect businesses? (Slide 34)
SCM is about getting the right product to the right place at the right time. Not having the right products in the right place at the right time means lost revenue and lower profits.
*Why are supply chains fragile?
Many companies are currently going through supply chain issues due to the pandemic. Supply chains are fragile because there too many unpredictable factors.
*What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
Radio Frequency Identification are wireless tags that help identify objects through radio frequencies. It helps businesses with better inventory control.
Alexander Neff says
Hey Raj,
I really like what you said in regards to a supply chain’s fragility. There really are an exponential amount of unknown factors that can affect a supply chain. An example I used in my post was how a hurricane in Florida can have a direct impact on the orange juice market with flooding orange groves and destroying crops or machinery. Great job!
Cassadi Gallagher says
Hi Raj,
I like how you related your own experience at work to BI to explain it. It helps visualize how BI is different from data in general. Looking at an excel spreadsheet would take far longer than a picture that shows your sales, for example, are much lower than last year.
I also thought your description of SCM was very simple, which was nice. I think most of us felt we needed very technical descriptions, but it really is just about getting the right product or materials to the right place at the right time.
Christopher Elko says
Your summary of the supply chain and its current issues is spot on. Its my selected major and I’m sort of hoping (maybe this is wrong to say) that it continues to be shaky for a while, and I can maybe snag a job all the easier in the future.
Brandon Lee says
Hi Raj, great response to the discussion post! I found it very interesting that you compared the Business intelligent to your workplace. I’ve used Tableau in the past, but would’ve never thought to compare it to BI. Also, I liked that you explained the struggles companies are facing currently when explaining why supply chains are fragile.
Adelina Chornodola says
Hi Raj, I really like all of the thorough definitions you gave. Helped me understand better.
It was cool that you gave an example of todays supply chain issues.
Olivia Jardel says
Raj,
I like how you mentioned supply chains being very unpredictable. One small disruption at any point can effect the entire supply chain since there are so many moving parts and steps involved.
Alexander Neff says
Enterprise Resource Planning, also known as ERP, is a combination of software or systems that helps manage core business, streamline processes, and integrates functions. Some issues with legacy ERP is that they are outdated and clunky. The new trend is efficiency to really streamline a process for a company
A Customer Relationship Manager, also called a CRM is a collection of data to help the user maintain and nurture relationships with potential clients, while also being able to manipulate the data to make projections for the future. The definition I’ve given really only scratches the surface of the capabilities of a CRM. CRMs are used by sales professionals, market researchers, and anyone else involved in the sale or marketing of a good or service.
ERPs and CRMs are very similar because they both look to make processes more efficient for the end user, or the company as a whole.
Companies use big data to better target a customer that they are looking to convert to a sale. Companies use descriptive analytics, meaning a potential customer’s age, ethnicity, location, etc. They also use predictive analytics, which is the prediction of a market campaign’s success to convert more sales. The separation of regular data from big data is that big data can be purchased in a lump sum from data collection companies rather than a company harvesting their own data organically.
Business intelligence is very important for large companies to focus on. It allows them to stretch their marketing and advertising dollars further to get a higher ROI in targeted ad campaigns.
OLTP is Online Transactional Processing. This stores real-time transactional data. There is also OLAP or Online Analytical Processing. This stores historical transactional and summary data that can be analyzed.
Supply chain management is the management of a multitude of moving parts from the gathering of natural resources to the end product reaching the customer. The chair your sitting in was once a cotton plant, chemical dyes, and a part of a tree. Supply chain managers bring all of that together for the manufacturer to assemble the raw materials and ultimately, end up at Target for your consumption. It is a fragile system because any detour at any point in the process could delay the entire end result for weeks or months. A hurricane in a Florida orange grove could cause a shortage of orange juice.
Radio Frequency Identification, also known as RFID, is used to easily track and located specific items needed for whatever it is needed for. It is also really useful for inventory control.
Cassadi Gallagher says
Hi Alexander,
I liked how you described SCM as a “multitude of moving part” it defintely helps describe just how complex it can be. Also, I agree that any small detour upsets the entire process, which can be extremely detrimental when its early on in the chain.
Mishelle Werner says
Hi Alex,
I liked your point that using business intelligence can help companies stretch their marketing dollars further. I work with an individual who owns a marketing agency and his byline is that he can use analytics to stretch their budget and surprisingly a lot of corporations turn him down and go with bigger agencies that demand more more for less return. He is dumbfounded by this and says since dropping his stretch pitch and just demanding large amounts of money he has received more contracts. I asked him why he thought this was happening and he says they don’t want to take the risk on someone who will try to stretch their budget and would rather spend what they think they have to spend to get the results they perceive to be worth their money.
Adelina Chornodola says
Hi Alex, I like how you gave an example of the Florida orange grove if a hurricane would hit causing a shortage in the orange juice supply chain. You helped put the whole idea/definition into perspective. I agree regarding business intelligence and how important it is because this is how business succeed or fail.
Suela Haxhiu says
Hi Alexander!
You provided an easy to understand and digestible explanation of supply chain management and the fragility of it. Sometimes when we see a final product its easy to forget all of the steps and processes involved to get us to what we see and consume.
Zachary Whitehair says
Hey Alexander,
Good job on your post. I really liked how you answered the questions about data and business intelligence, you were clear and made sure to give a good explanation.
Cassadi Gallagher says
ERP-Entity resource planning. CRM-Customer Relationship Management
The purpose of ERP is to integrate functions, streamline processes, and manage core business (things you cant see like admin, finance)
Legacy systems are complicated because they compose several systems, which all need to interact with one another. Therefore, we have duplicated data, a more convoluted experience for customers, and were more likely to experience issues with incorrect or missing data.
The purpose of a CRM is to collect and store all necessary personal data in one area. This helps increase customer satisfaction, decrease costs because marketing costs decrease because data can be used to market or understand customers, and it helps sales team, marketing, HR, etc. because they can quickly look at the CRM dashboard and visually understand data much faster than before.
Sales, Marketing, HR, Accounting, Strategy
ERP, entity resource planning, deals with an internal focus and is primarily about the business, while CRM deals with an external focus and is primarily about the customer. They do share similarities, including similar or the same data, and increase profits.
Velocity is how fast the data is how quickly the data is being changed or created. For example, static data rarely or never changes. Veracity describes how “clean” the data is. For example, is the data accurate, is it based on correct information, is it being inputted correctly, and updated frequently.
Descriptive analytics describe what has actually already occurred. It focuses on historical data and makes inferences about what happened. Predictive analytics deals with potential, future data.
Data uses a centralized database, where all information is stored. Big data uses a distributed database, which connects multiple servers to process a massive amount of data
Companies use big data because it provides a much larger wealth of knowledge than data. It gives insight into marketing demands, customer preferences, and much more. This helps companies specify products to meet customer needs.
Business Intelligence uses software and services to transform data into insight. They present the data in a visual way, through reports, summaries, graphs, dashboards, charts, and maps. This provides users with detailed and easily accessible information. It helps companies process data, gives insight into trends, and, ultimately, supports good, informed decision making.
OLTP is online transaction processing. It stores real-time transactional data. An example of this is the system used at a grocery store for the day. OLAP is online analytical processing. It stores historical transaction and summary data. It analyzes the data and creates summaries, charts, graphs, etc. to infer. An example is the suggestion system for when you order groceries online, say from Instacart.
The data types are transactional, which is used by OLTP and analytical, which is used by OLAP.
People, systems, transactions, platforms, locations, and people.
Supply chain management is the centralized management of flows of goods and services throughout the supply chain, from raw materials to finished products. It is an integral part of business, improving trust, collaboration, inventory visibility, and inventory velocity. It allows managers to control inventory levels, costs, etc.
They are fragile because they involve a complex system of people, processes, technology, and locations. It involves different businesses, managers, locations, and processes to bring goods from direct materials to finished goods.
RFID is radio frequency identification. It is a wireless technology that allows you to identify objects quickly. It helps supply chain management because rather than count inventory physically, they can quickly see inventory levels digitally.
Brian Johnson says
Hi Cassadi,
I liked the examples that you showed for velocity and veracity data. When you describes veracity I found it interesting that you described how clean it is. I doubt most people had thought about it like that when they were answering that question.
Anthony Isaac says
Cassadi, I like your explanation on way the supply chain is fragile. You explain it well because it’s a complex system that involves many businesses and systems.
Brandon Lee says
1. ERP: Enterprise Resource Planning
CRM: Customer Relationship Management
2. The purpose of ERP is to manage and automate the day-to-day activities of a business.
3. Issues with the legacy systems include security, the cost to maintain, inefficiency, incompatibility, and lack of support.
4. The purpose of CRM is to maintain the relationship and interaction between both customers and potential customers.
5. CRMs are used by sales, HR, marketing, accounting, and strategy.
6. Similarities between ERP and CRM include shared data and an increased profit. The difference between the two is that ERP has an internal business focus, while CRM is about the external customer focus
7. Velocity is how fast the data is being made and changed. Veracity is how accurate the data set is. They relate to data integrity by contributing to accurate, up-to-date, and fast information that can be very reliable.
8. Descriptive analytics explains what has already happened in the past, while predictive analysis is what is asked about in the future.
9. Data and big data are different because data uses the centralized database using qualitative or quantitative variables. Big data provides better performance at a better cost.
10. Companies use big data to improve their operations, deliver better customer service, and increase profit and revenue.
11. Business intelligence uses business analytics, data mining, and data tools to transform data. Business intelligence helps strategic decisions.
12. The difference between OLTP and OLAP is that OLTP captures, stores, and processes real time data. OLAP is online analytic processing that stores the historical transaction and summary data. An example of OLTP is buying something online. An example of OLAP is Hulu.
13. The two types of data are transactional and analytic data.
14. The sources of data are systems, platforms, people, or locations.
15. Supply chain management is handling the production flow of goods and services, converting all of the raw material into finished goods. Companies may use the supply chain management to manage complex ecosystems, cost distribution, balancing inventory, and efficiency.
16. RFID or Radio Frequency Identification is wireless technology that uses radio waves to help with real-time tracking, security, and efficiency.
Mishelle Werner says
Hi Brandon,
I liked that you included security as a point for RFID. I suppose companies could set up systems to let them know if a product left the building or even supply chain route.
Kevin Desouza says
For the two types of data. I see they are transactional and analytic data but what is the difference?
Mishelle Werner says
• ERP: Enterprise Resource Planning
• CRM: Customer Relationship Manager
• Enterprise Resource Planning enables organizations to manage their daily business activities across all the different departments. This can include but are not limited to, financial management, supply chain management, CRM, Production, etc. This is a total all in one product versus having a CRM and another in house management software.
• Some of the main issues with utilizing a legacy system is that they are standalone software and are not able to be integrated with other company software. As the software ages it also becomes a failure point as less employees are trained in how to use the system. I have had this happen at a past job of mine where only one long term employee knew how to work the legacy system and when changes needed to be made, all changes were sent to her and had to wait on her to complete them. If she was out for two weeks, then our client would have to wait for her to return. We also have to address that these systems most usually lose their vendor support and are slow and unstable. Once the system breaks down the company could be at a standstill until a new system is implemented. Not good business practice.
• The purpose of a CRM is to manage all of a company’s interactions with a customer and to have one database where all of these interactions are held. By doing this we can have multiple employees interfacing with a customer account and hopefully improve our business relationship by not having redundancies.
• In a company the main users of a CRM would be the sales, marketing, and finance staff. These are the departments that most often work directly with the customer and need to track their exchanges.
• ERP and CRM are similar in that an ERP contains all of the same customer management software as a CRM but then also covers other business departments such as inventory, supply chain, HR, Business relationships and more. With a software that handles the entire business cycle, we can increase automation of these processes and hopefully reduce human errors.
• Velocity is how quickly data can be generated and how it moves. Companies need data to flow quickly so that they can make solid business decisions. Veracity on the other hand is how accurate the data set is. You can have data moving through the organization quickly, but it be the wrong data.
• Descriptive analytics is the process of using current and historical data to identify relationships and any trends in the data. Predictive analytics is the use of statistics and models to predict future performance.
• Bid data does not use traditional databasing and instead has a distributed architecture which deals with structured, semi-structured, and unstructured data. Meanwhile traditional data is smaller and is based in a centralized database architecture where the data is “fixed”. Data can be inside of Big data and big data can make complex data sets which display meaningful results for companies.
• Companies use big data to reveal patterns and trends that can improve business operations and make their products and customer service better.
• Business intelligence is the practice of using software and services to utilize company data and to improve business decisions.
• OLTP is online transaction processing which captures, stores, and process data from any online transactions occurring in real time while OLAP is online analytical processing which that takes data from OLTP and does analysis on the data to produce results.
Examples of OLTP are a hotel booking, purchasing an online item, buying airline tickets, sending a text message. Each of these is a one-to-one process that involves yourself and one other database.
Examples of OLAP are a little harder to imagine but involve products such as IBM Cognos and Oracle OLAP. These use large data sets of discover relationships and patterns in the data.
• Everything we do is the source of data and is constantly recorded, collected, and stored.
• Supply chain management is the centralized management of goods, services, and all the processes that get raw materials changed into these products and then distributed to suppliers and then ultimately customers. A working and optimal supply chain enables companies to serve customers on time and should be almost invisible when working well. As was seen in the pandemic, constrained supply chains can disrupt business practices and cause shortages which affect customers.
• Supply chains will always be fragile because of the fragmentation of different processes in a supply chain. The people growing cocoa are not the ones running the factory, driving the ship across the oceans, housing the product, and ultimately selling it. The purpose of supply chain management is to communicate between all of these individuals and to work towards a common goal, selling the product to a consumer and receiving revenue.
• RFID stands for Radio Frequency Identification Technology. It utilizes tags in or on goods and then using a scanner to send a radio wave and find these products. On a large scale you could have all of your products tagged and be able to track them as they go through the supply chain and be able to quickly conduct inventory checks with these tags.
Brian Johnson says
Hi Michelle, I found it interesting how you OLAP is harder to imagine. I think they can be a bit tricky to figure out but once you understand it it becomes very easy to fully figure it out.
Oceana Gilkerson-Heinaman says
Hi Mishelle, I like your example for supply chain management, and how you mentioned that not one person has control of all parts of the system. It really is a great example of how every aspect of the supply chain is so important for the success of the whole operation.
Brian Johnson says
ERP-Enterprise Resource Planning
CRM-Customer Relationship Management
The purposes of ERP is to integrate functions, streamline processes, and Manage core businesses
Some of the issues with legacy systems is that they are not secure and they are very costly to maintain
The purpose of a CRM is to maintain and improve relationships with customers.
Sales, Marketing, HR, Accounting, and Strategy
The similarities are that they share data and increase profit, the differences is that ERP is about the business and internal focus while CRM is about the customer and external focus.
Velocity means how quicky data is generated and how quickly it moves and veracity means how accurate the data is. The relate to data inquiry by being part of the five principles.
Descriptive analysis talk about what has happened in the last while predictive analysis talks about what may happen in the future.
Data is separated from big data because data uses a centralized database while big data uses distributed architecture.
Companies use big data to improve their operations, provide better customer service, create personalized marketing campaigns and take other actions that can increase revenue and profits.
Business intelligence combines data analytics and it helps organizations make more data driven decisions.
The differences between OLTP and OLAP is that OLTP captures, stores, and processes data from transactions in real time. OLAP uses complex queries to analyze aggregated historical data from OLTP systems.
The two types of data are transactional and analytic.
The sources of data are systems, platforms, people, and locations
Supply chain management is the handling of the entire production flow of a good or service and it affects businesses because it can results in lower costs, saving money for businesses. Supply chains are fragile because of the fragmentation of decision-making processes and the limited collaboration.
RFID-radio frequency identification technology and it helps supply chain management by giving real-time information visibility.
Olivia Jardel says
– ERP stands for enterprise resource planning. CRM stands for customer relationship management.
– The purpose of an ERP is to streamline and standardize processes/operations across different areas of a business.
-With a legacy system, different parts of a business operation are handled in different systems, which can slow it down and be more costly.
– The purpose of a CRM is to drive sales by converting leads into contacts. It’s a system that manages a systems data about customer interactions in order to predict and better understand customer desires.
-Companies that are involved with sales, marketing, human resources, accounting, all may use a CRM.
-A CRM is used to help drive sales, while an ERP is used to help streamline operations. However, both allow the business that implements them to drive increase profit.
-Velocity is how quickly data is generated and how quickly it can move. Veracity is the quality and accuracy of the data. If data is messy and difficult to interpret, this can affect the integrity of it, this is where velocity and veracity would come in to play.
-Descriptive analytics is using historical and current data to identify trends and relationships. Predictive analytics is using statistics and modeling techniques to predict the likelihood of future outcomes.
-Big data includes data of a larger variety that is more complex.
-Companies use big data to help drive revenue, make better business decisions, and enhance internal operations.
-Business intelligence (BI) service that companies use, which leverages software and services to turn data and metrics into a more easy to read, “digestible” form. This allows users to then better interpret the data and make business decisions and goals from it.
-OLTP (online transactional processing) are designed to handle high volumes of transactional data, for example hotel bookings, mobile banking transactions, etc. OLAP (online analytical processing) is designed to process large amounts of data quickly, which is designed to aid in managerial decision making.
-The types of data are transactional and analytical. Transactional data captures real time exchanges between people. Analytical data captures data to support analysis and reporting.
-Some of the sources which we collect data from are people, advertising, social interactions, transactions, and engagement and behavioral data.
-Supply chain management is about optimizing all aspects of the supply chain (suppliers, distributers, manufactures) in order to get products on the shelf for customers in a timely manner. If businesses do not properly manage their supply chain, their products may be delayed getting to them.
-Supply chains are fragile because since there are so many steps/actors involved in the entire start to finish process, if one of those steps is even slightly thrown off, it may delay the entire process.
-RFID stands for radio frequency identification.This aids in supply chain management in the way of inventory control, because it is a more streamlined and efficient way to keep track of goods.
Mia Quagliariello says
Hi Olivia! I like your examples of OLTP and OLAP. We use things like banking and booking software in our everyday lives and it makes it easier to think about when connecting data processes with daily tasks/activities.
Molly Lehr says
Hi Olivia,
Big data is so important to companies because it allows them to make better strategic decisions that will benefit them in the long run.
Oceana Gilkerson-Heinaman says
Hi Olivia, your description of business intelligence really clarifies how it helps a company interpret their data. On such a large scale, it is really valuable to be able to digest these big amounts of information to be able to make the best decisions from it.
Oceana Gilkerson-Heinaman says
-What is the purpose of ERP?
ERPs are able to integrate functions, streamline processes, and manage core business. They allow for companies to manage finances, orders, accounting, and CRM. Overall, ERPs are a way for companies to consolidate vital operations into a single system.
-What are some of the issues with legacy systems?
Some potential issues include consumer rights, legalities, and privacy.
-What is the purpose of a CRM?
CRMs help companies maintain good standing with their customer base. It allows them to maximize profits, analyze buying patterns, problem solve, take accountability, and communicate with customers. CRMs allow for companies to react efficiently to the needs of their customer base.
-Who uses CRMs?
CRMs can be used by sales, marketing, HR, accounting, and strategy teams.
-What are the similarities and differences between ERP and CRM?
Both ERP and CRM allow companies to share data and increase profit. ERPs are more about the business with an internal focus. CRMs are about the customer with an external focus.
-What do velocity and veracity mean, and how do they relate to data integrity?
Velocity is the speed at which data is generated and processed, and veracity is the accuracy of the data set. Velocity and veracity allow for consistency, reliability, and accuracy, leading to data integrity.
-What are descriptive and predictive analytics?
Descriptive analytics look at past data to tell what happened, while predictive analytics makes predictions about what could happen in the future based on data collected.
-What separates data from big data?
Regular data is collected on a smaller scale, while big data consists of billions of pieces of information and is constantly growing throughout a network. Every piece of data that we enter into a system is contributing to big data
-Why do companies use big data?
Companies use big data to gain as much information as possible about their potential customer base. Big data allows companies to see a larger volume of information that they may not usually have access to.
-What is business intelligence, and how does it help companies?
Business Intelligence is the use of different softwares and services to create a comprehensive network of tools to improve business operations. It allows for user friendly, intuitive systems and can improve the business’s strategy and allow a business to take action.
-What are the differences between OLTP vs. OLAP, and what are some examples of each?
OLTP stands for online transaction processing- an example of this would be online shopping or paying a bill online. OLAP stands for online analytical processing- for example, a system collects and organizes data to allow a user to access that data which is organized in a certain way.
-What are the types of data?
Transactional data captures data which describes an event, in real time. Analytical data is captured to support analysis and reporting, and is based on historical data.
-What are the sources of data?
Data is gathered from people, locations, platforms, transactions, and systems. Every time we provide information to a computer or smartphone, we are becoming a source of data.
-What is supply chain management and how does it affect businesses?
Supply chain management is the implementation process that includes all steps of the creation and distribution of a product, from conception to the hands of the consumer. This improves trust and collaboration, and the visibility and velocity of the inventory.
-Why are supply chains fragile?
Supply chains are fragile because the success of the entire chain relies on each individual section working well at all times. If one portion of the supply chain is negatively impacted, it can create issues and delays. The more parties are involved in the supply chain, the. more variables there are to potentially cause a problem in the chain.
-What is RFID, and how does it help supply chain management?
RFID, or radio frequency identification, is a wireless technology that connects to objects fitted with RFID tags. It allows for monitoring of inventory by reading electromagnetic energy. One example of RFID is in retail, where items are given a tag to prevent theft.
David Trickett says
Hey Oceana,
Your point about the fragility of supply chains is notable, as one minor disruption can have a much larger, more negative effect on the entire operation. I also did not know about the use of RFID for theft prevention, which was very interesting to learn.
Great job!
David Trickett says
– ERP: Enterprise Resource Planning
– CRM: Customer Relationship Management
– The purpose of ERP is to integrate functions, streamline processes, and manage core business.
– Some of the issues with legacy systems include inefficiency, high maintenance costs, incompatibility with newer technology, and a lack of security.
– The purpose of a CRM is to help grow and manage relationships with consumers, which leads to greater profits, a greater understanding of the customer, and greater accountability.
– The main users of CRMs are businesses, where divisions such as Sales, Marketing, HR, and Accounting can utilize CRM the strongest.
– The two main similarities between ERP and CRM are that they both involve shared data and can lead to increased profit for a business. On the other hand, ERPs are more focused about the business and have an internal focus, while CRMs focus more about the customer and have an external focus.
– Velocity refers to the speed at which data is generated and how quickly it moves. Veracity refers to the quality and accuracy of data, telling how trustworthy the data is. The proper utilization of these factors leads to faster and higher quality data, resulting in greater integrity in a data set.
– Descriptive analytics is based on what is happening at this moment, while predictive analytics is based on what is going to happen in the future.
– What separates data from big data is that big data is described as such a large amount of data that is both unorganized and has a higher velocity than traditional data. Traditional data is based on a centralized database structure, while big data is based on a distributed structure.
– Companies use big data because the computation of data is distributed among multiple computers, allowing for more data scalability and better performance.
– Business Intelligence is used to leverage software and services in order to transform data into insights that help lead to a business’s strategic and tactical decisions. By analyzing data and presenting findings in organized fashion, users are provided with detailed intelligence about the business.
– OLTP, known as Online Transaction Processing, utilizes a database that stores real-time transactional data. OLAP, known as Online Analytical Processing, utilizes an analytical database which stores historical transactional and summary data. An example of OLTP is purchasing an item on Amazon, while an example of OLAP is Amazon using that data to support managerial decision making as well as to personalize that customer’s homepage.
– The two types of data are transactional data and analytical data.
– The sources of data include people, locations, platforms, transactions, and systems.
– Supply chain management is the management of the flow of goods and services to and from businesses. Proper supply chain management positively affects businesses by improving trust and collaboration, as well as improving inventory visibility and velocity.
– Supply chains are fragile for a number of reasons, ranging from the complex ecosystem of partners, the distribution of costs, as well as the difficulty of balancing inventory and efficiency.
– RFID, or Radio Frequency Identification, is a wireless technology that allows you to use electromagnetic energy to identify objects that have been fitted with specialized RFID tags. RFID helps supply chain management by allowing for both greater inventory control and greater access control.
Mia Quagliariello says
Hi David! I really liked your point of big data allowing for more data scalability for companies. Data can definitely come in handy for figuring out if multiple areas needs improving, what can be changed and ultimately enhancing business performance.
Zawahi Mustafa says
Hello David,
I liked reading your response to week 3 questions. It was well written and everything was easy to understand. You provided great examples for OLTP and OLAP, it really shows you understood what you were writing. Great Job!!
Anthony Rosado says
Hi David, I like how you explained that analytical data helps companies make better decisions. Thanks!
Suela Haxhiu says
Hi David,
Before this portion of the class I my mind always went to the chips built into credit/debit cards whenever I thought of or heard about RFID, and how you can get wallets or covers to put over your wallet and phone to protect data. I did not realize this was a big contributor in supply chain management in inventory control.
Molly Lehr says
Hi David,
Supply chains are extremely fragile as we have seen recently. Supply chain issues in the United States have greatly affected so many businesses with long wait times and minimal inventory.
Adam Elguindi says
Hello David,
I really liked how organized and how well written you are with your answers. Providing clear and understanding examples when going through these questions. Great Job!
Mia Quagliariello says
Important acronyms
– ERP stands for Enterprise Resource Planning and CRM for Customer Relationship Management.
What is the purpose of ERP?
– ERP is a software or system that aids businesses and manages their day-to-day internal processes and business functions.
What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
– Legacy systems create efficiency issues as they are outdated, use multiple systems to communicate and can become hard to replace.
What is the purpose of a CRM? 5.1 (Slide 34-42)
– A CRM is a tool used to monitor and track communications data like customer interactions, sales, and marketing.
Who uses CRMs? (slide 34)
– Business departments such as marketing, sales, human relations, and accounting use CRMs.
What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
– CRMs and ERPs both help streamline and manage business functions while CRMs focus on external customer relations and ERPs focus on internal business operations.
What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
– Velocity refers to how fast data is generated, and veracity refers to the value and accuracy of the data. These both play a role in data integrity for how accurate, consistent, and reliable data is.
What are descriptive and predictive analytics? 6.1 (Slide 11)
– Descriptive analytics tell you what has already happened while predictive analytics predict what may happen in the future.
What separates data from big data? 6.1 (Slide 13)
– Compared to traditional data, big data refers to a great volume of data that vary in structure, gather rapidly and can be a lot more to handle.
Why do companies use big data? 6.1 (Slide 9-10)
– Companies use big data to improve their business and smaller operations to eventually increase business and ultimately profits.
What is business intelligence, and how does it help companies? 6.1 (Slide 29)
– Business intelligence is how organizations can use tools such as software, services, and analytics to transform data.
What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
– OLTP refers to online transaction process, which stores real time transactional data such as a shopping purchase. OLAP refers to Online Analytical processing which shows historical data or a summary for use by analysts.
What are the types of data? (slide 22-24)
– The types of data include transactional data, which can capture data to describe an event or exchange, and analytical data, which captures data for analysis and reporting.
What are the sources of data? (Slide 17)
– Data can be gathered from people, systems, transactions, platforms, and locations.
What is supply chain management and how does it affect businesses? (Slide 34)
– Supply chain management is improving a system involving many tasks and components that work from beginning to end, it is integral in business as keeping the chain efficient and working gets products out on time.
Why are supply chains fragile?
– Supply chains are complex and can involve many components that keep them running. They are fragile because each individual station or task is set up in a specific order and with so many actors and processes involved, one misstep can imbalance the whole cycle.
What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
– RFID is radio frequency identification and uses electromagnetic spectrum to identify a tagged object once it has been scanned. This helps supply chain management as it can give each item, task, etc. a unique tag and scan easily to keep organized in inventory or access.
Zawahi Mustafa says
ERP: Enterprise Resource Planning
CRM: Customer Relationship Planning
The purpose of ERP is a system or a software that integrates functions, streamlines, processes and manages core business.
Some issues of the legacy systems are they have 3 separate systems for 3 separate track records, it’s very complicated and always outdated.
The purpose of a CRM is technology used by companies for managing relationships and interactions with their customers or potential customers. The main goal is to improve their business relationship as well as grow the business.
CRMs are used by companies who deal with sales, marketing, human resources and accounting.
The difference between ERP and CRP is ERP is very complicated, expensive, and can take over 10 years to implantment and is an internal force. CRMs are cost efficient and are an external force. CRM are used to drive sales; while ERP helps streamline sales operations. The similarities of the two are businesses implementing them to increase profits.
Velocity means how fast data moves and generates, while veracity means the accuracy of the data. This relates to data integrity because it is part of the 5 principles.
Descriptive analytics is the process of using current and historical data to identify trends and relationships. It’s sometimes called the simplest form of data analysis because it describes trends and relationships but doesn’t dig deeper. Predictive analytics Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to provide a best assessment of what will happen in the future.
What separates data from big data; data uses a centralized database and big data uses distributive architecture.
Companies use big data because it improves operations, provides better customer service, creates personalized marketing campaigns and takes other actions that, ultimately, can increase revenue and profits.
Business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions.
OLTP: Online Transaction Processing , OLTP captures, stores, and processes data from any online transactions occurring in real time.
OLAP: Online Analytical processing, it takes its data from OLTP to perform an analysis on that data to produce results.
Examples of OLTP: retail sales, order entry, and financial transactions systems.
Examples of OLTP: OLAP features are also included in tools such as Microsoft Excel and Microsoft SQL Server’s Analysis Services). OLAP products are typically designed for multiple-user environments, with the cost of the software based on the number of users.
–
Anthony Rosado says
Hi Zawahi, I like the way you broke out each answer in a clear and concise way. You shared great examples.
Kevin Desouza says
For the big data question, where do companies get big data? Why not just use internal data?
Anthony Rosado says
• Important acronyms to know
• ERP 5.1 (Slide 34) – Enterprise Resource Planning
• CRM 5.1 (Slide 10) – Customer relationship Management
• What is the purpose of ERP? 5.1 (Slide 26)
• It integrates functions, streamlines process, and manages core business.
• What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
• Legacy systems are inefficient, costly, and do not provide strong security.
• What is the purpose of a CRM? 5.1 (Slide 34-42)
• CRM is used to manage the customer’s experience through sales, support, marketing, and order fulfillment.
• Who uses CRMs? (slide 34)
• CRM is used by HR, accounting, strategy, sales, and marketing.
• What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
• Similarities include: They both have shared data. They both focus on increased profit.
• Differences include: ERM is about the business and CRM is about the customer. ERM has an internal focus and CRM has an external.
• What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
• Velocity means the speed of something. Veracity confirms the accuracy. In terms of data integrity, the data must be accurate, consistent, and reliable.
• What are descriptive and predictive analytics? 6.1 (Slide 11)
• Descriptive analytics helps to make sense of what has happened. Predictive helps to predict what will happen in the future.
• What separates data from big data? 6.1 (Slide 13)
• Data is smaller and centralized and big data is a process that manages massive amounts of data.
• Why do companies use big data? 6.1 (Slide 9-10)
• It’s used to improve infrastructure, transform technology, and be more efficient and effective.
• What is business intelligence, and how does it help companies? 6.1 (Slide 29)
• This is based on analytical data that helps companies make more informed decisions and periodic analysis.
• What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
• OLTP is transaction based. An example is data entry. OLAP is analytical based. An example is reporting that shares an analysis.
• What are the types of data? (slide 22-24)
Transactional and analytical.
• What are the sources of data? (Slide 17)
• Real-time transactional data and historical transactional and summary data.
• What is supply chain management and how does it affect businesses? (Slide 34)
• SCM is a process that gets the right product on the right shelf at the right time. It improves collaboration and improve inventory visibility and velocity.
• Why are supply chains fragile?
It is a complex ecosystem. It balances inventory and efficiency.
• What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
Radio frequency identification. It helps with inventory and access control.
Stefanie Meier says
Hi Anthony
I find RFID pretty interesting and useful. I am confused as to why this wasn’t around earlier! Do you really believe this will help in the current issues we are seeing?
Stevie-Lynn Shulenberger says
Important acronyms to know
ERP 5.1 (Slide 34)
Enterprise Resource Planning
CRM 5.1 (Slide 10)
Customer Relationship Manager
What is the purpose of ERP? 5.1 (Slide 26)
It is a software to manage day-to-day business such as accounting / compliance / supply chain.
What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
Lack of support
Compliance
What is the purpose of a CRM? 5.1 (Slide 34-42)
CRM is used to improve business relationships and help grow.
Who uses CRMs? (slide 34)
All businesses that are looking to improve or grow
What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
Both are drive to better business and grow.
What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
Velocity is used to the measure the change in date over time. While, veracity is used to reassure that the date is quality and credible. They are both used to measure different parts of data.
What are descriptive and predictive analytics? 6.1 (Slide 11)
Descriptive analytics shows what happened in the past, but predictive expresses what will happen in the future.
What separates data from big data? 6.1 (Slide 13)
Big data is more confidential and can not be accessed by the public.
Why do companies use big data? 6.1 (Slide 9-10)
To protect their data from being leaked to other companies/competitors
What is business intelligence, and how does it help companies? 6.1 (Slide 29)
Business intelligence helps business makes data based decisions to better their business.
What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
OLTP is online transactional processing – an example would be an ATM machine
OLAP is online analytical processing which is a database.
What are the types of data? (slide 22-24)
Nominal, Ordinal, Discrete, Continuous
What are the sources of data? (Slide 17)
What is supply chain management and how does it affect businesses? (Slide 34)
Supply chain management is responsible for providing goods/product to businesses and keep everything in the world moving.
Why are supply chains fragile?
It is fragile because it is how we get out basic needs in life.
What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
Radio frequency identification
Suela Haxhiu says
• ERP is enterprise resource planning.
• CRM is customer relationship management.
• ERP is a software or system that integrates functions, streamlines processes, and manages core business.
• It is costly to implement, very intricate, costly, and always out of date.
• A CRM creates a positive customer experience.
• CRM is used by Sales, Marketing, HR, and accounting.
• Both CRM and ERP are used to streamline business Operations. CRM focuses on sales while ERP is integrated and implemented across the entire organization.
• Velocity is how quick data generated and moves. Veracity is the accuracy and truthfulness of a data set.
• Descriptive analytics tell you what previously occurred. Predictive analytics are likely to tell you what will occur in the future.
• Data is generated in enterprise level while big data is generated outside of enterprise level. Big data is generated per seconds while data is generated per hour or per day.
• Big data is used in companies to increase revenue and profits by improving operations, providing better customer service, create personalized marketing campaigns.
• Business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions.
• OLTP= online transaction process. OLAP= online analytical process. Examples of OLTP are credit card activity. Examples of OLAP are annual financial performance.
• There is transactional data and analytical data.
• Data sources are people, systems, transactions, platforms, and locations.
• Supply chain management is management of the flow of goods and services and includes all processes that transform raw materials into final products. This allows businesses to better compete and in turn, creates value for customers. They are fragile due to the change in interest and exchange rates.
• RFID is radio frequency identification. RFID is used to accurately count, correct, and track all individual items and cartons across the supply chain.
Kevin Desouza says
Important acronyms to know
ERP 5.1 (Slide 34)
– Enterprise Resource Planning
CRM 5.1 (Slide 10)
– Customer Relationship Management
What is the purpose of ERP? 5.1 (Slide 26)
– Integrates functions, steamlines processes, and manage core business.
What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
– Older systems will eventually have issues with security, mounting maintenance, and lack of support.
What is the purpose of a CRM? 5.1 (Slide 34-42)
– CRMs maintain sales leads and opportunities.
Who uses CRMs? (slide 34)
– Sales, marketing, HR, accounting, strategy
What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
Similarities
-Shared Data and Increased profits
Differences
– ERPs are internally focused, while CRMs are externally focused
– ERPs are about the business, while CRMs are about the customer.
What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
– Velocity is the speed in which data is created.
– Veracity is the accuracy of data.
– Together they create consistency and reliability of data.
What are descriptive and predictive analytics? 6.1 (Slide 11)
– Descriptive analytics shows past data whereas predictive analytics shows potential future data.
What separates data from big data? 6.1 (Slide 13)
– data uses centralized database where information is stored.
– big data uses distributed architecture where data is acquired from data collection companies rather than a company harvesting their own.
Why do companies use big data? 6.1 (Slide 9-10)
– Data solely acquired by a company will not provide that company of larger scope of data into market demands, product, or customer preferences.
What is business intelligence, and how does it help companies? 6.1 (Slide 29)
– It leverages software and servces to tranform data through agile and intuitive systems.
– It assists companies by providing user friendly data for strategic busines decisions.
What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
– Online Transaction Processing stores real time data from transactions. An example would be online purchases
– Online Analytical Processing stores historical transactional and summary data. An example would be online banking statements
What are the types of data? (slide 22-24)
– Transactional, real time data, which captures data describing an event. An exchange between actors.
– Analytical, historical data, which captures data to support analysis and reporting. An aggregated view of the business.
What are the sources of data? (Slide 17)
– People, locations, platforms, transactions, systems.
What is supply chain management and how does it affect businesses? (Slide 34)
– Supply Chain Management is the centralized flow of goods. It encompasses all steps that convert raw materials into a finished good.
– Companies utilize other trade/service partners to save individual costs and deliver goods to customers faster.
Why are supply chains fragile?
– Supply chains are fragile because they rely on partnership out of the companies control. Global issues (war and fuel prices) and changes in the circumstances of their partners are unprecitable factors which can raise costs and slow production.
What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
– Radio Frequency Identification are tags which businesses use to helps with inventory management.
Cherelle Gaillard says
Hi Kevin,
I agree with your answer on why supply chains are fragile. A great example was the pandemic. A lot of products were unavailable due to different partners being shut down which was an unpredictable factor.
Adam Elguindi says
Hello Kevin,
I agree with you that there are many factors that can affect a supply chain’s stability. One of these is the pandemic. Due to the various partners that were affected, a lot of products were unavailable.
Adelina Chornodola says
ERP – Enterprise Resource Planning
CRM – Customer Relationship Management
1.The purpose of ERP is to manage day to day business activities in order to increase organizational efficiency.
2.Some issues with legacy systems include cybercrime, inefficiency and expensive maintenance.
3.CRM helps improve business relationships and grows the business. It’s a technology that helps companies manage all relationships and interactions with customers and leads.
4.Financial services, insurance companies accounting, hotels, marketing, sales, HR
5.CRM focuses on the sales side of organizations (Customers, external) and ERP on all other departments (internal business)
6.Veracity is how accurate the data set is and Velocity is how fast the data is made and moves.
7.Descriptive analytics shows you what happened in the past, what went wrong. Predictive analytics predict what will happen in the future by looking at the past data .
8.The difference between data and big data is that big data collects more data and has better performance and cost benefits. Big data provides better customer service and increases companies profits.
9.So companies use big data to provide better customer service, make more money and gather as much data as possible, and improve operations.
10.Business intelligence is a technology that combines many different key things such as – business analytics data mining, data tools, to help organizations make better and more data driven decisions.
11.OLPT is a system that manages transaction applications online such as atms. Mainly used for data reading. OLAP is the one that does financial reporting, forecasting, and analyzes historical data from OLTP.
12.The two types of data are transactional and analytical
13.The sources of data are people, locations, platforms, systems and transactions.
14.Supply chain management is the management of the flow of goods and services including the process of raw materials turning into finished goods. When companies manage their supply chain, they are able to control/predict what they need or don’t and cut extra costs with all being more efficient and deliver quickly to customers.
15.It is fragile because it is the key to how the company operates and succeeds. For example if one ingredient is missing to produce/create your favorite grocery items, then this will cause a shortage for some time.
16.RFID – Radio frequency identification technology is a business tool that helps supply chain partners see real time information, identifying people or objects. This helps supply chain management with being able to accurately track, count all items.
Stefanie Meier says
Hi Adelina-
Hotels is a great example of who uses CRM, as they strive to have you stay in their chains across the globe constantly.
Zachary Whitehair says
Hey Adelina,
Good job on your post. I liked the way you gave an example for why supply chains are fragile.
Cherelle Gaillard says
Enterprise Resource Planning
Customer Relationship Manager
The purpose of ERP is to integrate functions, streamline processes, and manage core businesses.
Some issues with legacy systems are that it’s expensive to maintain and they are not secure.
The purpose of CRM is to maintain and improve relationships with customers.
The following departments use CRM: Sales, Marketing, HR, Accounting, and Strategy
Similarities between ERP and CRM are they both share data and increase profit. The difference is ERP is about the business and internal focus while CRM is about the customer and external focus.
Velocity refers to how fast data is generated, and veracity refers to the value and accuracy of data. They relate to data integrity for how accurate, consistent, and reliable data is.
Descriptive analytics shows the past data and predictive shows potential future data.
Data uses centralized database architecture and big data uses distributed architecture.
Companies use big data to improve operations, provide better customer service, and increase profits.
Business intelligence leverages software and services to transform data. It helps companies make data driven decisions.
What are the differences between OLTP vs. OLAP, and what are some examples of each? OLTP captures, stores, and processes data from transactions in real time. OLAP uses complex queries to analyze aggregated historical data from OLTP systems. Examples of OLTP are bank tellers and cashiers. An ATM is an example of OLAP.
Transactional and analytical are types of data.
The sources of data are systems, platforms, and people.
SCM is the management of the flow of goods and services and includes all process that transform raw materials into final products. If a company does not manage their supply chain, their products may be delayed getting to them.
Supply chains are fragile because there’s a complex ecosystem of partners, cost distribution, balancing inventory and efficiency.
What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24) Radio Frequency Identification (RFID) is a wireless technology that allows you to identify objects that have been fitted with special EF identification tags. It helps the supply chain because it’s good inventory control and access control.
Anthony Isaac says
Cherelle, you are correct. Velocity refers to how fast data is generated and veracity is about the accuracy of the data.
Ross Faber says
Important acronyms to know
ERP: Enterprise Resource Planning
CRM: Customer relationship manager
ERP’s integrate functions, streamline processes, and manage core businesses.
Legacy systems can be outdated and provide obstacles to interfacing with newer systems.
CRM’s provide companies a central data base to organize and manage how they interact with their customers.
Sales , Marketing, Accounting, and HR all use CRM’s.
ERP’s focus on the business while CRM’s focus on the customers. They are similar because both aim to bring data to a central location in order to improve value and efficiency to a companies operations.
Velocity is how quickly data is generated and veracity is the quality. These are important in data integrity because when data is being created at a high velocity, it can easily become sloppy. Strong data management ensures that no matter the velocity, data is created with high veracity.
Descriptive analytics tell us what already happened while predictive analytics look forward and help us predict what will happen.
Big data spreads data across a network and allows infinite users access to data to make decisions.
Traditional data is more centralized.
Big data helps companies make informed decisions that are rooted in sound information/data.
BI is when companies leverage software to use data to inform decisions.
OLTP is online transaction processing. It is a merchants individual transactions. OLAP is online analytical processing and it aggregates and sorts intelligently the OLTP.
Data comes from everywhere.
Supply chain management is a business way of managing products throughout their lifecycle and ensuring they are presented at the right place at the right time.
Supply chains are so fragile because there are so many moving parts and when one is not functioning properly there can be intense impact downstream in the chain causing a ripple or domino effect.
RFID is a digital way of tracking inventory via data and helps companies track inventory levels and needs in real-time. Real-time tracking allows companies to make more rational decisions when considering inventory levels, pars, etc.
Stefanie Meier says
ERP: Enterprise Resource Planning
CRM: Customer Relationship Management
The purpose of ERP is to manage day to day business activities to include risk management.
CRM is meant to improve business relationships to grow the business and is used by are the support and sales team as well as marketing. ERP is about the business, while CRM is about the customer. CRM also has an external focus, while ERP has an internal focus. However, they do both used shared data and are used to increase profit. Velocity is the speed while veracity is how accurate the data set is. Both of these are important in data integrity as it comes with how accurate the information actually is. Descriptive analytics are like history, it is what already has happened in the past. Predictive analytics are what will happen in the future. While traditional data is based on a centralized database architecture, big data uses a distributed architecture. Companies use big data to provide better customer service as well as increase revenue. OLTP- gigabytes vs OLAP- terabytes. Business intelligence uses business analytics to help businesses make better business driven decisions. The two types of data are transactional and analytical. Sources of data stem from people. Whether it is from social media or the purchasing habits, data sources all come from people. Supply chain management is the management of the flow of goods from production to the consumer purchasing the item. Supply chains are considered fragile because of the unpredictable factors that exist. An example of this is COVID. Supply chains are STILL backed up 2 years later, as they had poor planning. RFID is a technology based item that will give real time updates to supply chains as things start to run out on shelves.
Oliver Forssell says
Hi Stefanie,
I liked your point that CRM is used to improve business relationships from an external approach. I also think you did a great job explaining big data,
Molly Lehr says
1. ERP- Enterprise Resource Planning
CRM- Customer Relationship Management
2. The purpose of ERP is to create a software or system that integrates functions, streamlines processes, and manages core business.
3. Some issues with legacy systems are the high costs of maintenance, weakening security, lack of integrations, and they’re tough on compliance.
4. The purpose of a CRM is to simplify the process of managing a company’s customer relationships.
5. Sales, Marketing, Human Resources, Accounting, and Strategy all use CRM.
6. Similarities between ERP and CRM are that they both share data and they both are used to increase profit. Differences between ERP and CRM are that ERP is internally focused (about the business) and CRM is externally focused (about the customer).
7. Velocity is how quick data is generated and veracity is how accurate the data is. Both of these together ensures accuracy and reliability of the data.
8. Descriptive analytics are used by a company to understand what has already happened and predictive analytics are used by companies to determine what is likely to happen next.
9. Big data cannot be processed effectively and quickly enough by older data analysis tools.
10. Companies use big data to help them make informed decisions that will increase profits.
11. Business intelligence refers to the procedural and technical infrastructure that collects, stores, and analyzes data produced by a company. It helps uncover insights for making strategic decisions.
12. OLTP is online transactional processing and an example of this is customers using an online shopping application that has access too all of their previous transactions (Amazon). OLAP is online analytical processing and an example is online banking statements.
13. The sources of data are systems, people, and platforms.
14. Supply chain management is the centralized management of the flow of goods and services and includes all processes that transform raw materials into final products. Supply chain issues can cause businesses to lose money and customers. Supply chains are fragile because there are so many individuals/groups that go into the supply chain.
15. RFID is radio frequency identification and it’s a wireless technology that lets you identify objects that have been fitted with special RF identification tags. It helps with supply chain management by tracking inventory.
Cherelle Gaillard says
Hi Molly,
I liked how you used Amazon and online banking statements as your examples for OLTP and OLAP. It helps associating everyday systems to key terms.
Anthony Isaac says
ERP- Enterprise Resources planning
CRM- Customer Relationship Management
What is the purpose of ERP?
The purpose of ERP is that it manages business operations.
What are some of the issues with legacy systems?
Might have some problems updating the software. Slow software.
What is the purpose of a CRM?
The purpose of a CRM is the relationship is to create a positive customer experience.
Who uses CRMs?
Sales, Marketing, HR, Accounting, Strategy.
What are the similarities and differences between ERP and CRM?
The difference between ERP and CRM is that ERP’s are about the business and internal focus and CRM’s are about the customers and external focus.
The similarities are that they both shared data and increased profit.
What do velocity and veracity mean, and how do they relate to data integrity?
Velocity is the speed of data. Veracity is the accuracy of data.
What are descriptive and predictive analytics?
Descriptive analytics is a collection of data that are used in the past. Predictive data are statistics that are used in the future.
What separates data from big data?
Data is a set of qualitative or quantitative variables.
Why do companies use big data?
Companies use big data to improve customer service.
What is business intelligence, and how does it help companies?
Business intelligence combines analytics and data combine. It helps businesses by making better data decisions.
What are the differences between OLTP vs. OLAP, and what are some examples of each?
OLTP is transactional processing and OLAP is an analytical system.
What are the types of data?
Transactional and Analytical.
What are the sources of data?
The sources of data are locations, people, and transaction.
What is supply chain management and how does it affect businesses?
Is the management of the flow of goods and services. An example of how it can affect businesses is Amazon. Amazon can deliver to the consumer faster while using the supply chain.
• Why are supply chains fragile?
The fragility of the supply chain is made up of many organizations. When there’s a problem with one organization it can causes problems to erupt with the rest of the chain.
What is RFID, and how does it help supply chain management?
The RFID -Radio Frequency Identification Technology. It can track people’s data. An example of what think of is the Disney magic band. Disney uses the Magic band to track guest on what they use at the parks.
Oliver Forssell says
The primary purpose of ERP, or enterprise resource planning, is to automate business processes and provide insights for internal controls. Some issues with legacy systems include, Increasing Operational Costs, Security Vulnerabilities, System Incompatibility, and a lack of client impact. CRM, or Customer Relationship Management, helps run marketing campaigns, conducts internal support, generates leads, tracks sales opportunities, and delivers products / invoices. This system is used by Sales, Marketing, HR, Accounting, and Strategy. The similarity between ERP and CRM systems is the sharing of data and increased profits. The difference is that ERP is focused on internal business, while CRM focuses on the customer. The higher the velocity rate, the faster the data can be acquired and processed, the more valuable the data collected will be and the longer it will retain its value. In general, data veracity is defined as the accuracy or truthfulness of a data set. In many cases, the veracity of the data sets can be traced back to the source. Descriptive Analytics tells you what happened in the past, while predictive analytics predicts what is most likely to happen in the future. Big Data is creating significant new opportunities for organizations to derive new value and create competitive advantage from their most valuable asset, information. For businesses, Big Data helps drive efficiency, quality, and personalized products and services, producing improved levels of customer satisfaction and profit. Analytical data is the foundation for business intelligence. The purpose of business intelligence is to comprise the strategies and technologies used by enterprises. This builds a more efficient management. Online transaction processing (OLTP) captures, stores, and processes data from transactions in real time. Online analytical processing (OLAP) uses complex queries to analyze aggregated historical data from OLTP systems. The two types of data are “Transactional” and “Analytical”. The three sources of data are primary, secondary and tertiary. Supply chain management (SCM) is the centralized management of the flow of goods and services and includes all processes that transform raw materials into final products. By managing the supply chain, companies can cut excess costs and deliver products to the consumer faster and more efficiently. Supply chains are fragile because of its complex ecosystems of partners, cost distribution, and balance of inventory. RFID is radio frequency identification, which is a wireless technology that lets you identify objects that have been fitted with special RF identification tags. It’s good for inventory and access control, which makes SCM more organized.
Kelli Spadt says
Oliver,
You mentioning security risk with legacy platform is a great point. My current company uses AS400, it’s an IBM platform. There is so much spaghetti code due to multiple programmers that some security issues are difficult to solve to protect our servers.
Kelli
Adam Elguindi says
ERP 5.1 (Slide 34)
ERP – Enterprise Resource Planning
CRM 5.1 (Slide 10)
CRM – Customer Relationship Management
What is the purpose of ERP? 5.1 (Slide 26)
ERP job is to manage day to day business activities in order to increase organizational efficiency and become stable.
What are some of the issues with legacy systems? 5.1 (Slide 28 and 29)
The legacy system that has issues include expensive maintenance, cybercrime and inefficiency
What is the purpose of a CRM? 5.1 (Slide 34-42)
CRM is a technology that helps businesses grow and improve their relationships with their customers. It allows them to manage all of their interactions with their customers.
Who uses CRMs? (slide 34)
CRMs are used by insurance companies, financial services, marketing, sales, HR, etc.
What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
The center attention for CRM is the sales side of an organization (customer, external). While ERM, is on all other departments (the internal business).
What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
Velocity is how fast data is being made and moved while veracity is how accurate the data is being set.
What are descriptive and predictive analytics? 6.1 (Slide 11)
Descriptive analytics is a type of data analysis that shows what happened in the past. Predictive analytics is a type of data analysis that predicts what will happen in the future.
What separates data from big data? 6.1 (Slide 13)
Big data is more beneficial to a company as it allows it to collect more data and improve its customer service. It also increases its profits.
Why do companies use big data? 6.1 (Slide 9-10)
Big data is a type of information that companies collect and use to improve their operations. It can help them make better decisions and provide better customer service.
What is business intelligence, and how does it help companies? 6.1 (Slide 29)
A business intelligence platform is a combination of various tools and techniques that help organizations make better decisions. It can help them analyze and visualize their data.
What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
One of the most common platforms used for analyzing and reporting on data is OLTP, which is a system that handles transactions online. OLAP is a financial reporting and forecasting tool that can analyze historical data.
What are the types of data? (slide 22-24)
Transactional and Analytical
What are the sources of data? (Slide 17)
Some of the sources of data include people of course, locations, platforms, and systems/transactions.
What is supply chain management and how does it affect businesses? (Slide 34)
The process of moving goods and services from one place to another is known as supply chain management. It involves managing the flow of goods and services from raw materials to finished goods. This process can help companies cut down on costs and improve their efficiency.
Why are supply chains fragile?
The quality of a product or service is very important to a company’s success. Without it, the company will not be able to operate efficiently. For instance, if a certain ingredient is not available, then a shortage will affect the production of your favorite grocery items.
What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
One of the most important factors that a company can consider when it comes to improving its supply chain operations is the use of radio frequency identification (RFID). This technology allows its partners to see real-time information about the products and services that it provides.
Kelli Spadt says
• Important acronyms to know
• ERP 5.1 (Slide 34) Enterprise Resource Planning
• CRM 5.1 (Slide 10) Customer Relationship Management
• What is the purpose of ERP? 5.1 (Slide 26) It’s purpose is to manage and improve how a company utilizes it resources so it can be efficient.
• What are some of the issues with legacy systems? 5.1 (Slide 28 and 29) They aren’t maintained so they are outdated and have limited growth. They are also costly
• What is the purpose of a CRM? 5.1 (Slide 34-42) It is to manage contact and relationships with current and future customers.
• Who uses CRMs? (slide 34) Sales, Marketing, HR, accounting, and strategy
• What are the similarities and differences between ERP and CRM? 5.1 (Slide 43) ERP is business and internal focused and CRM is customer and external focus but they both are involved with shared data and profit.
• What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6) Velocity refers to how quickly data is generated, and veracity refers to its accuracy. They both need to be reliable.
• What are descriptive and predictive analytics? 6.1 (Slide 11) Descriptive tells you what happened and predictive tells you what’s likely to happen
• What separates data from big data? 6.1 (Slide 13) Big data is still data just a lot of it. A larger amount from a lot of places
• Why do companies use big data? 6.1 (Slide 9-10) They use this to have information from all over the world.
• What is business intelligence, and how does it help companies? 6.1 (Slide 29) It is all the tools’ businesses use-storage, analysis
• What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23) OLTP captures, stores, and processes data in real time. OLAP uses historical data. Oracle is OLAP and a retail sale would be OLTP
• What are the types of data? (slide 22-24) Transactional and analytical
• What are the sources of data? (Slide 17) Platforms and systems
• What is supply chain management and how does it affect businesses? (Slide 34) It deals with raw materials becoming finished products. It affects business because it manages the flow of goods and services.
• Why are supply chains fragile? Because they can be impacted by anything and cause a chain reaction. If illness stops production there can be issues, its logistics are impacted stuff isn’t delivered.
• What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24) RFID is used to count, correct, and track items in supply chains which is why it is helpful. A company can watch its asset from start to finish.
Ndeye Sall says
Important acronyms to know
ERP 5.1 (Slide 34)
– Enterprise Resource Planning
CRM 5.1 (Slide 10)
-Customer Relationship Planning
What is the purpose of ERP? 5.1 (Slide 26)
– The purpose of ERP is to integrate functions, streamline processes, & manage core businesses.
What are some of the issues with legacy systems? 5.1 (Slides 28 and 29)
– Some issues with the legacy systems are that they are outdated, costly, & have limited growth.
What is the purpose of a CRM? 5.1 (Slide 34-42)
-CRM manages communication with current and future customers.
Who uses CRMs? (slide 34)
-CRM is something used by sales, marketing, HR, accounting, and strategy.
What are the similarities and differences between ERP and CRM? 5.1 (Slide 43)
-Both CRM & ERP used shared data & produce increased profit.
What do velocity and veracity mean, and how do they relate to data integrity? 5.1 (Slide 6)
– Velocity is how quickly data is generated and veracity is how accurate that data is.
What are descriptive and predictive analytics? 6.1 (Slide 11)
– Descriptive analytics tells you what happened in the past and predictive analytics tells you what is likely to happen in the future.
What separates data from big data? 6.1 (Slide 13)
– Data isn’t as extensive as big data. big data collects data from everywhere.
Why do companies use big data? 6.1 (Slide 9-10)
– Companies use big data because they are able ti gain data from all over the world.
What is business intelligence, and how does it help companies? 6.1 (Slide 29)
– Business intelligence is something that helps companies make decisions that can help them better.
What are the differences between OLTP vs. OLAP, and what are some examples of each? 6.1 (Slide 23)
– OLTP captures, processes, and stores data in real-time while OLAP uses past data.
What are the types of data? (slide 22-24)
-The types of data are transactional & analytical.
What are the sources of data? (Slide 17)
-Sources of data are systems and platforms
What is supply chain management and how does it affect businesses? (Slide 34)
-Supply chain management is the process of moving a package and its flow. It affects businesses because it keeps their inventory in check.
Why are supply chains fragile?
-They are fragile because anything can impact them which in turn causes a disturbance in the chain.
What is RFID, and how does it help supply chain management? 6.1 (Slides 23, 24)
-RFID is something that helps supply chain management because it can track items and help keep track of items.
Zachary Whitehair says
-ERP stands for Enterprise Resource Planning
-CRM stands for Customer Relationship Management
-The purpose of ERP is to manage day-to-day activities
-Some of the issue with legacy systems are that they are too expensive, not the most secure, and incompatible with new software
-The purpose of a CRM is to manage interactions between customers and potential customers
-The people that use CRM include Sales, Marketing, HR, Accounting, and strategy
-ERP has an internal focus while CRM is most focused on the customer. They both have shared data and lead to increased profit
-Velocity is related to the speed at which data is collected and how fast that data can move, while veracity is related to the accuracy and how complete the data is
– Descriptive analytics are related to anything that has already took place in the past. Predictive analytics are focused on what could happen in the future.
-`Traditional data is focused on a centralized database structure, and big data uses a distributed architecture.
-Companies use big data to improve operations, have better customer service, and to do targeted advertisements in order to be more profitable
-Business Intelligence is a way to make data more digestible by organizing it into sets of data
-OLTP is online transaction processing and it captures data from purchases. OLAP analyzes that data that it collects from OLTP.
-The types of data are transactional data which takes real time data describing an event. The other type of data is analytical which takes an aggregated view of the business
-Data comes from people, platforms, locations, transactions, and systems
-Supply chain management is the process of getting the right products out at the right time. Supply chain management is important to businesses because companies rely on quality supply chain management in order to put their products out and to make profit.
-Supply chains are fragile because it connects such a large amount of people and businesses
-RFID or radio frequency identification is a wireless technology that can help to track items that have RFID tags. It is good for inventory control
Oliver Forssell says
Hi Zach,
Great job explaining the importance of supply chain management. Having a good supply chain platform allows for a more organized order system and promotes product profitability. Working for a start up taught me the importance of timing and demand. Companies with a poor supply chain often have overstocked items and struggle to make sales.