Define and explain the following terminologies:
- • E-Commerce;
• Strategic planning;
• Supply Chain systems;
• Cloud infrastructure;
• Web 2
• Big data analysis.
What are the key elements of Data Mining Discuss with Examples.Why understanding the significance of ‘’Reserve Stock Level’’ function of ERP is so critical for the systems’ performance Explain your answer.Study "Business Continuity with Virtualization" in your text book [Chapter 2, IT at Work 2.3] and answer the following questions:
- What business risks had Liberty Wines faced
- How does Liberty Wines’ IT infrastructure impact its competitive advantage
- How did server virtualisation benefit Liberty Wines and the environment
Study "CASE 2 BUSINESS CASE: Financial Intelligence Fights Fraud" in your text book [Chapter 3] and answer the following questions:
- What data and IT problems were limiting FinCEN’s ability to fight financial crime
- Describe the IT upgrades and capabilities needed by FinCEN in order to achieve its mission.
- On what does financial intelligence depend
- Why is the ability to identify patterns and relationships critical to national security
- Research recent financial crimes that FinCEN has detected and disrupted. Explain the role of data analytics in crime detection.
Several latest IT technologies have developed by IT experts for different purposes. Every technology has its own importance. The purpose of this report is to emphasize on some essential IT terminologies such as E-Commerce, Just-In-Time Delivery, SaaS, E-Commerce, Web 2, Big Data analysis, Extranet and others. Moreover, I will also discuss about key components of data mining, an important function of ERP i.e. Reserve Stock Level, concept of virtualization and some fundamental IT problems. In next segments of this report, I will discuss these crucial things in detail.
As per as my views are concerned, I think above listed terminologies have made our working activities more convenient to perform and less time consuming. The basic knowledge about these terminologies is important to have before their usages.
Just-In-Time delivery is also known as JIT. It is a method used to manage inventory. This method is considered to be best for those companies that have repetitive functions of manufacturing such as small scale companies, hospitals etc. The main purpose to use Just-In-Time is to decrease costs by only keeping important inventory on hand that is actually required for whole production process.
E-Commerce is another essential terminology that has high demand among people worldwide. E-Commerce is related to purchasing and selling of goods and services and transmission of payments by internet. In modern era, several people are using this terminology for doing business online and for doing online shopping.
SaaS stands for Software-as-a-service and it is a software distribution model. It basically works as a third party provider for host applications and through internet makes these applications available to its potential customers. SaaS is also one of the main categories of cloud computing.
This planning process is very important and plays an important role in business enterprises. It is basically a process of an organization which is used for defining its strategy, direction and to make appropriate decisions for resource allocation. Besides this, strategic planning also leads to control mechanisms that are essential for guiding execution of business strategy.
Supply Chain Systems
The terminology of supply chain is a process of enterprises, folks, information and resources that are included in transmission of a product and service from supplier’s end to customer’s end. It is also considered as an effort from suppliers to develop and execute supply chains that are economical feasible and efficient.
DSS stands for Decision Support System and this system is computer based and it gives support to all decision making activities that are related to business and enterprises.
The cloud infrastructure states to the hardware and software components that include storage, servers and software of network and virtualization that are required to fulfill the needs of a cloud computing model.
The current state of online technology is web 2.0. As compare to previous states of web, this state has more characteristics such as more user interactivity, better communication channels and reliable and secure network connectivity.
It is a form of private network that uses internet and publicly used telecommunication system. It is required by extranet to share confidential business information or operations with customers, suppliers and others in a secured way.
Big Data Analysis
This analysis process is used to assess data sets that are large and diverse in nature and these large data sets are commonly known as big data. This process is implemented to unveil hidden patterns, market trends, priorities of customers and unfamiliar correlations.
Key Elements of Data Mining
There are some essential elements of data mining that are helpful for statistical analysis. These elements include A Question, History, Computers, A Flat File and Domain Knowledge. Here a question is that meet the specific need of a customer. Another key component history is used to predict the future observations regarding data mining. With the help of computer as an essential elements of data mining, it is used to find best forecasters that are used further in potential combinations. Moreover, a flat file is also a crucial element of data mining which is used to collect records and characteristics in a single table. Besides this, domain knowledge is also one of the important elements data mining and it is used to guide the model building process with the help of data mining algorithms.
Why Understanding of Significance of Reserve Stock Level function of ERP is Critical?
Reserve Stock Level Function in ERP is defined as supply of inputs that are detained as a reserve in cases where future demand and supply fluctuates. Here inventory is in hefty amount that is why a kind of buffer is required to protect this large stock from uncertain future. The significant of this function in ERP is critical to understand because management of reserve stock is not easier to maintain and can dramatically affect their operations. According to high and less range of stocks puts impact on inventory carrying costs.
What Business Risks had Liberty Wines Faced?
According to case study of Business Continuity with Virtualization, the major risk that was faced by Liberty Wines was that with the significant increase in size of company, IT facility was also requiring more data which was difficult to handle. In addition to this, IT systems were getting gradually slow down and required more maintenance than before. Another risk factor was concerned with loss of productivity of employees due to slow IT systems and since then manpower was increased to resolve this problem. Due to these risk factors, fundamental and important business processes were affected by their progress. Moreover, these business risks put negative influence on order processing and inventory management functions.
Impact of Liberty Wines’s IT infrastructure on its Competitive Advantage
IT infrastructure of Liberty Wines has positive influence on its competitive advantage. The introduction of IT infrastructure into company has reduced the costs of power and hardware replacements and improved the stability and flexibility through a backup system. Besides this, speed of business processes has also increased by using new mobile apps. In a nutshell, now employees of company can provide appropriate customer service with better level of productivity. IT has also impact on Liberty Wines’ future business growth. All these discussed impacts of IT infrastructure contribute in the holistic development and success of company in competitive market by cost reduction and improved service.
Benefits of Server Virtualization for Liberty Wines and the Environment
Due to server virtualization quantity of servers has reduced and this leads to 60 % less usage of power consumption and air conditioning. Furthermore, reduction in carbon footprint has also identified. The working progress of applications has also encountered that results in better customer relationships and stock management.
Data and IT Problems that limit FinCEN’s Ability
According to analysis it is found that FinCEN’s data was suffered from unpredictable quality and deficiency of validation and standardization. After assessment of FinCEN’s data, it is identified that it has limitation of small datasets and simple routines and bureau is not capable to manage massive datasets. Furthermore, offline systems are used by company to report data. Due to this, it becomes difficult for FinCEN to rapidly detect new and rising threats.
IT Upgrades and Capabilities required by FinCEN for achieving its mission
By FinCEN’s its analytical capabilities, databases and IT infrastructure are upgraded. This upgrading was required for better collection and analysis of data from different sources and then delivery this data further to local law enforcement, regulatory authorities and federal states. The upgrading IT infrastructure of company is now able to receive, store and process data in electronic form and it shows modernized form of FinCEN Company. Moreover, this company has also invested in web-based apps for more convenience of its customers.
On what financial intelligence depends
The crucial factors on which financial intelligence depends include effective form of data analytics for assessing patterns and relationships. These patterns and relationships unveil possible unlawful activity.
Why identification of patterns and relationships critical to National Security?
The reason is that financial intelligence has enhanced the overall ability and speed of detection of money launderers and financiers who are related to terrorist activities and cause disturbance in their criminal activity.
Recent Financial Crimes detected by FinCEN
Most of the financial crimes that are identified by FinCEN are related to money laundering. Here is an example of Liberty Reserve Company that was detected by FinCEN in case of money laundering.
In conclusion, above discussed terminologies are important for every business organization to improve its performance and working abilities. In this report, benefits of IT are discussed by using different case studies of FinCEN and Liberty Wines Companies. Therefore, investment in IT field is required to run successful business in competitive market. Moreover, virtualization technique is also providing better outcomes to its users as it is found in case study of Liberty Wines.
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