Sharing my thoughts on Augmented Analytics - IFSM 495 6381 Trends and Practical Applications in Information Systems Management (2208) Hello All,
I thought this was an interesting topic and was wondering if anyone else might have comments about it to please share. Or if you currently use augmented analytics in your job, for what purpose, and has it helped your organization?
This is my understanding of augmented analytics:
Augmented analytics is enabling machine learning and AI technologies to assist with data preparation, insight generation and explanation to augment and understand how people explore and analyze (or look at) data (Gartner, 2020). By being able to go deeper into their web analytics, ecommerce and social media data, companies are able to uncover what is actually affecting their business, whether it is due to industry trend, using ineffective advertising venues, or something else altogether.
This analyzation of Big Data provides organizations with the insight and leverage that is needed to help grow their business. Understanding customer's habits – likes, dislikes, providing insight and intelligence that can simplify, or eliminate steps in the business
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intelligence process (Sisense, n.d.) is all data that can be provided from augmented analytics.
Augmented analytics is a tool that can be very beneficial for small-to- medium sized businesses as they do not have the financial ability to hire data scientists, but makes analytics accessible to these businesses through machine learning and artificial intelligence algorithms.
I look forward to reading your comments.
Gartner (2020). Augmented Analytics. Retrieved from https://www.gartner.com/en/information- technology/glossary/augmented-analytics
Sisense (n.d.). Augmented Analytics: the future of business intelligence. Retrieved from https://www.sisense.com/whitepapers/augmented-analytics-the- future-of-business-intelligence/
Su, B. (2017). Augmented analytics demystified. Medium.com. Retrieved from https://medium.com/analytics-for-humans/augmented- analytics-demystified-326e227ef68f
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Blockchain Technology - IFSM 495 6381 Trends and Practical Applications in Information Systems Management (2208) Blockchain is a special type of database that stores records or blocks in databases known as chain. It is based on network topology, where data can be stored on several different servers, allowing everyone on the network to access inputs in near real-time. This makes it difficult for a user to gain control of the network or manipulate the data. The decentralized and distributed data systems characteristic allows blockchain to store digital transactions without the use of a central point of authority.
Blockchain is a new technology, the following is a brief timeline of some of the most recent and notable developments in the history of this fascinating technology:
1. 1991: A cryptographically secured chain of blocks is described for the first time by Stuart Haber and W Scott Stornetta (Mearian, 2019).
2. 1998: Computer scientist Nick Szabo works on ‘bit gold’, a decentralized digital currency
3. 2000: Stefan Konst publishes his theory of cryptographic secured chains, plus ideas for implementation.
4. 2008: Developer(s) working under the pseudonym Satoshi Nakamoto released a white paper establishing the model for a blockchain.
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5. 2009: Nakamoto implements the first blockchain as the public ledger for transactions made using bitcoin.
6. 2014: Blockchain technology is separated from the currency and its potential for other financial, inter-organizational transactions are explored. Blockchain 2.0 is born, referring to applications beyond currency (ICAEW, 2020).
7. 2015: NASDAQ and San-Francisco blockchain company Chain team up to test the technology for trading shares in private companies.
8. 2016: Tech giant IBM announces a blockchain strategy for cloud- based business solutions.
9. 2018: IBM develops a blockchain-based banking platform with large banks Citibank and Barclays signing on.
10. 2019: The Ethereum blockchain system introduces computer programs into the blocks, representing financial instruments such as bonds.
Blockchain has grown remarkably in the last few years, and based on its various characteristics, we can categorize it into several forms such as Public Blockchains and Private Blockchains.
Blockchain technology is commonly associated with cryptocurrencies such as Bitcoin. Having a database of transactions that is distributed, checked, and managed by a network of computers around the world. Instead of a single central authority, such as a bank, the records are overseen by a wide group, and no person has power over them, and no one can go back and alter or delete the history of transactions. In other words, when a standard centralized database is located on an individual server, blockchain is distributed to the users of the app. Blockchain enables everyone on the network to access the entries of
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anyone else, making it difficult for a centralized organization to take control of the network. Whenever anyone makes a transaction, they go to the network and the computer algorithms determine the validity of the transaction. If the transaction has been checked, this new transaction is connected to the previous transaction creating a chain of transactions.
Advantages of Blockchain a. One of the main benefits of Blockchain is Dissemination, which enables a database to be exchanged without a central body or agency. Owing to the decentralized design of the blockchain, it is almost difficult to temper the data compared to the traditional database. b. Users are allowed to monitor their details and transactions. c. Blockchains have complete, consistent, and up-to- date data without accuracy.
Blockchain is a ground-breaking concept as it has been able to provide users with transparency and has been a game-changer for many industries. Blockchain encourages entrepreneurship by eliminating oppression and breaking down the walls of bureaucracy and creating power over the masses of people. This peer-to-peer technology has opened the door to new opportunities and has built a personal framework for economic empowerment. The future of blockchain seems interesting, and it is evident that blockchain technology is here to stay.
Questions about blockchain are:
1. Will blockchain technology disrupt the banking industry? What will be the role of banks in the world of blockchain?
2. How will blockchain improve the standard of living across the world?
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3. Can quantum computing break blockchain?
History of blockchain. (2020). Technology | ICAEW. https://www.icaew.com/technical/technology/blockchain/blockchain- articles/what-is-blockchain/history
Mearian, L. (2019, January 29). What is blockchain? The complete guide. Computerworld. https://www.computerworld.com/article/3191077/what-is-blockchain- the-complete-guide.html
Sarmah, S. S. (2018, August 2). Understanding Blockchain Technology. Scientific & Academic Publishing. http://article.sapub.org/10.5923.j.computer.20180802.02.html
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Fernando Recinos - Return on Investment (ROI) for IT - IFSM 495 6381 Trends and Practical Applications in Information Systems Management (2208) When it comes to business, there is one concept that is used throughout all types of businesses: return on investment. Return on investment (ROI) “is a key performance indicator (KPI) that’s often used by businesses to determine [the] profitability of an expenditure” (Hawkins, 2016). To calculate ROI, an individual will take the gains from the investment and divided by the investment’s cost. It is suggested that individuals who are calculating ROI should take “into consideration other factors that may be less obvious such as time, hidden costs and fees, and even emotional factors such as stress” because “all of these things can significantly impact your ROI” (Hawkins, 2016). If the results return positive, you have gained from your investment (congratulations!). If the results return negative, you have not gained from your investments and you will need to look into changing that.
When it comes to the IT world, this is more complex than how it sounds when you put ROI in a generalized business setting. Mary Pratt from CIO.com discusses “that CIOs are under extreme pressure to defend their investments and prove ROI”, especially when “nearly all business proposals today have a technology component that needs financial evaluation” (Pratt, 2019). Future CIOs and PMs take note: it is
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important to understand how to tell the story. When you are discussing ROI for IT, individuals will need to broaden their view and resources to determine the ROI on an IT project. Mary Pratt reached out to CIOs to understand how CIOs, future CIOs, and PMs can present ROI.
For starters, the individuals who need to present ROI for an IT project needs to first understand the business impacts and also understand the KPIs being affected. When you are looking into these factors, you should also remember that you are not alone and shouldn’t do it alone. CIOs have suggested individuals should reach out to business partners (like CFOs and COOs), external partners, and their own staff/fellow staff members to understand the business impacts and the KPIs that are being affected. This information should help explain how the project can bring ROI from an IT initiative. Mary notes that the CIOs who start early in understanding the business impacts, understand KPIs that are affected, that has created a team with partners, and start projecting early are most successful in explaining an IT project’s ROI (Pratt, 2019). Beyond this, there are minor things that are needed to be able to fully explain the ROI. Those minor things can be as minor as being accurate by constantly fixing your numbers as the investment continues being used. Throughout the whole understanding of the ROIs, Mary notes that CIOs need to remember “technology projects today often deliver benefits that can be equally hard to quantify” (Pratt, 2019). That being, think about those ROIs and mention them.
Now that we have set the stage for ROI, let’s start thinking through this with these questions:
1. For those who have experience in this field, think back at the times you needed to present ROI for an IT project. What could
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have you done differently or what would you suggest to help to those individuals who will need to do this in the future?
2. What other helpful information have you studied and found about ROI?
3. It was mentioned to get external partners’ help to explain ROI for an IT project. For those who have done this, how did it help you? For those who never experienced this, do you agree with these suggestions?
4. If you feel these suggestions do not help, what would you suggest or what information would you need to be successful in presenting ROI?
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