1. Topics
1. Market Basket Analysis
2. Global Information Systems
3. Prototyping
4. Change Management
5. Optimization
6. Competitive Advantages in Business
7. Change Management
8. Electronic Data Interchange
9. BPM
10. Cyber Security
2. What is meant by Market Basket
Analysis?
Market basket analysis is a data mining technique used by retailers to increase
sales by better understanding customer purchasing patterns. It involves
analyzing large data sets, such as purchase history, to reveal product groupings,
as well as products that are likely to be purchased together.
3. Why market basket analysis?
Retailers use analytics methods like market basket analysis (MBA) to
comprehend the purchasing patterns of their customers. It is used to find out
which products customers usually buy together or put in the same basket.
This purchasing data is used to increase the efficiency of sales and marketing.
4. Global Information Systems
What are global information systems used for?
A global information system (GIS) is an information system which is developed
and / or used in a global context. A global information system (GIS) is any
information system which attempts to deliver the totality of measurable data
worldwide within a defined context.
Some examples of GIS are SAP, The Global Learning Objects Brokered Exchange
and other systems.
5. Key components of a global
information system
A working GIS integrates five key components: hardware, software, data,
people, and methods. Hardware is the computer on which a GIS operates. Today,
GIS software runs on a wide range of hardware types, from centralized computer
servers to desktop computers used in stand-alone or networked configurations.
6. Prototyping
Prototyping is an experimental process where design teams implement
ideas into tangible forms from paper to digital. Teams build prototypes of
varying degrees of fidelity to capture design concepts and test on users. With
prototypes, you can refine and validate your designs so your brand can
release the right products.
Some of the examples of prototypes are wireframes, slides, landing pages,
working models, an interactive frontend, and videos.
7. types of prototyping
The 4 types of project prototyping are
feasibility prototypes,
low-fidelity user prototypes,
high-fidelity user prototypes and
live-data prototypes.
8. Benefits of prototyping
Estimation of production costs, manufacturing time and material
requirements. Select machinery required for production. Testing to determine
fit and durability. Receive feedback from customers and end users.
Advantages of using Prototype Model :
• This model is flexible in design.
• It is easy to detect errors.
• We can find missing functionality easily.
• There is scope of refinement, it means new requirements can be easily
accommodated.
• It can be reused by the developer for more complicated projects in the
future.
9. Change Management
Change management is a systematic approach to dealing with the
transition or transformation of an organization's goals, processes or
technologies. The purpose of change management is to implement
strategies for effecting change, controlling change and helping people to
adapt to change.
10. 5 key elements of change
management
• Prepare the Organization for Change.
• Craft a Vision and Plan for Change.
• Implement the Changes.
• Embed Changes Within Company Culture and Practices.
• Review Progress and Analyze Results.
11. Optimization
Optimization analysis is a process through which a firm estimates or determines
the output level and maximizes its total profits. There are basically two
approaches followed for optimization − Total revenue and total cost approach.
Marginal revenue and Marginal cost approach.
12. Types of Optimization
We can distinguish between two different types of optimization methods:
Exact optimization methods that guarantee finding an optimal solution and
heuristic optimization methods where we have no guarantee that an optimal
solution is found.
13. Competitive Advantage in Business
A competitive advantage is anything that gives a company an edge over its
competitors, helping it attract more customers and grow its market share. A
competitive advantage can take three primary forms: Cost advantage–
producing a product or providing a service at a lower cost than competitors.
14. Sources of Competitive Advantage
• Product Attribute Differentiation. One way to gain an advantage over
competitors is by differentiating your product from theirs.
• Customers' Willingness to Pay.
• Price Discrimination.
• Bundled Pricing.
• Human Capital.
15. Electronic Data Interchange
Electronic Data Interchange (EDI) is the computer-to-computer exchange of
business documents in a standard electronic format between business
partners.
Electronic Data Interchange (EDI) is the electronic interchange of business
information using a standardized format; a process which allows one
company to send information to another company electronically rather than
with paper. Business entities conducting business electronically are called
trading partners.
Examples of EDI include Purchase orders, invoices, shipping statuses,
payment information, and so on.
16. Components of EDI
The 4 major components of EDI are: standard document format, translation and
mapping, preferred communication method and communication network to
send and receive documents.
17. BPM Lifecycle
The BPM lifecycle standardizes the process of implementing and managing
business processes inside an organization as a series of cyclical stages. It consists
of five phases including design, model, execute, monitor, and optimize.
18. Steps of BPM
Business Process Management (BPM) is a way to improve and standardize
processes in an organization.
BPM Lifecycle: The 5 Steps in Business Process Management
Step 1: Design.
Step 2: Model.
Step 3: Execute.
Step 4: Monitor.
Step 5: Optimize.
19. Bank cyber security
Cyber security refers to the organization of technologies, procedures, and
methods designed to prevent networks, devices, programs, and data from
attack, damage, malware, viruses, hacking, data thefts or unauthorized access.
20. Why is cyber security important in
banking?
Protecting the user's assets is the primary goal of cybersecurity in banking. As
more people become cashless, additional acts or transactions go online. People
conduct transactions using digital payment methods like debit and credit cards,
which must be protected by cybersecurity.
Cybersecurity can be categorized into five distinct types:
• Critical infrastructure security.
• Application security.
• Network security.
• Cloud security.
• Internet of Things (IoT) security.
