Product &
Operations
Society
Gyan Session : Information
Technology
Why is technology important to
understand? Here’s why,
● Technology improves business'
communication.
● Technology increases efficiency of
operations.
● New innovations protect important assets.
● Technology provides security.
● With technology, there are no limitations.
● Technology increases the capacity of
businesses.
● Technology saves time and money.
Few technologies we
should know
Big Data and Analytics
“ Big Data is a phrase used to mean a massive volume of both structured and unstructured data
that is so large it is difficult to process using traditional database and software techniques. “
Benefits:
- Cost Savings
- Time reductions
- New product development
- Understand market condition
Keywords:
Hadoop, 5 V’s, Pig, Hive, Scala
Artificial Intelligence
“ AI (artificial intelligence) is the simulation of human intelligence processes by machines, especially
computer systems. These processes include learning, reasoning, self-correction etc. “
Benefits:
- Error Reduction
- Difficult Exploration
- Digital Assistants
Keywords:
Machine Learning, Deep Learning, Natural
Language Processing, Humanoids, Chatbots
Internet of Things (IoT)
“ The Internet of Things refers to the ever-growing network of physical objects that feature an IP
address for internet connectivity, and the communication that occurs between these objects
and other Internet-enabled devices and systems.“
Benefits:
- Sensor-driven decision analytics
- Optimized resource consumption
- Instantaneous control and response in complex
autonomous systems
- Connected computing
Keywords:
Contactless Payments, Wearables, Smart
City, Smart devices, IIoT (Industrial IoT)
Blockchain
A blockchain is a decentralized, distributed and public digital ledger that is used to record
transactions across many computers so that the record cannot be altered retroactively
without the alteration of all subsequent blocks and the consensus of the network.
Benefits:
- Increased transparency
- Reduced transaction costs
- faster transactions
- trustworthy systems
Keywords:
Bitcoin, Ethereum, Distributed Ledger,
Cryptography, Smart Contracts
VR/AR/MR
Virtual Reality” (VR) creates a digital environment that replaces the user’s real-world environment
“Augmented Reality” (AR) overlays digitally-created content into the user’s real-world environment
“Mixed Reality” (MR) is an experience that seamlessly blends the user’s real-world environment and
digitally-created content, where both environments can coexist and interact with each other
Benefits:
- unique user experience
- increased operational mobility
- Greater flexibility
Keywords:
360 video, Immersive experience, Oculus Rift
Enterprise Resource Planning (ERP)
“Integrated software solution for organizing, defining, and standardizing the business
processes necessary to effectively plan and control an organization, so the organization can
use its internal knowledge to seek external advantage”
Benefits:
- Improve productivity
- Better data analysis
- Automate and streamline processes
- Optimize resource and infrastructure
- Reduce operational cost
Keywords:
CRM, SAP, SCM module of ERP, Project
Management
RPA -Robotics Process Automation
Robotic process automation (RPA) is the use of software with artificial intelligence (AI) and machine
learning capabilities to handle high-volume, repeatable tasks that previously required humans to
perform.
Benefits:
- virtualization
- increased security
- improved performance
Cloud Technologies
“ Cloud computing is an information technology (IT) paradigm that enables ubiquitous access
to shared pools of configurable system resources and higher-level services that can be rapidly
provisioned with minimal management effort, often over the Internet.“ In simple terms it is
on-demand delivery of resources.
Benefits:
- Offsite data storage
- Lower cost of ownership
- Productivity Anywhere
- Always up
Keywords:
Private/Public Cloud, Edge Computing, IaaS,
PaaS, SaaS
Metaverse
“Metaverse is a three-dimensional online environment that integrates
several virtual places where users can cooperate, socialize, play games, and
interact with endless interconnected virtual communities..“
Benefits:
- Connecting virtual and physical world
- Immersive Experience
- New business expansion opportunities
- Improvise Remote work
- Easy transfer of ownership and digital
currencies
Keywords:
Stable coin, DeFi, Metaverse token
SDLC -System Development Life Cycle
SDLC is a process used by the software industry to design, develop and test high quality
softwares.
SDLC Models:
- Waterfall Model
- Iterative Model
- Spiral Model
- V-Model
- Agile
Benefits:
- Clear Goal
- Better Management Control
- Increased Customer Satisfaction
Management Information System (MIS)
“ Information System is the collection of hardware, software, data, people and procedures for
collecting, storing, and processing data and for delivering information, knowledge and digital
products. “
Benefits:
- Improve productivity by reducing data
overload.
- MIS enhances the quality of decision-making.
-MIS improves communication and helps
development team work.
- MIS can facilitate organizational
transformation.
Keywords:
TPS, DSS, Expert Systems
1967:ATM 1971: NASDAQ
introduced e- 2011: Google
launch 1998: PayPal 2009: Bitcoin wallet
trading
Fintech Banking
Purpose: Gap in the market Wider audience
Focus: Customer experience Management of risk
Functioning: Customer oriented- Flatter organizations, Process oriented- Legacy systems,
innovation regulatory frameworks
Advantages: Faster transactions, 24* 7 availability, More secure
personalization
Disadvantages: Security challenges Too many rules and regulations
FinTech VS Banking
Banking & Financial Services Fintech: (Financial services + Technology)
• Commercial Banks § Digital Payments
• Investment banking E.g. UPI created by NPCI , BNPL, Paytm, PhonePe,
• Portfolio management: Stock market Mobikwik
• Lending: PE funds, VC, Angel investors § Alternative lending
• Insurance Provide working capital to MSME’s
• Tax filing E.g. Lendingkart, Bank Bazaar, Capital Float, Vistaar finance
§ P2P lending
E.g. Virtual market place for lenders and borrowers
§ Insurance: (Health, vehicle, travel, home)
E.g. Policybazaar, Bankbazaar
§ Personal finance:
E.g. Cleartax, Splitwise, Moneyview, zerodha
