5.9 Management information systems Flashcards
Information systems
a system used to collect, process, store, and analyze data, providing valuable information to support decision-making, coordination, and control in an organization
Database
a collection of data that is organized to be easily accessed, managed, explored, and updated
Data mining
the process of finding trends, patterns and correlations within large databases
Date analytics
the process of inspecting and modelling data in order to discover useful information
can be
- descriptive analytics
- predictive analytics
- prescriptive analytics
Digital taylorism
the use of digital technology to monitor workers
The use of data analytics and data mining
help business make informed decisions in areas like market research and customer loyalty, while also allowing for the monitoring of employee performance, thourgh they can raise privacy concerns
Advantages of e-commerce for businesses
- reach wide target market, resulting in an increased customer base
- no need for physical spaces like expensive shops
- platforms make it possible to advertise in many ways
Advantages of e-commerce for customers
- convenient, can buy from home
- can compare various products easily
- they can buy from other individuals, second hand
Cybersecurity
the practice of defending computers and IT systems against malicious attacks
Cybercrime
international malicious attack on an organization or an individual by targetting their computer systems
Critical infrastructures
the systems, networks and assets that are essential for operations
Artificial neural network
element of a computing system designed to simuate how the human brain analyses and processes information
Data centres
a building or a room designed to house computer systems and their components
Cloud computing
the delivery of services via the internet especially data storage, databases, networking and software
Advantages of cloud computing
- flexibility of work practices, remote work
- IT costs reduced, no storage equipment needed
- business continuity (in case of loss of physical files)
Disadvantages of cloud computing
- security concerns, data protection, privacy, cybercriminals
- location of the servers
- cloud providers may lock businesses into contracts that they may later regret
Big data
extremely large databases that can be analysed to show trends and patterns
Business uses of big data
- track the performance of equipment or of employees, to make decisions
- help market research
- set prices automatically according to fluctuations in demand and level of interests
Virtual reality
creation of simulated three dimensional environment that can be explored by a person who has entered that computer generated world
The internet of things (IoT)
the network of connected devices that transmit data to one another without human involvement
Business applications of IoT
- retail shopping and supply chain management
- health
- agriculture
Artificial intelligence (AI)
the ability of computers and other machines to mimic humans, especially how we think and process information
