5.9 - Management Information Systems (HL - Unit 4) Flashcards
Data Analytics
The process of data collection and analysis to provide information that can be used by the business
E.g. market research
E.g. costs
Database
A collection of data that has been organized
E.g. employee records
E.g. customer data
Cybersecurity
defending computers/networks from cybercrime
Cybercrime
illegal activity carried out by computer/internet
Virtual Reality
Computer-generated version of the world where people can interact with each other and things
The Internet of Things
Sensors on internet-connected devices share data across the network.
Artificial Intelligence (AI)
Creating machines that perform tasks requiring human intelligence.
Big Data
When large amounts of data are collected and analyzed to identify trends
Data Centers
A facility with IT infrastructure ensuring secure, accessible data.
Cloud Computing
- An online place where data can be stored
- Similar to data center but no physical location
Artificial Neural Network
A system that uses computations, maths, and algorithms to model a human brain
Data Mining
The collection and analysis of large-scale data from multiple sources to generate insights for decision-making.
Benefits of Data Mining
- Can reveal interesting insights into a business’ activities which optimize strategy
- Gain an edge over competition
Limitations of Data Mining
- Costs and Investments needed
- Over-reliance on the data and the need for quality data
- Privacy issues - where was the data collected?
Customer Loyalty Programme
A program that rewards customer loyalty through incentives for repeat purchases.
Benefits of Customer Loyalty Programme
- Incentives repeat purchases and revenue
- Customers feel rewarded and valued
- The card itself is free advertising
Limitation of Customer Loyalty Programme
- Reduction in revenue an increase in costs
- Admin costs of running the program
- Customers may grow to expect it rather than appreciate it
FW Taylor
Scientific Management:
- Conduct experiments (collect data) in the workplace to maximize efficiency
- Man is motivated by money
Digital Taylorism
- Break down tasks into specific tasks
- Use data and surveillance to monitor employee performance
- Link pay to employee performance
Benefits of Digital Taylorism
- Increased efficiency and employee productivity
- Can reward strong performers and identify where weak performers need training
Limitation of Digital Taylorism
- Employees might not like the surveillance
- Dehumanizes the job - focus on efficiency over creativity
