Chapter 4_Leveraging Tech Flashcards
How does tech help modern businesses
Businesses can operate more efficiently
-competitive advantages because of tech advances
Largest online retailer
Largest Offline Retailer
Amazon
Hudson bay
what does leveraging tech mean
those business online must use offline too
those business offline must learn e commerce
what does the value of a new tech depend on
- complementary products
- installed base
- network efffects
What is a complementary product in context of tech
most tech requires the use of other tech to have value!
phone and service provider
Installed base
the number of users of a particular technology
or the number of units of a product that are currently in use
POsiitve comp products, Positive installed base cycle
Name, defintion
Virtuous cycle, the more comp products, the more popular the tech is, the larger the installed base becomes
Negative comp products, Negative installed base cycle
Name Definition
Vicious cycle, less comp products, less installed base
Network effects
when a product gains more value as more people use it
NETWORK EFFECT MANTRA
MORE USERS MORE VALUE
Canadian economy shift
industrial economy to a knwoledge based economy driven by tech
Relation of relevant info to risk
no info, most risk
complete info, less risk
sources of relevant business info
-internal company records
-market research projects
-published news and research
-analysis of competititors
Management Info systems MIS
MIS is typically an integrated computer database
IT PROCESSES INFO
Why is MIS better than manual methods of info processing
1) huge amoiunts of data processed qucikly, increasing chance of unlocking key insights
2) Timely and usedul unfo can be distributed automatically and effficiently
RECALL 5 ASPECTS OF A BUSINESS
Operations and production
finance accoutning
marketing
research
human resources
mis 3 function
colllect
-collect data from all osurces
-internal: barcodes, operations inventory
-external: market research report
process
-refine data, flean highlight, sort filter
present
- report summarize visualize display
4 types of Management information systems
Financial
sales data and expense data become econ projections
Operations
-Raw material costs, Labour costs become Quality control
Marketing
Sales data, customer data become competiitve analysis
HR:
wage and benefits data, employee skills data becoem Compliance Reports
Cloud computing
pracitce of using a network of remote servers on the internet to store manage and process data
this way you can use MIS anywhere
cloud ocmputing pros
-make collaborating easier (acess anywhere)
-reduce it costs
-more tools for storing and processing
Green IT
the practice of encironemtnally sustainable computing
is cloud computing green?
yes bc less phsyical servers, and it has a’pay as you go nature’ so companies only use what they need
cloud computing risks
anyone can access it, could not be backed up or secure, is it cheaper than on site data storage? must check
3 online business models
1) online only retailing
2) click and mortar
3) B2B prcourement
