Chapter 6 Flashcards
what is a management information system
a system to convert data from external and internal sources into info and to communicate the info to management to enable them to make timely and effective decisions
how can be integrate management systems
an enterprise resource planning system such as SAP or Oracle
what teams can access ERP system
finance, HR, marketing, accounting, can also link to customers and suppliers
what is lean information
aims to get the right info, to the right people, at the right time with minimum waste
what is the 5s model used for
to evaluate current systems or to implement lean systems
what are the 5 S’s
Structurise - prioritise
Systemise - so things can be found easily
Sanitise - keep environment tidy
Standardise - set standards
Self discipline - ensure staff are motivated to keep making improvements
things to consider of an industry of their method of processing and recording data
volume and complexity of data
level of accuracy
speed of info required
size and structure
nature of the industry
what else is ERP known as
unified corporate databases
benefits of unified corporate databases
integrates data from different functions
all deps share the same info
its in real time
what is radio frequency identification
a tag on an asset to track them - can be used on patients in a hospital
what does network technology enable
people to log into the network as if they were in the office
what is cloud computing
on demand network access that requires minimal effort from management and minimal communication with the service provider
what is process automation
use of digital technology to automate business processes
what is big data
high volume, high velocity and or high variety information assets that demand cost effective, innovative forms of information processing that enable enhanced insight, decision making and process automation
what can big data analytics improve
understanding of customer behaviour - identifying potential ways to improve service from what customers are saying on social media
targeted marketing messages - tailored recommendations of products
decision making
new products and services - amazon recommend products to you based on what similar customers buy
risks and challenges with big data
quality - could be unreliable
veracity - needs to be cleaned for any fake
cost
skills - need employees who know how to analyse it
loss and theft of data - can face legal action if this happens
what is artificial intelligence
systems that sense, comprehend, act and learn
example of IA - product development
data collected from sensors to make prototypes
example of IA - manufacturing
robotic arms on an assembly line can develop their own approach to production
example of IA - delivery
robots deliver things round warehouse
drawbacks of IA
distrust from customers
system malfunctions
misuse - humans do things their own way
what needs to be considered when designing a performance report
strategic relevance - does it provide info on KPI’s relevant to the companies objectives
audience - is there an appropriate level of detail for who will be using it - there will need to be narrative explanations
non financial info such as customer satisfaction is hard to present - percentages should be compared to total figures to assess relevance
layout - is it clear
what are the 6 capitals
financial - funds available
human - alignment and support for business objectives
manufactured - physical assets
natural - areas where a business impacts the environment
social - stakeholder relationships
intellectual - intangible assets
